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Medical Device Competitive Intelligence
Cutting Edge Information, Nov 2010, Pages: 91
Establish CI Within Your Organization!
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.
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 their competitive intelligence strategic impact.
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 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 of how medical device companies have implemented best practices to track the performance of their competitive intelligence teams and improve their impact.
Chapter 1: Budgets, Staffing and Performance Measurement
26 data charts focused on the following:
Competitive Intelligence Budgets
- Budget breakdowns for:
-- United States
-- Europe
-- Rest-of-World
- Items covered by CI budgets
-- Funding sources
- Budget allocations for outsourced activities in:
-- United States
-- Europe
-- Rest-of-World
Competitive Intelligence Team Headcounts
- Staffing breakdowns for:
-- United States
-- Europe
-- Rest-of-World
- Team make-up:
-- Years of experience for competitive intelligence team staffs
-- Desired experience level, traits sought and educational backgrounds for new hires
- Support for developing products:
-- Timelines for determining when to begin supporting developing products with competitive intelligence
-- Staff support for developing products:
- Competitive intelligence team compensation levels:
-- Director compensation (experienced and newly hired)
-- Manager compensation (experienced and newly hired)
-- Senior analyst compensation (experienced and newly hired)
-- Analyst compensation (experienced and newly hired)
-- Bonus compensation percentage
- Performance Measurement
-- Performance measurement methodology
Chapter 2: Empowering Competitive Intelligence Teams through Effective Structure
8 charts detailing competitive intelligence teams' structures, reporting lines and sample organizational charts:
- Dedicated vs. non-dedicated CI teams
- Average age of competitive intelligence teams
- Prevalence of market research oversight for competitive intelligence
- Titles for competitive intelligence leaders
Chapter 3: Competitive Intelligence Resources, Responsibilities and Tools
23 data charts focused on the following:
- Resources for Collecting CI
-- Functions that collect competitive intelligence within the organization
- Competitive intelligence responsibilities
- Time to complete different activities:
-- SWOT analysis
-- Scenario planning
-- War gaming
-- Stage-gate analysis
-- Financial modeling
-- Four corners analysis
-- Porter's 5-forces model
- Competitive intelligence tool timeframes:
-- Conventions and meetings
-- Internal databases
-- Internet portals
-- Online databases
-- Syndicated research
-- Sales team
-- MSL team
-- Direct (face-to-face) interviews
-- Information from government, advocacy or payer groups
-- Predictive techniques
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