Verifying Intelligence

As with all data, competitive intelligence needs to be accurate to be useful. Unfortunately, by its very nature competitive intelligence is prone to be inaccurate. This is partly because it is difficult to obtain complete information but also because inaccurate intelligence about competitors’ activities circulates widely in all markets and is often accepted as fact. The rumour mill works hard on news about companies, particularly when the news is adverse. It therefore essential that careful checks are made to ensure that errors are minimised. It is also essential that when the checks are completed the probable quality of the intelligence is assessed and is clearly stated in any reports issued. To do this requires the use of verification procedures that are applied during the data collection process and retrospectively once the intelligence has been analysed. These procedures are particularly important for intelligence obtained from the Internet but also applies for that obtained from other secondary sources and even from primary sources.