Create an Independent “Market Sensing” Function

Improving information flow is not just a matter of rolling out a new IT system; it’s a more complex endeavor. It’s not just how data gets to headquarters that is material, but what data gets there and how it is framed. Often, competitive realities have been white-washed by the time they are revealed to the executive suite.

Some winning companies create an independent “market sensing” function that does nothing but collect and track feedback from the market. The process of identifying and capturing important types of competitive data is formalized, and information is quickly sent up through the ranks so strategy-setters get an early read on market trends.

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