Medical device companies’ competitive intelligence teams often number no more than one individual tasked with monitoring competitors’ activities. But competitive intelligence has the potential to drive significant strategic change throughout the organization. And without the proper resource support, CI teams at device companies may never reach the level of sophistication seen at other life sciences or consumer products organizations. In short, device companies can be doing much more to boost the strategic impact of their competitive intelligence efforts.
Competitive intelligence teams succeed when they’re visible, have appropriate funding and staffing resources and focus on pure CI-related activities. This study provides critical benchmarks to help your company:
- Restructure the CI team for success: Make sure that your CI team does not remain buried in the market research organization. Learn how to develop proper reporting lines and implement a more strategic organizational structure that will provide the competitive intelligence team greater visibility and generate greater strategic impact.
- Align CI with strategic goals: Some medical device companies are using competitive intelligence more and more to inform business development and C-level executives’ strategic decisions. These demands from high-level stakeholders require CI teams to align with corporate-wide goals, a practice that many device companies have yet to implement. Learn how to transform your competitive intelligence team into a sophisticated strategic decision-support function.
- Improve CI performance: Performance measurement is a tricky prospect for many decision-support activities. The same is true for competitive intelligence. This study provides real-world examples and case studies that show how medical device companies have implemented best practices to track the performance of their competitive intelligence teams and improve their impact.
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- Executive Summary
- Profiled Companies
- Methodology and Definitions
- Medical Devices Competitive Intelligence: Five Principles for Success
- Budgets, Staffing and Performance Measurement
- Competitive Intelligence Budgets
- Competitive Intelligence Staffing and Compensation
- Performance Measurement
- Empowering Competitive Intelligence Teams through Effective Structure
- Competitive Intelligence Resources, Responsibilities and Tools
- Resources for Collecting CI
- Competitive Intelligence Responsibilities and Analyses Performed
- Competitive Intelligence Tools
- CHARTS AND GRAPHICS
- Executive Summary
- Figure E.1: Rating the Effectiveness Current Competitive Intelligence Practices
- Figure E.2: Rating the Most Challenging Issues Facing Competitive Intelligence
- Figure E.3: US Competitive Intelligence Budgets
- Figure E.4: European Competitive Intelligence Budgets
- Figure E.5: Internal Resources: Other Functions Regularly Collecting Competitive Intelligence
- Budgets, Staffing and Performance Measurement
- Competitive Intelligence Budgets
- Figure 1.1: US Competitive Intelligence Budgets
- Figure 1.2: European Competitive Intelligence Budgets
- Figure 1.3: Rest of World Competitive Intelligence Budgets
- Figure 1.4: Items Covered by Dedicated Budgets
- Figure 1.5: Funding Sources: Percentage of Companies with Dedicated Competitive Intelligence Budgets
- Figure 1.6: Funding Sources: Percentage of Competitive Intelligence Budgets Contributed by Other Functions
- Figure 1.7: Percentages of US Budgets Outsourced
- Figure 1.8: Percentages of European Budgets Outsourced
- Figure 1.9: Percentages of Rest of World Budgets Outsourced
- Figure 1.10: Percentages of Budget and Staffing Dedicated to Analysis of BRIC Countries
- Competitive Intelligence Staffing and Compensation
- Figure 1.11: US Competitive Intelligence Staffing
- Figure 1.12: European Competitive Intelligence Staffing
- Figure 1.13: Rest-of-World Competitive Intelligence Staffing
- Figure 1.14: Average Years of Experience Within Competitive Intelligence Teams
- Figure 1.15: Phase in Which Competitive Intelligence Begins Supporting a Developing Product
- Figure 1.16: Competitive Intelligence Staffing Supporting Developing Products by Phase of Development
- Figure 1.17: Hiring Profile: Years of Experience Required for New Hires
- Figure 1.18: Hiring Profile: Level of Education Required for New Hires
- Figure 1.19: Hiring Profile: Most Desirable Educational Backgrounds for New Hires
- Figure 1.20: Hiring Profile: Most Necessary Traits to Succeed in Competitive Intelligence
- Figure 1.21: Employee Annual Compensation: Directors
- Figure 1.22: Employee Annual Compensation: Managers
- Figure 1.23: Employee Annual Compensation: Sr. Analysts
- Figure 1.24: Employee Annual Compensation: Analysts
- Figure 1.25: Employee Compensation: Percentage of Compensation that is Incentive or Bonus-Based
- Performance Measurement
- Figure 1.26: Methodologies for Measuring Competitive Intelligence Performance
- Empowering Competitive Intelligence Teams through Effective Structure
- Figure 2.1: Percentage of Companies with a Dedicated Competitive Intelligence Team in Place
- Figure 2.2: Number of Years Dedicated Competitive Intelligence Teams have been in Place
- Figure 2.3: Types of Competitive Intelligence Teams in Place
- Figure 2.4: Percentage of Companies Where Market Research Oversees Competitive Intelligence
- Figure 2.5: Percentage of Companies Where Market Research Oversees Competitive Intelligence(Companies with Dedicated CI Teams)
- Figure 2.6: Percentage of Companies Where Market Research Oversees Competitive Intelligence (Companies without Dedicated CI Teams)
- Figure 2.7: Locations of Competitive Intelligence Teams not Under Market Research
- Figure 2.8: Title of Leader Heading Dedicated Competitive Intelligence Teams
- Competitive Intelligence Resources, Responsibilities and Tools
- Resources for Collecting CI
- Figure 3.1: Internal Resources: Other Functions Regularly Collecting Competitive Intelligence
- Figure 3.2: Competitive Intelligence Responsibilities
- Competitive Intelligence Responsibilities and Analyses Performed
- Figure 3.3: Internal Clients: Percentage of Time Spent Performing Tasks for Various Functions
- Figure 3.4: Activities/Tools Competitive Intelligence Performs
- Figure 3.5: Time to Complete Competitor Benchmarking
- Figure 3.6: Time to Complete SWOT Analyses
- Figure 3.7: Time to Complete Scenario Planning
- Figure 3.8: Time to Complete War Gaming
- Figure 3.9: Average Months to Perform Stage-gate Analysis
- Figure 3.10: Time to Complete Financial Modeling
- Figure 3.11: Time to Complete Four Corners Analyses
- Figure 3.12: Time to Complete Porter’s 5-Forces model
- Figure 3.13: Activities for Which Products Teams Draw on Competitive Intelligence
- Figure 3.14: Stage at Which CI Teams Begin Attending Conventions and Meetings
- Competitive Intelligence Tools
- Figure 3.15: Stage at Which CI Teams Begin Using Internal Databases
- Figure 3.16: Stage at Which CI Teams Begin Using Internet Portals
- Figure 3.17: Stage at Which CI Teams Begin Using Online Databases
- Figure 3.18: Stage at Which CI Teams Begin Using Syndicated Research
- Figure 3.19: Stage at Which CI Teams Begin Working with the Sales Team
- Figure 3.20: Stage at Which CI Teams Begin Working with MSL Team
- Figure 3.21: Stage at Which CI Teams Begin Using Direct (Face-to-Face) Interviews
- Figure 3.22: Stage at Which CI Teams Begin Using Information from Government, Advocacy Groups, Payer Reps
- Figure 3.23: Stage at Which CI Teams Begin Using Predictive Techniques
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