The competitive and market intelligence (M&CI) function in a company adds more value to the company when its professionals have a combination of consulting, communication, and content curation skills. That was one of the recommendations that Cinny Little, chief analyst at Forrester, shared with attendees at Northern Light’s 2021 Virtual Customer Forum on September 30, where she was the guest speaker.
Little’s presentation, titled “Market and Competitive Intelligence: How to Drive More Action and Value,” was part of a one-day agenda for users of Northern Light SinglePoint™, a business knowledge management platform optimized for competitive intelligence and business intelligence client.
Little noted in her presentation that the key to deriving business value from the market and competitive intelligence is for decision-makers to act, which can be difficult to measure in practice.
“Our job is not just to gather information and analyze it, but to drive change,” Little said, quoting an M&CI leader in an interview. This can sometimes require difficult conversations with senior executives, but it’s an important part of the job, he noted. Therefore, strong communication skills are a fundamental requirement for a successful market and competitive intelligence function.
Little also shared the results of his research on prioritizing M&CI within the company. “You should have 4-6 key initiatives mapping out what’s visibly important,” he told Northern Light conference attendees. “Some will be linked to business optimization, as usual; others for innovation, disruptive forces, what is changing, and how to respond to it. Always look at “What does this mean to us?” and “How are we going to respond to this change?” ”
“Know that you will have to continually invest time to change the way you and your stakeholders work,” concludes Little.
Cinny Little is a Principal Analyst at Forrester, one of the most influential research and consulting firms in the world. It serves client knowledge professionals and focuses on the skills and ways of working necessary to build a culture of data enablement. It helps market research/consumer intelligence, digital analytics, customer analytics, competitive and market intelligence, and business analysts get more value out of their work.
“It was an honor to have Cinny Little as the main presenter at our annual guest forum and her presentation was both enlightening and enlightening,” said Northern Light CEO C. David Seuss. “Northern Light prides itself on providing our clients with the best practices in competitive intelligence. Cinny is an industry leader and leader in competitive intelligence, and conference attendees greatly appreciated his perspective and relevance to the daily work of leading M&CI activities in their organizations. “