Why Market Intelligence for Manufacturing is Key

Recent years have shed light on the criticality (and fragility) of the global supply chain, due to the pandemic, geopolitical tensions, and economic repercussions of inflation, to name a few. Maintaining smooth supply chain operations is more complex than ever, as raw material shortages and the growing impacts of climate change are further complicating the landscape.

Moreover, the increase in Environmental, Social, and Governance (ESG) regulations mandates that manufacturers rigorously vet their partners to ensure compliance. This diligence is crucial to prevent disruptions from potential lawsuits, fines, or other regulatory consequences.

Manufacturers can navigate these evolving challenges effectively through the right research methods and market intelligence tools. We’re here to provide insight into these tools by exploring the importance of market intelligence for manufacturers, demonstrating how to implement research findings, and identifying which tools are essential to proactively manage and mitigate potential risks.

4 Steps to Conduct Market Intelligence Research for a Successful Manufacturing Business Strategy

Market intelligence provides a panoramic view of the business landscape, encompassing crucial information about external forces such as market conditions, influential economic and trade factors, and emerging trends. It also evaluates your organization’s competitive environment, identifying the strengths, weaknesses, opportunities, and threats posed by industry peers and potential disruptors from other sectors. Here’s how to get started:

Step 1: Perform a manufacturing industry analysis to identify key intelligence needs

Effective market intelligence research requires a structured, well-informed approach. Before you just sit down and get started, make sure you consider the various intelligence needs across different teams in your organization.

You can do this by consulting with decision-makers throughout the company, from manufacturing and sales to product development and marketing. And don’t forget the C-suite, who typically requires a holistic view to guide organizational decision-making. Understanding these specific needs of different departments allows you to focus your research, ensuring it yields actionable insights aligned with the company's strategic goals.

MORE: How AI is driving efficiency in manufacturing

Step 2: Collect relevant manufacturing and industry information

Now that your clear objectives and goals are in place, you can begin your research and start gathering information. Stay abreast of industry trends to anticipate potential disruptions (e.g., the latest development in a geopolitical conflict or a newly proposed EU data privacy regulation) and gather intelligence on key players and potential third-party partners.

Monitoring your competition with opposition research is also critical—be alert to signs of acquisitions, executive changes, or strategies to gain market advantage. This proactive approach helps avoid production or shipment delays and positions your company to respond effectively to industry developments.

Step 3: Analyze the gathered information

Analyzing your collected information is essential for transforming raw data into meaningful market intelligence. This step involves identifying significant patterns and trends, uncovering unique market or industry insights, monitoring risks, and detecting unforeseen relationships that may present opportunities or threats.

Steps 2 and 3 aren’t necessarily sequential. Analysis may prompt additional questions, leading to further research. However, be mindful of falling into the "research creep" trap that can lead down the path of excessive data collection without producing actionable insights.

MORE: How third party data helps manufacturers fuel innovation and growth

Step 4: Share your findings with decision-makers

You’ve done the work; now get the word out. When preparing market intelligence for distribution, keep your audience in mind to ensure you’re communicating your findings effectively. Some may prefer detailed, in-depth analyses, while others may just want a concise summary of the facts.

Whether you provide comprehensive reports or high-level overviews, make sure all stakeholders have the information they need to make informed decisions. Clear communication of market intelligence helps align your team and keeps operations running smoothly.

Conduct manufacturing market research with the right tools

Conducting thorough research, performing analyses, and creating presentations takes significant time and energy—resources often in short supply. The professional services tools you use to gather information can significantly impact your efficiency and the quality of your insights.

Using an open web search engine can lead to a time-consuming process filled with dead-ends, paywalls, and unreliable content. Even if you find the information you need, there’s no guarantee the data is current or accurate. Other subscription tools exist, but often lack in-depth research capabilities that provide output in an easily digestible format.

In contrast, the Nexis+ AI^TM platform connects you to a universe of trusted company financial and news sources, all available on a single screen. Whether organizing your insights into one space or discovering new ones by using AI to analyze uploaded documents, Nexis+ AI tools help you execute research with speed and transparency. And once you’ve collected the data you’re looking for, you can create an AI-generated first draft report that cites the sources of your reporting, helping you deliver well-sourced reports to stakeholders faster.

By leveraging the right tools through AI, you can streamline your research process and focus your energy on making informed business decisions that help your company navigate any challenges as well as seize opportunities in the manufacturing industry.

See how you can transform your critical market intelligence research with Nexis+ AI and request a demo today.