Over 53% of Global Companies with Established Market Intelligence Function Set to Respond to Possible Economic Upturn with Increased MI Expenditure
Global Intelligence Alliance (GIA), a global strategic market intelligence and advisory group, has released a report based on its 2009 Global Market Intelligence Survey that predicts that global investments in Market Intelligence (MI)* are set to increase over the next two years.
New York City, NY (PRWEB) November 5, 2009 -- Global Intelligence Alliance (GIA), a global strategic market intelligence and advisory group, has released a report based on its 2009 Global Market Intelligence Survey that predicts that global investments in Market Intelligence (MI)* are set to increase over the next two years. The survey also showed that the role of MI has grown in sophistication as companies recognize its importance and contribution to decision making when it is not 'business as usual'.
Northern and Western European companies stand out against their American counterparts with regards to the systematic use of Market Intelligence in their business operations, but companies in North America are pulling up their socks in this area and plan to increase their investments in MI over the next two years.
Regional rankings: % Companies with established Market Intelligence functions
1. Northern Europe: 85% (43%)
2. Western Europe: 68% (50%)
3. North America: 59% (69%)
4. Latin America: 52% (58%)
5. Asia Pacific: 52% (46%)
6. Central & Eastern Europe: 47% (86%)
7. Africa & Middle East: 30% (51%)
( ) % percentage of companies whose investment in Market intelligence will increase in the future
The anticipated future investments in the area of Market Intelligence will be to:
| | - Focus on customers and their industries
- Ensure better integration into business processes
- Facilitate networking and knowledge sharing
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Based on the annual 2009 Global Market Intelligence Study, the report also says that the global recession of 2009/2010 has changed the world of market intelligence forever. Companies have had to focus and prioritize, and while doing so, to think about what in Market Intelligence is absolutely vital, why, when, and to whom. In such an environment there is no room for "nice to know" information.
"Market Intelligence helps accelerate business decision making and is becoming a sophisticated business function. Sixty-five percent of the companies in the global survey make vital business decisions with the support of proper Market Intelligence on a frequent basis," said Markko Vaarnas, Chief Executive Officer at GIA. "It can however, gain greater visibility at the top management levels. MI is most often fed to the board through other functions such as strategic planning, sales and marketing, business development etc. The most advanced companies have a Director of MI that is very close to the CEO and top management."
Almost all surveyed companies expect the investment in MI rather increase than decrease over the next two years. "Most companies are aware that more investments need to go into MI as we soon will face an economic upturn. Companies will now need to take market share again instead of just trying to minimize losses. In order to do so, it is vital that they have the appropriate MI support for decision making and planning. Only increased budgets and better integration of MI into all significant business processes will help here," said Hans Hedin, Vice President of Business Development at GIA.
For a more detailed regional chart on anticipated MI investment development, please refer to http://www.globalintelligence.com/insights-analysis/press-releases/2009/more-than-53-of-global-companies-with-established-/
For further information, please visit www.globalintelligence.com.
The report is available for downloading at www.globalintelligence.com/insights-analysis/white-papers/
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 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 MI supports decision-making, and the anticipated future developments across geographical regions and industries. The Global Market Intelligence Survey 2009 was the fourth in a series and involved 724 respondents in an online questionnaire during the period of August-September 2009. 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 Spanish, Portuguese and French were also in circulation in parts of Latin America, Europe and Africa.
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