Survey: Lean Industrial Market Intelligence Teams Could Focus More on SCM and Product Development
Global Intelligence Alliance, a global strategic market intelligence and advisory group, warns that manufacturing and industrial companies will need to invest prudently in market intelligence for better informed decision making..
- (1888PressRelease) October 26, 2011 - Global Intelligence Alliance (GIA), a global strategic market intelligence and advisory group, warns that manufacturing and industrial companies will need to invest prudently in market intelligence for better informed decision making, in the face of the sluggish US economy, the European debt crisis and new emerging markets and competitors.
Companies would be well advised to use market intelligence systems and techniques, and apply them equally to supply chain management (SCM) and product development. This however, would require a major change in thinking because market intelligence is mostly regarded as part of the marketing function, even though it is often linked to strategic planning.
These are some of the conclusions regarding market intelligence within the manufacturing and industrial industry from the 2011 Global Market Intelligence Survey. The study surveyed 989 companies across North America, Latin America, Europe and Asia Pacific, of which 192 respondents were global manufacturing and industrial 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:
• Over 80% of manufacturing and industrial companies surveyed have systematic market intelligence operations in place. Of those that don't, 31% surveyed intend to launch one within 12 months.
• The majority set up their market intelligence functions under Sales & Marketing (39%).
• Compared to some other industries, the market intelligence functions at manufacturing and industrial companies work closest to their CEOs and prefer small teams.
• About half (57%) use market intelligence only on an ad-hoc basis.
• The average budget spent on market intelligence, including internal human resources costs, is about 1 million Euros or 1.4 million US dollars.
• 63% intend to increase their investments in market intelligence over 2012-2013. However, this percentage is moderate compared to other industries, such as the Chemicals (79%) and Automotive (69%) industries.
With their focus on lean manufacturing practices, international industrial companies tend to have lean and efficient market intelligence functions. Smaller teams for market intelligence are likely to be related to the shake-out of middle management in most manufacturing and industrial industries and the continued outsourcing of perceived non-core functions. The consultancy says that companies that have retained and even grown their market intelligence function, perhaps by using them to focus on supply chain savings in the early part of the downturn, will be best poised to reap the results and benefit most from being the early movers as the recovery takes hold.
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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