There are plenty of examples that prove sticking your head in the sand and ignoring market shifts is a poor business practice. Smart business leaders keep their eye out for any changes, development or disruptors that could challenge their market share.
Keeping track of competitors, market shifts and any emerging trends can be a daunting task though. When you factor in the cost of taking an active employee away from their day-to-day duties or hiring an analyst or two, the return on investment of outsourcing this activity is obvious. Tapping a current employee means having to redistribute work, hiring an additional employee or ignoring whatever that employee did before. Hiring a team specific to market intelligence also involves finding the right candidate through an interview process, acclimatizing that recruit to the organization’s workings and then setting up the service – all of which costs time and money.
An organization will also have to figure out the format and scope of the information being distributed. Once this has been worked out, a method of distribution will be needed and once it’s distributed where will all of that content go? This will more than likely involve an investment in some form of distribution or collaboration software as well as a database to store everything in.
Looking at the effort and investment needed to set up an in-house market intelligence service, outsourcing becomes an attractive alternative. An established market intelligence provider will be able to offer a dedicated analyst team as needed, have a distribution and archiving system already set up and be ready to easily adjust to any shifts in strategy. All of this is provided and at a fraction of the cost of setting up and maintaining a service in house.
This article was originally published on ShiftCentral, now part of LAC Group.