Big Data And Market Intelligence Processes
A 2013 M-Brain (formerly GIA) poll amongst European market intelligence professionals confirmed that the Internet and big data will significantly impact market intelligence till 2016.
Many market intelligence practitioners see market intelligence merging more and more with business intelligence, and impacting business functions such as strategy planning, market research and marketing. As such, they expect to see a growing interest from market intelligence teams in Netnographics, non-permission based data collection, web mining, the internet of things, intelligence tools that identify visitors to competitor websites etc.
Here are three observations about how the Internet has impacted the way market intelligence teams interact with their internal clients.
1. Greater collaboration and “co-creation”. Market intelligence professionals now collaborate more closely with executives, sales people and company experts, to develop their organization’s market intelligence infrastructure and deliverables and to better link them to the decision points that the company executives are facing. More cross-border collaborations are encouraged in order to capture global trends and events, and a greater focus will be placed on roundtable discussions, scenario analysis workshops and war gaming or other forms of collaborative techniques. Also of increasing importance will be the ability to benchmark against competitor products and services and collate ideas, thoughts and opinions from experts about how their markets are changing.
2. Market intelligence will be better integrated with other internal processes. As a result of greater collaboration across organizational divisions, the market intelligence function is expected to be better integrated into business processes such as sales and marketing, innovation, strategy and planning.
3. Mobile and social media tools become part of the market intelligence process. Market intelligence professionals are already integrating social media tools and mobile services into their information collection and communication processes . Online tools such as wikis, podcasts and webcasts will be part of the norm. The more sophisticated companies even expect to use Global Positioning Systems (GPSs) to provide geo-demographical data.
What Will Affect Market Intelligence by 2016?
|Impact significantly||Impact moderately
||Impact slightly||Not applicable
|Intelligence through the internet||63%||24%||8%||5%|
|Big data analytics eg. Location data||63%||23%||14%||0%|
|Machine learning eg. photo analysis, text mining||27%||50%||20%||3%|
|Ambient intelligence data collection||26%||45%||24%||5%|
|Enterprise social networks eg. Yammer, Chatter||19%||50%||31%||0%|
Source: M-Brain (formerly Global Intelligence Alliance) N=44 market intelligence managers and directors.
To contact Petteri Verronen, please email info(a)m-brain.com.
Petteri Verronen, Vice President
Petteri Verronen is responsible for M-Brain (formerly GIA)’s global technology support, software development and quality assurance, and has helped plan, set up and roll out world class intelligence operations for dozens of leading global companies.