Editor’s Note: We (Lenny Murphy and I) recently discussed the 2023 GRIT Insights Practice report as a kick off to our 2023 GRIT Forum. This most recent report has our team assessing the current state of the insights industry. Read on to see a summary of our overview kicking off the forum. And, take at look at this article’s feature image, showing composite metrics used to measure industry health — as measured by financial KPIs, headcount growth, and technology investments. Overall, organizational leaders are planning to grow in spite of some confusing macroeconomic signals late.
A Stable Industry in the Age of Technology
It is important to note that technology plays a crucial role in driving overall industry health, particularly within the supplier community.
Investment Priorities: Analytics, Visualization, and More
After discussing the positive outlook for our industry’s overall health, we shifted the conversation to investment priorities, focusing on analytics and visualization, sample quality and management, and data collection techniques. The latest GRIT Report explains that investment in these areas is driven by the need to transform data into actionable insights and communicate them clearly and concisely to key stakeholders. And you’ll notice in the visual above … buyers are relying on suppliers to solve the challenges of sample quality and advance data collection techniques.
Where’s white space? Consider AI and Behavioral Science
Of course we needed to touch on AI. The question that is on all our minds, with all the new advancements in technology, is what impact will generative AI have on our industry and how will it alter the way researchers spend their time.
We believe that the function of researchers will change dramatically in the future as the adoption of generative AI becomes more widespread.
We also believe, as you can see in the infographic below, that there is white space opportunity in behavioral economic modeling — that’s another area with high buyer interest.
Changing Workforce and Partner Selection: Reputation Rules
Another central point of discussion was the evolving workforce and its effect on partner selection. Reputation has become a more critical factor than relationships, particularly with the rise of SaaS solutions and younger, more tech-savvy employees. In our intro to the forum, Lenny and I emphasized the importance of building a strong reputation through quality work to differentiate oneself from competitors.
Adapting and Innovating in a Fast-Paced Industry
In conclusion, the latest GRIT report highlights the fast-paced and volatile nature of the industry, emphasizing the need for continued adaptation and innovation. The report acknowledges that the industry is changing rapidly and underscore the importance of staying up-to-date with the latest developments to remain competitive in the insights industry.
Again, you can get a firsthand view of the state of the insights industry — just check out the 2023 GRIT Forum, here!
