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New Study Shares Insights for Competitive Intelligence Policies, Ethics and Data Collection
Date:1/30/2009

CHAPEL HILL, N.C., Jan. 30 /PRNewswire/ -- New research has shown that companies can take advantage of opportunities and manage risk by collecting and understanding intelligence through the competitive or business intelligence function. In an effort to better understand the best practices in developing effective and legally sound data collection procedures, a recent study was conducted by Best Practices, LLC, with insights available in the newly published report, "Competitive Intelligence Policies, Ethics, and Data Collection: Navigating the Gray Zone." This benchmarking study was conducted to understand how U.S. pharmaceutical and biotechnology organizations can optimize their CI/BI operations while working within defined guidelines.

The research examined a number of topics, including:

  • Identifying CI information sources and what is being collected
  • Understanding how CI groups work with legal groups to develop standard operating procedures for data collection that are in the best interests of the organization as a whole
  • Maximizing the CI department's ability to deliver results

The performance metrics found in this study were gathered from industry experts including those from such top companies as Amgen, Baxter, Eli Lilly, Merck, Roche and Wyeth.

Key findings from the study include:

  • Multiple data sources are vital to effective CI - utilize triangulation to develop the most accurate projections
  • Develop the right skill sets, processes and use appropriate third party vendors to collect and review data over time to distill relevant, actionable information
  • Ensure the function and its resources evolve over time to ensure alignment with internal customers and to continue to provide the most
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SOURCE Best Practices, LLC
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