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Effective business intelligence measures protect businesses developing emerging markets for the first time. Knowing the culture of the people, the administrative structures and procedures, the relevant authorities and the nature of the market can all greatly impact the fortunes of new businesses looking to establish a presence in a foreign market.
Beyond economic advantages, these measures also safeguard against fraud, corruption and legal liability. Proper due diligence measures are included as part of a comprehensive business intelligence strategy. Conducting investigations and due diligence on existing governments, protocols, business partners, employees and competing companies can make businesses make the correct strategic decisions when operating overseas.
Additionally, assessing competitive dynamics with respect to rival brands, products and entities in overseas markets (with unfamiliar, new or additional parameters) can help businesses stay afloat in such situations.
"Emerging markets are new and unpredictable at first – you never know what’s going to hit you. That’s why due diligence and business intelligence practices are absolutely critical for businesses developing an overseas presence for the first time. Knowing all there is to know about the culture, business approaches, governments and administrative systems of new markets can help businesses better respond to the challenges they face with such new operations," said a report collaborator.
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