A thorough competitor analysis gives businesses the ability to stay ahead of industry trends and changes. By monitoring your competitors, they can quickly adapt to changes in the market and adjust their strategy accordingly. Additionally, understanding competitors' strengths and weaknesses can help businesses find out potential threats and opportunities for their operations, enabling them to make more informed decisions. It also helps businesses to better position themself in the marketplace and identify areas where their business can improve, as well as opportunities for growth and expansion.