While carrying out your business, it is prudent to find out what your competition is up to. Not just to help your competition analysis or to align and revisit your business strategy (if required), but also to garner business intelligence. Knowing who your competition is, what they offer as services or products, will help you increase the quality of your products or efficiency of your services. This would further enable you price competitively and edge out rivals with strategic foresight.
Additionally, your business can utilize this information to identify competition’s strengths, weaknesses, opportunities and threats to give you the real world business outlook critical for your success.