The TFT and Competitive Intelligence–Many companies use competitive intelligence (CI) to analyze opportunities before launching products or services. This is especially true for businesses entering a new market or starting a new venture.
I can think of two examples, a supplier of traditional automotive parts venturing into the EV sector. Or, a local Food and Beverage (F&B) company entering into a global franchise retail burger and shake business.
Companies in Korea often form a Task Force Team (TFT) to research and analyze information from multiple sources and coordinate a CI program.
In short, it means learning as much as possible, as soon as possible, as well as learning who are the top competitors.
Finally, I’ve often seen it as a tool for decision-making — identifying the opportunities and the risks.
One downside is that some assigned to the TFT can have limited or no experience in the new sector. And, often, little information on new business is publicly available or closely held by those already in that sector.
One best practice for TFTs is to involve their global organization early on in the CI process and get their input. This is particularly true if the rollout will affect overseas divisions and if leadership approves, they will need organization-wide buy-in and support in implementation.