Survey reveals Best Practices at Companies with World Class Market intelligence
According to the 2011 Global Market Intelligence Survey, only 10% of the companies have achieved market intelligence capabilities that are truly world class. Such companies in general, enjoy much higher efficiencies in decision making and strong return-on-investment on their market intelligence budgets. What are the commonalities between companies with world class market intelligence capabilities?
The need to address growing global competition has accelerated the development of systematic market intelligence at global companies.
The proportion of companies that have systematic market intelligence globally has grown in the past two years - from 63% to 76%. In addition, one third of the companies that don’t have a market intelligence operation intend to launch one within the next 12 months. Out of the companies with market intelligence functions, 64% intend to increase their investments in market intelligence, with geographical focus in Asia and Latin America.
The Survey also found several distinguishing qualities of companies with world class market intelligence functions.
1. They work closer with decision-makers
Over half of the companies with world class market intelligence capabilities have at most one organizational layer between the market intelligence function and the CEO, and none have more than four layers. Such companies also have more top management as internal clients.
2. They have more extensive networks
Companies with world class market intelligence capabilities get contributions from more people within the organization than companies on average.
3. They work in a more regular fashion
52% of market intelligence work goes into regular deliverables opposed to ad-hoc deliverables, while the figure is 45% for companies in general.
4. They more often have a centralized market intelligence function
While 69% of companies with world class market intelligence capabilities have a centralized market intelligence function, the same is true for only 56% of companies in general.
5. They use their budgets and staff more effectively
Even though companies with world class market intelligence capabilities work with intelligence budgets and team that are comparable in size to other companies in general, they score significantly higher both in the maturity level of their market intelligence functions and in decision-making efficiency.
For more findings, watch the GIA World Class Market Intelligence White Paper Launch Webinars on “How Leading Companies Utilize Market Intelligence for Competitive Advantage”.
To watch the webinar recordings of:
Global Market Intelligence Survey 2011 Overall Results & EMEA Regional Results
Global Market Intelligence Survey 2011 Results for Asia-Pacific and Greater China
Global Market Intelligence Survey 2011 Results for Americas
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The webinars will reveal:
- How is MI used by your industry peers?
- How advanced is your company’s MI compared to your industry peers and leading MI companies globally?
- Have companies become more sophisticated in the use of MI? If so, how do they use MI to compete and grow in international markets?
- What business opportunities in your industry will MI be exploring in the next two years?
- What world-class MI best practices can we learn?
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Global Intelligence Alliance (GIA) is a strategic market intelligence and advisory group. GIA was formed in 1995 when a team of market intelligence specialists, management consultants, industry analysts and technology experts came together to build a powerful suite of customized solutions ranging from outsourced market monitoring services and software, to strategic analysis and advisory.
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