Competitive Intelligence Guidelines & Policies Keeping Companies in the Safety Zone
Competitive Intelligence (CI) groups are instrumental in helping world-class companies to anticipate and respond strategically to external change. Primary and secondary competitive intelligence research helps organizations to improve their chances for success in today’s competitive business environment.
While there are many approaches to collecting data, CI groups must operate within and adhere to professional guidelines and company policies that reduce corporate risk. In order for standards to be evaluated and revised as the corporate environment evolves, CI groups typically work with Legal in creating formal CI guidelines and policies.
Some key findings from recent Best Practices’ research surrounding keeping companies in the safety zone include:
- Role of Legal: Legal typically plays a major role in developing guidelines and policies. At most companies, Legal and CI collaborate on the framework and continue working together closely, with Legal providing ongoing ad hoc consulting on policy questions.
- Guidelines Training: 90% of companies provide training on CI guidelines.
- Risk Avoidance: Companies find that CI guidelines and policies help ensure compliance and reduce corporate risk.
- Formal Policies: 71% of participating companies have formal guidelines and policies that govern primary CI data collection.
- Foundation: Most companies build guidelines on a foundation of existing law (EEA), existing corporate policies, and professional (e.g., SCIP) and industry association policies.
Pharmaceutical Competitive Intelligence functions look to internal colleagues and departments to unearth critical insights. Leading organizations understand that effective guidelines strike a balance between reducing exposure to risk and not inhibiting the gathering of critical information.