Competitive intelligence and market research share many similarities, but differ in scope and intention. Competitive and market intelligence encompasses a broader scope than traditional market research as it addresses the full breadth of a company’s business environment while market research is often customer-focused.
Competitive intelligence is a process to turn data and information into actionable insights for decision-making. Many other research disciplines stop at the level of data and information without attempting to ‘read between the lines’ and provide insights that companies can act upon. This is the real value proposition of competitive intelligence; that it is a process for companies to turn their knowledge about the past and present into intelligence about future actions.