Market Intelligence & Analytics 2.0

Abstract

Analytics and market intelligence maybe the buzz words of today, but these concepts aren’t new. These can, in some shape and form, be traced back to the evolution of mankind right from the agrarian to industrial to the modern day information economy. Yes admittedly the nature & quantum of data, the sources to trace and track it, and its applications have undergone a huge transformations over the years – none more so than in the last decade. There are five key drivers that necessitate formation of evolved market intelligence & analytics function of the future – digitization & data explosion, changing competitive dynamics, social media & rising interconnectedness, the mobile data & device revolution, and the importance of doing it right. Market Intelligence 2.0 will require a metamorphosed approach to corporate decision making, and will be characterized by eight key attributes. The millions of dollar being poured into it together with its cognizance as a competitive differentiator will see the analytics function getting a seat the decision table at one end and being measured against hard metrics at the other. Shortage of talent together with the need to look at data through innovative lens will necessitate hiring for aptitude and domain knowledge, and mandate agility to scale-up on new tools and techniques. Technology is likely to emerge as a key enabler to make the function more efficient and cutting-edge, as well as drive creation of self-help tools. Digital analytics will become a key pillar embedding itself in all forms of analysis.