Helsinki, Finland, May 21, 2011 --(PR.com
)-- The need to address growing global competition has accelerated the development of systematic market intelligence at global companies, according to the 2011 Global Market Intelligence Survey by Global Intelligence Alliance (GIA), a global strategic market intelligence and advisory group. However, the study shows that only 10% of the companies surveyed 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.
“The proportion of companies that have systematic market intelligence globally has grown in the past two years - from 63% to 76%. This is quite significant as this shows that the financial crisis has further solidified the position of market intelligence in companies that need to grow and compete internationally. 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,” said Markko Vaarnas, CEO at Global Intelligence Alliance.
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.
Conducted in March 2011, the 2011 and fifth Global Market Intelligence Survey tracks the increasing importance of the market intelligence profession:
• How is market intelligence used by various industries?
• Have companies become more sophisticated in the use of market intelligence? If so, how do they use market intelligence to compete and grow in international markets?
• What business opportunities will market intelligence be used to explore in 2012-2013?
• What are some world class market intelligence best practices?
Full details will be presented at the Global Market Intelligence Survey 2011 Overall Results & EMEA Regional Results webinar on Tuesday, June 7, 2011. Registration is free.
For further information, visit the www.globalintelligence.com or send an email to media(a)globalintelligence.com.
About Global Intelligence Alliance
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.
Today, we are the preferred partner for organizations seeking to understand, compete and grow in international markets. Our industry expertise and coverage of over 100 countries enables our customers to make better informed decisions worldwide.
About the Global Market Intelligence Survey
The Global Market Intelligence Survey looks into the current state of Market Intelligence activities in international companies and the perceived benefits, how market intelligence supports decision-making, and the anticipated future developments across geographical regions and industries.
The 2011 Global Market Intelligence Survey is the fifth in a series and involved 989 respondents in an online questionnaire in March 2011. Most of the questions were of multiple-choice format to facilitate quantitative analysis. Open questions were also included to add to the level of insight. English was used as the survey language in most countries, while translations to Czech, French, Japanese, Portuguese, Russian and Spanish were also in circulation in parts of Latin America, Europe and Africa.