Having no idea about the industry a company is a part of is almost like playing bulls-eye with a blindfold on. And, competing in a sphere with limited knowledge of competitors and their strategies puts a company in a very precarious position. Not every strategy of a company goes right and working in an environment of no external knowledge prove to be a gamble which may not pay very well. In hindsight, companies which have had valuable information relating to its competitors and the industry have been the ones most resilient and agile enough in terms of changes in strategy and flexible in introducing new processes and workflow.
Competitive Benchmarking is a process that can help an organisation assess changes in the industry, track competitors and position itself to develop tactical manoeuvres.
Competitive Benchmarking provides an understanding of what can work, what doesn’t work along with presenting insights on what others are doing that can possibly be adopted, and which pitfalls other businesses had which can be avoided.
Competitive Benchmarking provides incentives to clients in the following ways:
A large pharmaceutical client based in Europe involved DelveInsight to identify patient advocacy strategies of companies operating in the Pharma sector of the European Union, to benchmark their efforts against their competitors. [...]
A large pharma client was working to develop their API and FD, and was interested to assess CDMO companies and their capabilities in this domain to provide benchmarking of the best company for outsourcing their project. [...]