To what extent can competitive intelligence and benchmarking help a firm’s global strategy?
Competitive intelligence and benchmarking both are utilized to enhance competitive advantage. In competitive intelligence, an organization tries to win over competitive advantage by innovatively dealing with and managing the information that is gathered via different processes. This information is collected in bulks and all of it cannot be processed. There is a need for intelligent processes to manage and process these bulks of information and draw meaningful inferences that would help win over competitors. Benchmarking is used by comparing one’s own firm with other successful firms and finding out the gaps that exists. Then there is a need to learn from this comparison process and use it to fill the gaps.