Survey: Financial Services Companies Underutilize Market Intelligence Networks
The 2011 Global Market Intelligence Survey by GIA shows that financial services companies underutilize internal employee networks to collect market intelligence.
- (1888PressRelease) October 28, 2011 - Global Intelligence Alliance (GIA), a global strategic market intelligence and advisory group, releases results from its 2011 Global Market Intelligence Survey, which show that the internal employee networks that financial services companies use to collect market intelligence are underutilized.
Market intelligence departments cater to large numbers of internal clients, with a smaller number of staff from other departments contributing to market intelligence. The average ratio is 16.3 internal market intelligence users to 1 internal contributor, which is twice as many users as other sectors.
A third of the financial institutions (32%) surveyed also set up their market intelligence operations under the sales and marketing function, allowing them to react more quickly to the needs of customers or the actions of competitors. However, this does not always help such organizations make long term, strategic decisions as well as the other 30% financial institutions that set up their market intelligence operations under strategic planning or business development.
These are some of the conclusions regarding market intelligence within the financial services industry from the 2011 Global Market Intelligence Survey. The study surveyed about 1,000 companies across North America, Latin America, Europe and Asia Pacific, of which 90 respondents were global financial services 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:
• On average, financial services companies have a core team of 14 people in their market intelligence department, who cater to 990 internal clients. In addition to the core team, an average of 61 staff contribute to market intelligence activities.
• Including human resources, the average market intelligence budget for the financial services companies surveyed is about 1.3 million Euros or $1.8 million US dollars.
• 95% of financial services companies agree that they have benefited from market intelligence.
• 75% think that their market intelligence investments have paid off.
• 51% 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.
www.globalintelligence.com
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.
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