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Influence Of Business And Competitive Intelligence On Making Right Business Decisions

Author

Listed:
  • Goran Pranjic

    (Ministry of Foreign Affairs of Bosnia and Herzegovina)

Abstract

In business environment in which a company operates, when technological possibilities are very developed and accessible, when a great number of data from business transactions is generated, and when knowledge is the only resource contemporary economy is lacking, if they want to maintain and improve their positions on the market, decision makers have to be able to make correct business decisions very quickly. This text presents positive effects of a simultaneous use of tools and techniques of business and competitive intelligence in the process of making right decisions in a company. The text will present evidence that information on yourself, acquired through techniques of business intelligence, and information on competition, acquired through practicing competitive intelligence, present a basis for making right business decisions which leads towards reaching the established business goals of a company. Criteria are explained which have to be adhered to when introducing the concept of business and competitive intelligence in a company.

Suggested Citation

  • Goran Pranjic, 2011. "Influence Of Business And Competitive Intelligence On Making Right Business Decisions," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 20(1), pages 271-288, june.
    • Handle: RePEc:avo:emipdu:v:20:y:2011:i:1:p:271-288
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    More about this item

    Keywords

    data; information; knowledge; business decision; company; business intelligence; competitive intelligence;
    All these keywords.

    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

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