The value of insights for organizations cannot be understated. It helps organizations understand their consumers, know how to position their products, gain a competitive advantage in their verticals and is a proven asset to organizations. The value of the insights and market research industry globally is $80 billion with projections saying it will be over $95 billion by 2027. This is an exponential increase over 2008 when the industry was valued at just $32 billion. One of the major drivers of the boom in research and insights is the shift from just understanding consumers in the present to leveraging insights to help predict the future, turning insights into foresight. Companies are looking to utilize research and insights to guide their organizations business decisions and predict the marketplace to help better align their organizations and products.
One of the major drivers in turning insights into foresight is in the advance of technology. AI and DIY platforms have begun to allow organizations to have real time, quick turnaround insights that can map out the competitive marketplace. From pricing analysis, competitive insights to market demand the uses of these platforms can be endless. Predictive analytics helps give organizations a competitive edge while DIY tools let organizations have greater control and flexibility with the data.
The advantage of switching the lens in your organization from just insights into a mix of insights and foresight is crucial. Foresight drives innovation and long-term success. Foresight wins customers and creates winning brands. Foresight allows organizations to be more agile, allows for better consumer perception, and can help in identifying white spaces/ growth areas for the business. The mix of insights and foresight helps you to build better roadmaps, identify and avoid threats to your business from competitors and unseen business ecosystem factors. If you and your team are not turning insights into foresight, you are falling behind.