How can you safeguard your competitive intel?

1 Assess your CI sources

The first step to safeguard your competitive intel is to evaluate the quality, reliability, and legality of your CI sources. You should only use ethical and legitimate methods to collect CI, such as public records, industry reports, media coverage, social media, surveys, interviews, trade shows, and web analytics. Avoid using any sources that may violate copyright, privacy, or confidentiality laws, such as hacking, spying, bribing, or stealing. You should also verify the accuracy and relevance of your CI sources and update them regularly to avoid outdated or misleading information.

2 Secure your CI storage

The second step to safeguard your competitive intel is to ensure that your CI storage is secure and accessible only to authorized users. You should use encryption, password protection, and backup systems to prevent unauthorized access, modification, or deletion of your CI data. You should also have a clear policy and procedure for managing your CI storage, such as who can access, share, or delete the data, how long the data should be kept, and how the data should be disposed of. You should also audit your CI storage periodically to check for any breaches, errors, or gaps.

3 Educate your CI team

The third step to safeguard your competitive intel is to educate your CI team on the importance, purpose, and best practices of CI. You should train your CI team on how to collect, analyze, and use CI ethically and legally, as well as how to protect and report any CI issues or incidents. You should also foster a culture of trust, collaboration, and accountability among your CI team members, and encourage them to share their insights and feedback on the CI process and outcomes. You should also recognize and reward your CI team for their contributions and achievements.

4 Monitor your CI activities

The fourth step to safeguard your competitive intel is to monitor your CI activities and measure their impact and value. You should track and evaluate how your CI activities align with your business goals, strategies, and actions, and how they influence your performance and results. You should also monitor how your competitors react to your CI activities and adjust your CI tactics accordingly. You should also use metrics and indicators to quantify and communicate the benefits and costs of your CI activities to your stakeholders and management.

5 Review your CI ethics

The fifth step to safeguard your competitive intel is to review your CI ethics and ensure that they comply with the industry standards and regulations. You should follow the code of conduct and guidelines of the professional associations and organizations that represent your industry and CI field, such as SCIP (Strategic and Competitive Intelligence Professionals) or AIIP (Association of Independent Information Professionals). You should also adhere to the legal and ethical norms of the countries and markets where you operate and collect CI. You should also respect the rights and interests of your competitors, customers, and partners.

6 Update your CI plan

The sixth step to safeguard your competitive intel is to update your CI plan and adapt it to the changing needs and conditions of your business and industry. You should review your CI plan regularly and revise it based on the feedback, results, and lessons learned from your CI activities. You should also scan the external environment and anticipate the emerging trends, opportunities, and threats that may affect your CI plan. You should also align your CI plan with your business vision, mission, and values, and communicate it clearly and consistently to your CI team and stakeholders.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?