Business growth and expansion are key strategic themes for most organisations which can be achieved by identifying and implementing a mix of different operational and strategic actions and initiatives.
Several inputs and factors primarily drive the formulation of these actions and initiatives. One key input is informed insights into market needs and opportunities available across products or service delivery, consumers and changing behaviours, available and alternative channels, regulation, competition, and substitute products and services.
These insights are derived from analysis of data and events gathered from market review, generally called Market Intelligence.
Market Intelligence is the art and science of generating cutting-edge insights from the review and analysis of market data, actions, and events which, when leveraged appropriately, enables organisations to make informed strategic decisions around available opportunities to drive revenue and market share growth.
How to Build an Agile Organisation Through Market Intelligence
Market Intelligence enables businesses to quickly change and adapt their strategy to unlock available market opportunities with the ever-changing business environment.
Regardless of the size of the business (Large corporation or small business), Market Intelligence help organisations understand the changing demands of the customer and competition within any given market and further enables the ability of the business to improve their product or service offerings. Market intelligence also enables an organisation to gather real-time relevant data, increase upselling chances, minimise risks, increase market share, and gain a competitive edge.
Data has consistently been referred to as the new oil. It is predicted that the global business intelligence market size is expected to grow to $39bn by 2027 from $23bn in 2020 at a Compounded Annual Growth Rate of 8.5% (Source). This growth would be driven by even more technological advancements in cloud computing, big data analytics and visualisation, acting as the platforms for storage of data and generation and presentation of insights for businesses.
At pcl., our research and market intelligence service provides clients with vital insights into market forces, competitor analysis, and evolving trends. We develop bespoke industry analysis that gives our clients a better understanding of the current and future market trends obtainable in their operating environment to empower data-driven and strategic decision-making.
Using robust technology-driven intelligence frameworks for gathering and validating data, our experienced team of field researchers and analysts deliver accurate, compelling, and actionable insights to our clients and identify gaps and recommend viable solutions.
We emphasize producing results as we seek to deliver sustainable impact and lasting solutions in all our engagements.
The post How Market Intelligence Can Grow your Business first appeared in The Phillips Consulting on September 08, 2021.
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