This is a very broad question. However, it is safe to say that all companies or firms want a competitive edge. In the end, what companies want is more money. In order to obtain this, they want a competitive edge over other companies. In light of this, there are several areas where they can seek to gain an edge.
First, the more information and knowledge a company has, the better they will be able to forecast the future. This can give a very significant edge over other companies, because they will be prepared.
Second, companies often see a edge in obtaining goods or services at a cheaper price or they want to get these things in a more efficient way. The purpose here is to cut costs, so that they will make more money.
Other ways in which a company can get an competitive edge is by drawing better talent. In short, anything that helps a company can be considered a competitive edge.