How Will Market Intelligence Evolve as a Function and How Will It Support the Internal Teams?
During my various discussions with senior global leaders, I get asked this question “How will MI (Marketing Intelligence) evolve as a function and how will it support the internal teams”. There is this common feeling that the MI function is predominantly used by the marketing department. With the increasing ease of technology and tools, there is this belief that MI can be automated and might be phased out in time.
The purpose of Support Market intelligence is to help drive data-driven decisions for the entire company. This is where it gets really interesting and I opine that Market Intelligence is here to stay and in the future it will be a game-changer, transforming the way businesses strategize, innovate, and thrive in an ever-evolving landscape.
From my point of view, leaders need unbiased insights that are backed by data on industry-level trends, competitors, customers ( and their customers), ecosystems, macroeconomic insights, disruptive trends, and technologies that might disrupt their top line. Agreed that they can get these insights via several sources like customer surveys, economic and consumer pricing data, demographic and geographic analysis, consumer behavior reports, and 3rd party tools. They might feed this data into their business intelligence divisions to make sense of / validate their hypothesis. However, the real challenge for businesses would be to keep track of the pace in which the business landscape is evolving on multiple fronts.
In the future, the MI function will play a pivotal role in supporting businesses in numerous ways. It will evolve into a potent tool for strategic decision-making, providing insights into market dynamics, technological advancements, competitor analysis, supply chain optimization, and customer preferences. Investing in MI resources will empower companies to gather and analyze data effectively, gain a deeper understanding of their market landscape, and make informed decisions that drive growth and profitability aligned with their objectives.
The future of market intelligence is promising as it will begin to address key areas such as
Hyper-personalization: With advancements in technology, businesses will have the capability to tailor their strategies with unparalleled precision on a global scale, leading to hyper-personalization.
Predictive Analytics: The evolution of predictive analytics will enable businesses to anticipate market trends, consumer demands, and potential disruptions, giving them a competitive edge and allowing them to identify new growth opportunities.
Immersive and Transparent View of Market Dynamics: Integration of cutting-edge technologies like augmented reality, virtual reality, and blockchain in market intelligence will provide businesses with an immersive and transparent view of market dynamics.
AI-Driven Automation: The future of market intelligence lies in intelligent automation driven by AI. AI-driven tools will automate routine tasks, enhancing efficiency and accuracy, and enabling professionals to focus on high-level analysis and strategy formulation.
Sustainability-Centric Insights: As sustainability becomes a core business value, market intelligence will shift towards providing insights into eco-friendly practices, consumer preferences for sustainable products, and the impact of corporate social responsibility on market positioning.
Real-time Collaboration: Collaboration will be essential in the future landscape of market intelligence. Real-time data sharing and collaborative platforms will promote synergy among teams, breaking down silos and facilitating quicker, more informed decision-making.
The future of market intelligence is filled with excitement, offering unprecedented opportunities for growth, innovation, and success.
I look forward to discussing your insights and ideas on shaping this promising journey ahead!
