Competitive intelligence is the creation of new insights and new thinking that can help managers make better decisions.
This is not about following in competitor’s footsteps. In a new world of fierce competition, health organizations are going to need to be ready for what’s going to happen in the near future, whether it is a new competitor, new technology or a new market opportunity. There’s no such thing as welcome surprises in business.
Truly, competitive companies with professionals trained to employ the latest intelligence and technologies, will increase organizational competitiveness. Using sophisticated information gathering and insightful data analysis, professional managers can quickly arrive at strategic action steps. Competitive intelligence and the knowledge it brings can give health delivery systems a distinct competitive advantage.
Healthcare delivery operations that enjoy enduring success have core values and a core purpose that remain fixed while their business strategies and practices endlessly adapt to a changing world. This dynamic of preserving an organization’s core principles, while stimulating growth is the one critical factor that allows successful operations to renew themselves. One prime example is an operation divesting itself of major portions of the enterprise to focus on, “ creating a competitive intelligence to grow the core structure of the organization.”
To be successful, institutions must have the capability of understanding what should be open to change and what should not.
Vision based on competitive intelligence, provides the road map in determining what core services to preserve and what future changes are necessary to stimulate growth. It is interesting to note that even large global organizations composed of people from diverse cultures can identify a set of shared values. The secret of this process is to work from the individual to the organization.
The question to be asked is, “If we were to start a new operation tomorrow, what core values and competitive intelligence would I bring to the table”?