A recent Forbes survey of 354 executives at large US companies indicates that competitor analysis is the most critical area for research. This bodes well for competitive intelligence, but somehow my phone isn’t ringing off the hook.
The Internet is valued more than any other information source, including internal, external and personal contacts as well as newspapers, magazines, TV, radio, conferences and trade shows.
Rob Shaddock, former Senior VP and CTO of Tyco Electronics (now TE Electronics) explains his preference for digital information, “Newspapers and print are static. Often an article leaves you with just so many additional questions…on line, it’s so easy to find additional information.”
This is SCARY: info gained through the Internet is valued over experts! Furthermore, the c-suite first turns to mainstream search engines such as Google, Yahoo or Live Search. Yikes! They’re informative, but my, they’re shallow and, sometimes inaccurate and usually not that timely—the essential ingredients behind competitive intelligence—timely and accurate!
However, on the positive side, I like it that the c-suite does their own searching. Previously I think they relied too much on information from others and could more easily be blindsided by filtered information from managers who wanted to push their agendas. Now the c-suite is more armed to ask provocative questions based on their own research. However, their blinders might be swinging to an over-reliance on Google and the like!
Executives will dig through multiple links to find the information they seek and I can understand why they “Google” since search engines are “free” and easily accessed. However, to make good decisions, we need a balance of sources and I hate to think that the Internet wins over human intelligence—where you can engage in a dialog, not just more searching and multiple links!
I wonder how much time our leadership wastes looking for data, which could be found so much faster through the various paid sources such as Dialog, Dow Jones, Thomson reports or the invisible web. I’m also concerned that the c-suite might be further distancing itself from people—who have expertise from years of industry experience—in favor of Internet searching. The answers and analysis that are required to make good decisions do not reside on the Internet!
The digital age has forever changed the c-suite. Younger executives make extensive use of social networks such as Twitter, LinkedIn and Facebook—which allow them to engage with a far broader group of people than they would meet otherwise—another great resource to prevent from being blindsided. President Obama epitomizes today’s c-suite executive as the first president to use email, social networks and a Blackberry.
Thankfully personal and professional contacts still trump virtual networks. Sophie Zurquiyah, former Chief Technology Officer at Schlumberger says, “I get the most valuable insight from my interactions with people.” She mixes the views “of vendors, colleagues, internal managers, workers…” While technologies such as email or Web video certainly enable such interaction, “you can never lose sight of the personal aspects—relationships with people are your most valuable information resources. You cannot discount personal interaction.”
You can read this set of articles in the July Forbes magazine. It goes into much more depth, and doesn’t include my editorial comments! I hope you’re having a great summer—those of you in the Northern hemisphere. It’s heavenly here in Conifer, Colorado!
Yesterday I sent this out as a newsletter…it evoked so many comments that I thought I better share this with you too, so you can share your thoughts and experiences dealing with executives. If you want to subscribe to my newsletter fill in the blanks here, and get your freebie.
Another source for comments and provocative discussion is our CI Ning where August Jackson created a forum around this bulletin. Connecting with the executive suite has always been a challenge for competitive intelligence professionals, but now that they can access information so readily, it’s even worse since it can give one a false sense of power! Today more than ever, we need to help our executives realize the value of accurate, insightful intelligence–which is NOT posted on the Internet!