Survey: 80% Chemicals Companies Intend to Increase Investments on Market Intelligence Over 2012-2013
Global Intelligence Alliance (GIA), a global strategic market intelligence and advisory group, releases results from its 2011 Global Market Intelligence Survey, which shows that chemicals companies have room for improvement when it comes to demonstrating returns from their market intelligence activities.
As a program, market intelligence collects information about market players and strategically relevant topics and processes it into insights that support decision-making. It helps organizations understand their business environment, compete successfully in it, and grow as a result.
Innovations, new products and applications, greater environmental awareness as well as changes in global demography and consumer preferences will impact the value chains of chemicals companies over the next few years. The consultancy warns that chemicals companies will need to review how they conduct market intelligence to derive real value that supports their decision-making, in order to stay ahead of the competition.
The good news is that 44% of the chemicals companies without systematic market intelligence operations plan to launch one within 12 months, and 79% of them intend to increase their investments into market intelligence over 2012-13.
These are some of the findings regarding market intelligence within the chemicals industry from the 2011 Global Market Intelligence Survey. The study surveyed 989 companies across North America, Latin America, Europe and Asia Pacific, of which 64 respondents were global chemicals companies. Conducted in March 2011, the online survey looked at the state of market intelligence, the perceived benefits, how it supports decision-making, and anticipated future developments.
Some of the key survey findings include:
• 91% of all chemicals companies agree that they have benefited from market intelligence.
• 70% think that their market intelligence investments have paid off.
• 44% of the chemicals companies that have no market intelligence operation intend to launch one within 12 months.
• Chemicals companies tend to have a core team of 21 people specializing in market intelligence, who in turn cater to 387 internal clients.
• Including human resources costs, chemicals industries’ average annual budget for market intelligence is above 2.2 million Euros or $3.1 million US dollars.
• About 80% of companies intend to increase their investments into market intelligence.
For other 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.