Study Reveals 76% Business Managers Lack Readily Available Information on Emerging Markets
Research by GIA shows that the majority of global companies have yet to build an effective intelligence process to bridge the gap between their business managers' needs...
- (1888PressRelease) August 08, 2012 - Research by Global Intelligence Alliance (GIA) shows that the majority of global companies have yet to build an effective intelligence process to bridge the gap between their business managers' needs for and the availability of market intelligence on emerging markets.
Overall, 86% of respondents in the Business Perspectives on Emerging Markets 2012-2017 Report by GIA feel that accurate market sizing and growth estimates are critical for their Emerging Markets strategy, but only 24% say that information for emerging markets is readily available in their organizations.
The market intelligence advisors say high quality competitor intelligence is amongst the top requirements for companies to operate successfully in emerging markets and that the survey results are a matter of concern.
"The business managers in our survey admit that in addition to entering more quickly and adapting better to local market conditions, their companies could have conducted better intelligence and due diligence on emerging markets," said Ville Vanhala, Senior Vice President, Research and Monitoring Services at Global Intelligence Alliance.
"This should raise alarm bells. In 2012, emerging markets will import more goods and services than rich economies combined. Companies risk missing out on key opportunities and threats if they fail to continuously monitor these markets, and to pass on that information to their key managers. Examples include the latest market growth forecasts, labor market developments, competitor movements, industry consolidation and regulatory changes. Business managers also want to keep track of their existing suppliers' reputation and activities in the market and to be aware of alternate sources of supply," Vanhala continued.
When comparing how business managers in different countries rate their inhouse market intelligence, US companies stand out for lacking readily available information on Emerging Markets (87%) and having inaccurate or incomplete emerging markets information (93%).
While fewer UK companies suffer delays in decision making on emerging markets because they miss market information (74%) compared to the global average (78%), 88% still say inaccurate or incomplete information about emerging markets is also a problem for them.
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.
www.globalintelligence.com
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