Best Practices In Competitive Intelligence: Policies & Guidelines That Reduce Corporate Risks

Best Practices, LLC undertook this timely study to identify the key benchmarks of world-class companies for optimizing CI operations and working with the Legal department to develop policies. The research also delivers insights into the best practices for collection, use and sources of primary data - including employment of third party vendors for primary data collection. It also provides benchmarks around CI resources, staffing and structure. CI leaders can use this research to help create or maintain policies and guidelines regarding CI operations as well as to compare their data collection practices and resource/structural benchmarks with those of leading organizations.

Study Snapshot

Primary research was conducted through an online survey instrument and in-depth interviews. 27 leaders of Competitive Intelligence and related functions at 22 leading pharmaceutical companies had participated. More than 60% of the respondents hold positions of Director level or above.

This benchmarking study provides effective guidelines for optimizing Competitive Intelligence (CI) operations and working with Legal department to develop policies. The research also draws specific insights into the best practices for collection, use and sources of primary data - including employment of third party vendors for primary data collection, CI resources, staffing and structure.

Sample Key Findings

• Primary research helps CI groups fill information gaps - 92% of the benchmark participants do primary research as part of their CI programs. The top three uses of primary data collected by CI are competitors’ product profiling, competitors’ company profiling and scenario development and planning.

• Internal groups also contribute intelligence to CI – The marketing, business analytics and medical affairs are the leading internal sources of CI. However, those sources for primary CI are neither as frequently used nor as highly valued as the top external sources. Top three most valued internal sources include employees who previously worked for competitors, market research and business analytics.

• CI data sources & activities
• Developing effective CI guidelines & policies
• Structure of CI organizations
• Best practices in CI management

• Best internal & external sources for primary CI data
• Key primary data sources used by third- party CI vendors
• Uses of primary CI data
• Processes for developing effective CI guidelines and policies
• Legal involvement with CI guidelines
• Frequency of CI guidelines training
• Training venues
• CI structure and organizational leadership
• CI resources, including average number of FTEs
• Pitfalls and lessons learned
• Best practices for CI management