Consequently, skillful business and competitive analysis is critically important in determining how an enterprise can compete and deliver value to its stakeholders.
Good analysis of your competition, environment, organization and strategy should help you deliver the following:
- Early warning of potentially developing opportunities or emerging threats in your competitive environment.
- An objective and arms-length assessment of your organization’s relative competitive position.
- The ability to help your organization to more quickly and easily adapt to changes in the environment
- The means for basing your organization’s strategic, marketing, sales or product plans on relevant and timely intelligence.
- Confidence that decisions are based on systematically derived understandings that reduce ambiguity and complexity to low levels.
The driving purpose of performing analysis is to better understand one’s industry, context and competitors in order to make better decisions. Improving the quality of decision-making should hopefully improve the quality of strategies that provide a competitive advantage, which in turn delivers performance results that are superior to one’s competitors.
In this paper, we delve into understanding the terminology, competitive analysis and decision making and the shifting organization priorities facing analysts and analysis.