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 current, accurate intelligence
- Talk with employees across functions inside your company to identify intelligence gaps
- Hold Vendors to Strict Standards
- CI Guidelines Enable Success
- Work collaboratively with Legal to protect the company and obtain buy-in and support
- Involve upper management to ensure visibility of the value provided to the company by the CI function
- CI must help educate the employees who make inappropriate or unattainable requests for information
- Link CI to the financial perspective to gain clout in the company
For more information on this report, contact Robert Naylor at email@example.com or (919) 767-9244. To access the full report or download a complimentary copy of the report summary, go to http://www3.best-in-class.com/rr976.htm.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC, conducts work based on the simple yet profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies. For more than 15 years, our highly credentialed research staff has conducted primary research exclusively for our Fortune 500 client base.
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