Having being through a similar situation where a leader was slow to innovate and competition gained share with better products. One of the ways to solve this is to identify where the issue is. Is it in a Co's ability to create products (R&D) or make them successful through better RTM- route to market. This identification will help decide whether they need to source instead of make or alternatively improve RTM with external support and building competencies. Sometimes it could be a culture or a governance issue or weak leadership. So get the promoters involved in identifying the challenge and suggest alternative solutions. As this situation can change the future of the co. such a discussion is necessary.

Forming an innovation team and carving out a pool of resources to capture and fund innovative ideas is helpful Seeking advice for an external consultant or a management consulting firm helps speed up the process of assessing the gap and finding solutions to bridge the gap would be useful

To acquire competitive intelligence, it is essential to delve deep into competitor strategies by analyzing their strengths, weaknesses, and key differentiators. This includes understanding their pricing models, marketing tactics, product offerings, and customer engagement strategies.

In the race of business, catching up with competitors who are already ahead can feel like an uphill battle. But with a clear understanding of the landscape, faster decision-making, technological advancements, enhanced agility, and a focus on unique strengths, you can help your client not just catch up but potentially surpass their rivals. So, lace up your sneakers, grab your stopwatch, and get ready to transform your client’s lag into a lead. Because in the world of consulting, it’s not just about keeping up—it’s about setting the pace.