Erroneous assumptions can be disastrous.
A business intelligence system is a systematic process of organizing information about the business environment. It involves gathering and organizing outside information and then integrating this information into decisions. Organized information about the environment needs to include information about actual and potential competitors worldwide. However, not all outside information is available. But, even when information is available, many businesses are oblivious to it. Half of new technologies that transform an industry come from outside the industry, and information about these new technologies is available. Molecular biology and genetic engineering were not developed by the giant pharmaceutical industry, yet they are transforming the entire health-care industry. Information on these developments is available and companies in the pharmaceutical industry must keep abreast of these developments.
ACTION POINT: Identify three technologies that are transforming your business that have come from outside of your industry. Set up an intelligence system to gather information about these and other emerging technologies and capitalize on them before your competitors do.