Right now my company is blogging five days a week, which is way more than our competitors and most other companies do.
Five days a week might be focusing on quantity.
Blogging will not do anything for your website if the content is not quality... and when I say quality, I mean good enough to attract traffic and natural links. If you are not blogging quality you might be adding dead weight to your website and it might even be Panda bait.
Look at your analytics. Are your blog posts pulling in any traffic. Are they pulling in any conversions. Are they attracting natural links from respectable websites? If they are not doing these things then blogging for blogging's sake is a waste of time.
Instead of comparing how many times you blog per week, take a look at how your quality compares with your competitor. Determine if the content is useful to your visitors and be very critical and honest with yourself. Are your visitors even seeing it? Does it answer their relevant questions about how to use your products, how to select them, how to maintain them, other information about them?
If you are blogging daily and are doing a good job there should be a lot of visitors to your website who arrive through your blog home page or arrive through the main page of your website and click into your blog. If that isn't happening then, maybe your blogging is not useful.
Do the assessments above, reflect upon your plan and don't worry about how many days per week you are blogging. Worry about if you are blowing your competitors out of the water with the content that you are producing.