Definition of Competitive Intelligence

Competitive intelligence is the effort on gathering data about the competitors, business environment, markets, new products or services launch, or customers

.Competitive intelligence is achieved by collecting, gathering, and analyzing the data and develop short-term and long-term strategies for the business. Competitive intelligence is different from Espionage which is an illegal activity to collect data by either hacking computer systems or paying employees to leak important information.

Information is gathered through different sources like competitor’s website, social media posts, staff hiring, press releases, or by talking to people employed in the company about the new product launch, vendors list or targeted customers, etc.