What term describes information that a company possesses which grants it a competitive edge?

The term that best describes information that a company possesses which grants it a competitive edge is "trade secret." A trade secret encompasses any confidential business information that provides an enterprise an advantage over competitors that do not know or use it. This can include formulas, practices, processes, designs, instruments, patterns, or a compilation of information maintained as secret.

The key aspect of a trade secret is that it is not generally known or easily accessible to the public, which distinguishes it from other forms of information. To qualify as a trade secret, reasonable steps must be taken to keep the information confidential. This characteristic gives companies a competitive advantage, as they can leverage this information for their benefit while competitors might not have access to it.

In contrast, while "proprietary data" and "intellectual property" are related to a company's valuable assets, they encompass broader concepts. Proprietary data includes any information owned by a company but does not specifically denote the element of confidentiality that is crucial to a trade secret. Intellectual property refers to legal rights associated with inventions, designs, and artistic works, which can include patents and copyright, rather than strictly confidential business processes. "Exclusive information" is a vague term and does not capture the specific legal nuances that define a trade secret