We all know that the success or failure of a business is determined by the decisions we make. These judgments can sometimes lead to businesses becoming multimillion-dollar enterprises or, even worse, bankruptcy. Companies nowadays employ a newly developed technology known as competitive intelligence, which aids leaders in making better decisions.

In this episode, we welcome Cam Mackey, executive director of SCIP and host of the Intellicast podcast show. Cam will explain what competitive intelligence is, some facts about it, and its significance in the corporate world.

If you're interested in innovation, artificial intelligence, technology and business, or learning about new technologies that can help your company expand, this is the place to be. Listen to our show by pressing the play button.


Chapters and Key Takeaways

[01:21]
What is Competitive intelligence?
Cam discusses what competitive intelligence is.
Cam also says that competitive intelligence helps the  company grow and minimize risks.

[02:38]
How can we use competitive intelligence with a huge amount of data?
Cam shares how to use the data with competitive intelligence
Cam enumerates some type samples of competitive intelligence depending on the data being collected.

[04:16]
What are the Challenges of competitive intelligence in modern technology?
Cam shares what are the basic needs to be successful in using competitive intelligence.
Cam also shares some situations where competitive intelligence can really help in achieving the company goals.
They also told possible Issues of competitive intelligence if being misused.

[09:54]
What will be the result when the traditional intelligence gathering and data analytics are merged?
They share the difference between the traditional method versus the new method of CI techniques and data analysis.
They also share what were  the method and the environment 20 years ago vs 20 years after.

[12:29]
Will Competitive intelligence be more effective than professional insights in making decisions?Cam shares his opinions and insights on what will happen when companies use competitive intelligence as the major factor in corporate decision making. Cam shares some examples on some proper approaches when dealing with Competitive intelligence in a workplace

[17:09]
What are the failures and lessons in competitive intelligence from a product perspective? Cam shares his experience during his career, the struggles and mistakes when developing this new suite of products and then not knowing the market. Cam also shares the importance of knowing the market and the buyer personas when developing a product. Cam also told some mistakes not leveraging the usage of the internal information they have and lost an opportunity.

[27:10]
How can you measure the impact of the decisions making within your organization? Cam shares the metrics and how he came up with these metrics by doing a blended approach.

Quotes

“it's the challenge of how can we leverage technology in the best and the right way while also realizing that, you know, there is a huge amount of contribution that you know humans can bring to the party” 

“Traditional mechanisms of just looking at public data, commoditized data or even doing alternate data analysis is good to an extent. But then at some point you have to switch to statistical modeling and understanding big data.”

“don't pigeonhole yourself towards something like this one single metric. Have a blend of quantitative and qualitative, and don't get stuck up on the numbers about opens and downloads. That's fine, but ultimately, that's not why we're here.” 


Decisions Now Podcast

Guest Links:
Cam Mackey’s Linkedin
SCIP - Strategic and Competitive Intelligence Professionals
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