38 , CI Leaders: How to Maintain an Effective CI Group in 2022

CHAPEL HILL, N.C.,Jun. 07, 2022/PRNewswire/ -- An effective Competitive Intelligence function provides timely and actionable insights to enable strategic decision-making at every stage of the product lifecycle.

But effectiveness isn't a given; organizations must optimize the structure and capabilities of their CI function to achieve high impact and mitigate numerous market risks.

"Optimizing the Structure and Efficiency of the Competitive Intelligence Function," is a new Best Practices, LLC report that probes how leading pharmaceutical and biotech companies are improving the efficiency and effectiveness of their Competitive Intelligence function. This report establishes benchmarks around the structures, budget, roles and responsibilities, and performance of the Competitive Intelligence function. Additionally, this report delivers critical benchmarks around vendor management, capabilities, key activities, technology advancement, and use of Centers of Excellence.

The study found that typically Competitive Intelligence sits in the market research/business analytics function (large companies – 58%; small-mid companies – 38%). For the large company segment, 76% report to senior director or above. Meanwhile, 50% of small–mid companies report to vice presidents.

Key topics in the report include:

• Structures of Competitive Intelligence functions, strengths and weaknesses of different structures, best practices
• Roles and reporting relationships: Competitive Intelligence stakeholders, reporting roles, reporting functions, geographic span of responsibility
• Critical Competitive Intelligence activities, ranking and budget
• Enhancing Competitive Intelligence capabilities: vendor management, soft and hard skills, skills gaps and skills ranking
• Use of Centers of Excellence for Competitive Intelligence functions

Best Practices, LLC engaged 38 Competitive Intelligence leaders from 31 biopharmaceutical companies through a benchmarking survey instrument and focus group interviews.

Review a complimentary summary of the study at https://www.best-in-class.com/rw156.htm.

ABOUT BEST PRACTICES, LLC

Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations.