Using the Competitive Intelligence Function to Drive Better Business Decisions in the Pharmaceutical Sector - KXNet.com - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

Using the Competitive Intelligence Function to Drive Better Business Decisions in the Pharmaceutical Sector

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SOURCE Best Practices, LLC

CHAPEL HILL, N.C., Aug. 29, 2014 /PRNewswire/ -- The Competitive Intelligence (CI) function is evolving in the face of regulatory and marketplace changes. CI leaders who adjust will succeed, and those who don't will flounder.

In a new Best Practices, LLC study CI leaders from 32 biopharmaceutical organizations delivered a host of actionable insights, including:

- Use secondary research whenever possible - it's effective, safer, and cheaper than primary research

- Internal staff who are creative thinkers provide the CI insights that can make a difference

- Conferences & trade shows and industry experts (KOLs) are major primary research sources - however, industry experts are seen as much more effective than conferences/trade shows

A successful Competitive Intelligence (CI) group provides insights that help an organization navigate a changing marketplace. Effective CI enables companies to make better decisions - and avoid corporate risk. The key elements that shape the effectiveness of a Competitive Intelligence group include the sources it uses to gather information, the activities it conducts to gather/analyze information and the deliverables it creates to inform the organization.

This is just a small sampling of the insights in "How Successful Companies Create and Develop a High-Value CI Function to Drive Better Business Decisions," a 83-page report that CI groups can use to evaluate their functions, increase the value of deliverables, and generate greater influence among their stakeholders.

This report will help CI leaders compare their:

  • CI Sources & Activities
  • Budget & FTE Levels
  • Uses of Third Party Vendors
  • Top 5 CI Employee Skills
  • CI Evolution & Trends
  • Structure & Leadership

Among the study findings was the use of advisory boards is down significantly from previous Best Practices LLC studies, where as many as 90 percent of respondents engaged them to gather intelligence. In this study, only 52 percent collect intelligence from ad boards, and only 21 percent find them highly effective for primary research.

This report also identifies 10 Hallmarks of Competitive Intelligence Excellence and presents insights from interviews with veteran CI leaders on how to evolve the CI role from data gathering to providing strategic advice to decision makers. Thirty-five Competitive Intelligence leaders from 32 companies in the healthcare industry participated in this benchmarking study. Participants represented small, midcap and large biopharmaceutical and medical device companies.

Review a complimentary summary of the study at http://www3.best-in-class.com/rr1309.htm.

For related research, visit our Best Practices, LLC Web site at http://www.best-in-class.com/.

ABOUT BEST PRACTICES, LLC

Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations.

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