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Besides, by identifying competitors, businesses can benchmark their performance against others in the industry. Consider collaborating with other businesses or forming alliances to strengthen your position in the market. This comparison helps identify areas where the business is excelling and areas where improvement is needed.
A competitor analysis framework is a strategic tool that empowers corporations to systematically study and understand their competitors’ strengths, weaknesses, strategies, and market positioning—and then benchmark it against their own to create an effective strategy.
This means conducting a SWOT analysis to identify IT strengths — like skilled talent, relevant technologies, strong vendor relationships, and rapid development capabilities — and addressing weaknesses such as outdated systems, resource limitations, siloed teams, and resistance to change. Contact us today to learn more.
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