The current disruption in manufacturing may be exceptional, but it’s not unusual. Trade wars, natural disasters, supplier instability—manufacturers frequently face disruption. McKinsey notes that “Today’s modern times have brought unprecedented demands, and not only for the perennial goal of more product for less money. They have increased customer and regulatory scrutiny, in the name of friction-less convenience and flawless quality. They have enabled advances in the availability, storage, and use of data in manufacturing. They have exacerbated product and demand complexity.” How can manufacturers stay agile to navigate the unknowns ahead? Nexis® for Manufacturing enables critical market intelligence research that leads enhanced decision making.

4 Steps to Actionable Market Intelligence

Market intelligence captures a panoramic view of the business landscape. It consists of critical business intelligence on external forces at work, such as the marketplace, influential economic and trade factors, and emerging trends. In addition, market intelligence assesses the competitive backdrop against which your company operates—current strengths, weaknesses, opportunities, and threats posed by organizations in your industry, as well as potential disruptors from other industries. Where should you start?

1. Identify critical intelligence needs. Market intelligence research needs to be conducted within a well-informed framework. So, before settling down to research, talk with decision makers from all departments of the business. Strategy has different intelligence needs than Sales. Product Development has different intelligence needs than Marketing. And the C-suite wants to see the big picture to understand the decisions being made across the organization. By understanding the specific intelligence needs of different departments, you’re better positioned to conduct well-focused research that yields actionable insights.

2. Collect information based on identified intelligence needs. Once you’ve determined the questions that need to be answered, your research can begin. And this is where the tools you use really matter. Conducting research with an open web search engine takes you down a time-consuming path littered with dead-ends, paywalls and questionable content provenance. In contrast, the Nexis® research platform connects you to an unmatched universe of critical sources—print, broadcast, and web media; detailed company and industry reports; government, legal and patents data. And the value doesn’t end there. You can quickly narrow search results to the most relevant content with powerful filtering based on topic, date, publication and more.

3. Analyze the information gathered. Conducting analysis of your findings and synthesizing those results into meaningful market intelligence is a crucial next step. Analysis helps you identify significant patterns and trends, unlock unique market or industry insights, or uncover unforeseen relationships that could pose a threat or an opportunity. Steps 2 and 3 aren’t necessarily sequential. Your analysis may lead to additional questions that require more data. During the process, however, beware of research creep that sends you down a time-consuming path without delivering actionable intelligence.

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. Some of your colleagues may prefer deep dive reports; others may want a quick summary of the essential facts. Either way, make sure you’re available to answer follow-up questions.

Nexis for Manufacturing helps users find relevant information quickly, whether within aerospace, automotive, chemical/pharmaceutical, or consumer package goods. How do our customers use Nexis to inform decision makers across manufacturing enterprises?

• Sales and marketing teams use Nexis for conducting primary research on prospects, staying alert to trends, and keeping up with customers and competitors mentioned in the news.
• Product and engineering teams identify new product developments in industry publications and reports.
• Risk and compliance teams stay informed with access to company and financial information and agency decisions to reduce exposure to risk from a supplier’s financial instability or when engaging in mergers or acquisitions.
• Strategy teams use Nexis to conduct comprehensive competitive intelligence and market intelligence research.

By leveraging research effectively and efficiently, manufacturers can identify areas where they can sustain or increase a competitive advantage—even in the most challenging times.

See how Nexis® for Manufacturing helps you uncover critical market intelligence.