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In today's extremely changing and competitive business world, companies cannot achieve success without in-depth knowledge of their industries. But the good news is that reliable macroeconomic and industry-focused data can be achieved - through the use of market intelligence.

What is market intelligence?

Market intelligence is the systematic process of collecting and analysing data, as well as building conclusions that can be applied in practice. The main goal of these activities is to increase the efficiency of doing business by making better and better decisions, both on the strategic and operational level. Achieving such complex aims is possible with the usage of market intelligence which leads to:

- in-depth recognition of the whole market and a specific industry,

- precise identification and knowledge of the competition,

- better client understanding,

- adjusting corporate offer to market requirements.

What market intelligence is not about?

Although companies can rely on information gathered through market intelligence while managing a company, they should remember about certain limitations of is usage.

Market intelligence is not a magic crystal ball that brings 100% certain vision of the future. However, it gives a chance to get a better insight into the current and future market situation, because it offers reliable estimates and forecasts based on solid assumptions, proved phenomena and identified trends. But it requires not intuition, but certain knowledge, experience and tools.

That is why it is so important to establish cooperation with the right partner when deciding to use market intelligence for accelerating company growth.

How to select a market intelligence partner to receive top-quality support?

Market intelligence can deliver expected business results, but it must be ensured that a person or a company offering support meets the 10 key criteria.

1. Access to diverse and reliable sources of secondary data.

2. Ability to verify and benchmark various data sources.

3. Competences in the field of conducting market research.

4. Relations with industry leaders and experts.

5. Business understanding within a given industry.

6. Ability to collect, harmonise and analyse data.

7. Access to technologies that enable the processing and analysis of large amounts of data.

8. Organisational possibilities to manage projects efficiently.

9. Competences of developing practical and ready-to-use recommendations based on raw data.

10. Diverse, comprehensive offer enabling customisation of services to the individual needs of each client.

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