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The Role of an IRO in Competitive IntelligenceTORONTO, Dec 7, 2016 /CNW/ - With the rapid rate of change in the Canadian business landscape, smart companies are keeping a close watch on both their competition and on public sentiment about their industry. While some form of competitive intelligence has been carried out informally by investor relations officers (IROs) all along, today it is marked as a core of function of an IRO's role. 95% of IROs surveyed by Canadian Investor Relations Institute (CIRI) regularly gather information on their company's competitors. CNW spoke with Canadian investor relations experts about their methods, and summarized the conversations in a new white paper, now available for download. Intelligence gathering requires a thoughtful and deliberate approach and IROs are placing a focus on efficiency, effectiveness and strategic importance. The best strategy seems to be one of cross-departmental collaboration, where IR partners with Communications, Marketing and Customer Service to share knowledge gleaned from engagement channels and monitoring sources. "Competitive intelligence can't be siloed in an organization," explains Greg Secord, vice president of investor relations for OpenText Corp. "Each department is stronger in one area of expertise." This approach ensures the IRO is on tp of issues and aware of trends that are outside of the portfolio yet impactful to valuation. Social media monitoring is emerging as an invaluable source of market intelligence. Information about customer opinion, trending news or a groundswell of public interest in the industry at large can have enormous benefit. Deploying the correct tools to track company, competitor and industry mentions helps companies paint a more complete picture of the competitive environment in real-time. Investor relations professionals interested in effective competitive intelligence tactics are invited to download our white paper here. About CNW Group About Cision: SOURCE CNW Group Ltd. |