Stephen E. Rudolph, Ernest R. Gilmont, Andrew S. Magee, and Nancy F. Smith [Archive.org URL]

Information is not intelligence, and gathering information is not carrying out competitive intelligence. Many companies have mechanisms to accumulate large amounts of information; significantly fewer companies have mechanisms for conducting competitive intelligence.

Intelligence uses information as raw material, screening, sifting, sorting, verifying, analyzing, interpreting, and compiling it to create a useful output. And just as information is raw material for intelligence, intelligence is raw material for a higher-level process: decision-making

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