The results clearly identified that the seven industries (Academic & Training, Finance, Insurance and Real Estate, Government & Public Administration, ICT and Technology, Manufacturing, Retail Trade and Transportation and Public utilities) also have high concerns that the technology risk will also increase in the next three years.
Question 21 has been used to provide insights into the “need for information to remain competitive goal”. This section of the report explores some factors and the processes and systems used to achieve this goal:
Factors to remain competitive:
• New products or services.
• New technology and processes.
• How to compete in a global market (i.e. abroad).
• What existing competitors are likely to do?
• What new or potential competitors might do?
• Other
Processes and systems used to remain competitive:
• Informal use of rumours, personal contacts.
• Competitor audits.
• Market research.
• Benchmarking.
• Strategic reviews.
• Integrated competitive intelligence systems.
As identified in Table 14, there are a high percentage of respondents that view ‘Elements to remain competitive’ as very important/important to remain competitive in the future (next three years). Only 3% of responses indicated that new products or services and what new or potential competitors might do as not very important. The only exception was the need to gain information on how to compete abroad, which had a low importance rating (29% believed this risk to be Neutral).
Table 14.0: Elements to remain competitive
|
Question 21: “Over the next three years, what do you see as being the main things that you will need to know in order to maintain or improve your competitiveness? |
|
Elements Very Important Neutral Not very Not at all Important important important |
|
New products or services 47% 38% 12% 3% 0% |
|
New technology and processes 59% 35% 6% 0% 0% |
|
How to compete in a global 21% 18% 29% 15% 18% market (i.e. abroad) |
|
What existing competitors are 15% 74% 12% 0% 0% likely to do? |
|
What new or potential competitors 12% 62% 24% 3% 0% might do? |
The results of survey questions 7, 15, 17 and 18 indicate that the majority of surveyed companies/organisations were focused only on the New Zealand domestic market with little or limited focus on the wider global market place. This indicates an opportunity not yet realised for these companies. They may also be at risk from global companies establishing a presence within New Zealand.
The results from this research are very similar to Trengrove and Vryenhoek (1997) study. Their survey highlighted and recognised that there was an important need to gather information on new products, new technology, existing competitors and new competitors as elements to remain competitive and they also identified that there was a New Zealand domestic market focus.
Question 23 asked “What best describes the processes and systems used in your organisation to help keep track of what the competition is doing (or likely to do), or other factors that may affect your competitive position (for example technology, changes in consumer tastes, new regulations)”
• Informal use of rumours, personal contacts
• Competitor audits
• Market research
• Benchmarking
• Strategic reviews
• Integrated competitive intelligence systems
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