Survey: 50% Companies in the UK Intend to Increase Their Market Intelligence Budgets for 2012-2013
GIA's 2011 Global Market Intelligence Survey shows that market intelligence is firmly established in the UK and that 50% companies surveyed intend to increase their intelligence budgets for 2012-2013
- (1888PressRelease) November 07, 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 market intelligence is firmly established in the United Kingdom (UK). As many as 85% of the companies surveyed reported having a systematic market intelligence program in place, as compared to the global average of 76%. Almost all the respondents said that they have benefited from their market intelligence programs, and about 80% said their past investments in market intelligence have paid off. All these figures are higher than anywhere else in the world.
As a program, market intelligence collects information about market players and strategically relevant topics and processes it into insights that support decision-making. It helps organizations understand their business environment, compete successfully in it, and grow as a result.
In the Global Market Intelligence Survey conducted in March 2011, GIA looked at the current state of market intelligence in 55 large and mid-sized companies in the UK, and compared the results with global averages.
Despite similar budgets and structures, companies in the UK seem to have more staff with market intelligence as their primary jobs compared to companies globally. Market intelligence teams in the UK also feel they are able to fulfill as much as 82% of incoming requests, which is higher than the global average. This may be a direct reflection of market intelligence teams having more staff than other companies globally.
As companies in the UK brace for economic crisis, they seem to be doing so with well-functioning and well-resourced market intelligence operations in place, and they don't appear to intend to scale them down significantly. The study shows that 50% intend to increase their market intelligence budgets over 2012-2013. This may be a good sign for the future of companies in the UK, who will be better positioned to come out of the economic crisis expediently as a result.
Some of the key survey findings include:
• 98% of the UK companies agree that they have benefited from market intelligence.
• 79% think that their market intelligence investments have paid off.
• 68% of companies with a systematic market intelligence operation claim to make decisions more efficiently.
• On average, companies have about 885 internal clients for market intelligence.
• In addition to the core team of 28 people, over 119 people contribute to 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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