Romanian company enters competitive intelligence market opening offices in Romania and the United States
Romanian company Krugman & Partners opened offices in New York and Bucharest this year, entering the competitive intelligence and cyber security market, which has been growing rapidly in recent years.
Originating in the US, the business has grown over the past three decades in all the world's powerful economies, to the point where today every company in the Forbes 500 has a competitive intelligence department. If in 2019 the global value of this market was close to USD 40 billion, estimates are that in 5 years it will exceed USD 82 billion.
Recent years have also brought increased interest in this area in the Romanian market, and forecasts indicate an accelerated dynamic in the coming period, as multinational companies begin to understand the importance of integrating business intelligence reports generated by specialized providers into the decision-making process.
"New technologies and digitization have made entry barriers easy to cross in almost every industry, and traditional business models are being competed by new solutions that make it easier for consumers to access them in a way that is more attractive to the customer. The biggest strategic risk facing existing businesses over the next three years will be new competitors, which are now unknown. What we offer clients is risk minimization by helping executives in any industry make decisions with all relevant information consolidated, verified, and analyzed by our specialists," says George Alexe, Managing Director of Krugman & Partners.
In order to stay competitive, companies need to act fast and adapt to the digital age focused on collecting and analyzing big data. This service gives them access to a comprehensive analysis of market risks and opportunities, which can prove vital in making business decisions.
"Companies with a competitive intelligence culture perform much better because they have a low risk of internal fraud, manage to keep their trade secrets, and know their customers, competitors, suppliers and therefore their risks and opportunities very well. They thus manage to reduce uncertainty, reduce risk and build proactive strategies that generate better profitability margins. It's a competitive field, where market players are very attentive to the emerging players in the industry," adds George Alexe, Managing Director of Krugman & Partners.
Competitive intelligence and cyber security are complementary solutions that give clients an advantage over competitors, according to the company.
A 2021 Evalueserve analysis shows that organizations that set up their own competitive intelligence departments or contracted such services from specialist firms saw up to a four-fold increase in revenue as they had data and information available to them that competitors did not and were thus able to make faster and more accurate business decisions.
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