WHAT IS BUSINESS INTELLIGENCE?

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WHAT IS BUSINESS INTELLIGENCE?

Business Intelligence consists of both internal and external categories that deal with the ability of a company to determine what’s its competitors are doing as well as understanding what forces may be against them.

Finally, how does your company incorporate the data that it collects into useful information yielding a competitive advantage?

Internal Vs. External Business Intelligence

Internal Business Intelligence

It covers the ability of a company to keep Information (Trade Secrets) from its competitors so that they may not gain a competitive advantage from their espionage activities.

External Business intelligence/ Corporate Espionage

It involves your company attempting to gain information about the competitor to gain an advantage.

Trade Secrets include all forms of and types of financial business, scientific, technical, economic, or engineering information, including patterns, plans, compilations, program devices, formulas, designs, prototypes, methods, techniques, processes, procedures, programs or codes whether tangible or intangible as long as the owner has taken reasonable measures to keep such information secret and the information derives economic value from being generally known.

Business Espionage Vs. Industrial Espionage

Business Espionage involves theft of trade secrets by competitors, either foreign or domestic. This may also be done by former employees.

Industrial Espionage is where trade secrets are stolen by a foreign government or agents against domestic businesses.

Where trade secrets can be obtained?

• Publications

• Conferences

• Internet(Data mining)

• Trade shows

• Business information

  
  

Business Intelligence Cases:

Legitimate: Formal talks with the target company

Misrepresentation: You don’t tell the company who you really are

Improper influence: Blackmailing of personnel

Improper means: Such as hacking, etc.

How can companies protect their Trade Secrets?

Companies are advised to take the following steps in protecting their trade secrets:

Identify company’s trade secrets

Take reasonable measures to protect these secrets

Educate employees on their responsibilities to protect these trade secrets

Establish and enforce In-House policies to protect these trade secrets

The race is on and you are in it!