Gathering Competitive Intelligence at HI-TECH & INDUSTRY SCANDINAVIA
Designing new products that stand out would be much easier if you knew your competitor’s plans. While they are unlikely to send you their blueprints, there are ways companies can gain insight.
The term “Competitive intelligence” coined in 2007 by John McGonagle is the action of defining, gathering, analyzing, and distributing intelligence about products, customers, competitors, and any aspect of the environment needed to support executives and managers in strategic decision making for an organization.
Competitive intelligence means understanding and learning what is happening, or going to happen, in the world outside the business to increase one’s competitivity. It means learning as much as possible, as soon as possible, about one’s external environment including one’s industry in general and relevant competitors.
Businesses cannot exist merely by providing a product or service without paying attention to what is happening in the marketplace. They need to watch out for direct competitors as well as indirect competitors. By staying on top of what competitors are doing, a company can be more humble and be better prepared to take the right action in time.
Companies do indeed need to know what their competitors are up to, but even more importantly, they need to gather the trends, patterns, and relationships as they emerge across industries.
Competitive intelligence means understanding and learning what is happening in the world outside the business to increase one’s competitivity.
By staying on top of what competitors are doing, a company can be more humble and be better prepared to take the right action in time.
HI-TECH, GUIDING THE INDUSTRY IN SCANDINAVIA
The international trade fair HI-TECH & INDUSTRY SCANDINAVIA, which took place at MCH Herning (Denmark) from 03.10.2018-05.10.2018, is Scandinavia’s leading event in the fields of tools and production equipment, automation, energy, logistics and innovation.
As such, HI-TECH is the only trade show, which clearly focuses on all aspects of mechanical engineering and automation and, for this reason, offers a consistent target group of professionals with whom to talk about market trends. If an individual expresses interest in emerging technologies and innovation around Scandinavian countries, this trade show is “the” place to get answers.
Industry experts are friendly people that are usually happy to express anything relevant to their field. They are generally good resources due to their high
number of key contacts. Developing a mutually beneficial relationship can open a valuable information channel. To talk shop with these professionals is indeed a way of gathering competitive intelligence.
Key points of any competitive intelligent action:
- Competitive intelligence is an ethical and legal business practice, as opposed to industrial espionage, which is illegal.
- The focus is on the external business environment
- There is a process involved in gathering information, converting it into intelligence and then using it in decision.
TRENDS AT HI-TECH
During the three days that HI-TECH & INDUSTRY SCANDINAVIA fair, we have identified three trends that will shape the technology industry over the next several years:
1) Product modular configuration
There is a change in the way of developing products. Companies design and manufacture products with a knowledge based on a modular configuration. Through a collaborative environment based on end-consumer information, clients will receive different solutions to meet their requests. At the HI-TECH fair we have seen a wide range of production equipment and automation with configurable materials and functions.
2) Platforms which provide access to the data generated by end-users
One of the most commonly prioritized growth areas for companies at Hi-TECH is the Industrial Internet of Things and its many components, including sensors, actuators, connectivity, real-time analytics, and managed services. The IoT unleashes a new massive information source in real time through the intelligent connected products, which is essential to be able to understand the customers’ behavior. Some of the most technological firms have already developed platforms so they can have access to the data generated by their customers’ use of the hardware and software.
3) Artificial intelligence to unlock value
Clearly, the main trend that surfaced at the fair is related to how industrial devices collect and exchange data to generate an artificial intelligence. When products sense the environment and can communicate, they have the skills to understand complex situations and quickly deal with them on their own, without the need of human interference. The potential for this new intelligence is limitless and beyond the wildest of imaginations.
This 3-day fair left its mark on its attendees, inspiring them to look into their own companies and how these trends and upcoming technology will transform their businesses.
Companies need to know what their competitors are up to, but even more importantly, they need to gather the trends as they emerge across industries
If an individual expresses interest in emerging technologies and innovation around Scandinavian countries, the HI-TECH fair is the place to get answers.