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The need for accurate and timely market research and market intelligence has never been more critical. Organizations are constantly seeking ways to gain a competitive edge in increasingly volatile global markets and make timely, informed decisions, and drive growth. However, the challenge lies in effectively leveraging the vast amounts of data and insights available to truly drive impact. This is where investing in robust market intelligence and insight platforms, such as DeepSights ™ by Market Logic, becomes essential.
The importance of market research and intelligence
Market research and intelligence provide organizations with valuable insights into market trends, customer preferences, competitive landscapes, and emerging opportunities. These insights enable businesses to make data-driven decisions, develop effective strategies, and stay ahead of the competition. However, having access to knowledge is not enough — the true value of market research and intelligence lies in the ability to translate these insights into actionable strategies that drive tangible business outcomes.
The role of DeepSights in driving impact
DeepSights by Market Logic is a comprehensive AI-powered platform designed to centralize and streamline market research and intelligence efforts across organizations. According to the newly published Total Economic Impact™ (TEI) study conducted by Forrester Consulting and commissioned by Market Logic, DeepSights delivered significant value to organisations by enhancing efficiency, reducing costs, and driving business growth.
One of the key findings of the TEI study is that DeepSights provided a considerable return on investment (ROI) of 411% and a net present value (NPV) of $7.18 million over three years. The study was conducted through interviews with Market Logic customers, and value analysis figures were calculated on the basis of a composite organisation derived from the real experiences verified in the customer interviews. These figures highlight the substantial financial benefits of investing in DeepSights, making it a game-changer for organisations looking to optimise their market intelligence efforts.
Efficiency savings and cost reduction
The TEI study reveals that DeepSights has enabled organizations to experience a 97% reduction in the time needed to answer over 10,800 insights requests annually,. This efficiency translated to savings of $2.3 million over three years, allowing teams to focus on strategic initiatives and drive business growth.
The benefits to insights teams are not only measured in dollars, but this increased efficiency also transforms the role and reputation of the insights team from support staff to pivotal partner. One Project Leader for Customer Analytics at a European retailer said, ”The reputation of the insights team has dramatically increased because of the speed and the depth of knowledge we can send to the rest of our organisation.”
Additionally, DeepSights helped organisations reduce market research expenditure by 27%, resulting in savings of nearly $2.3 million over three years. By consolidating repositories and reducing the number of solutions used for similar purposes, DeepSights enabled the composite organisations to avoid over $2.1 million in costs associated with legacy solutions. This cost avoidance further enhanced the financial impact of investing in DeepSights.
In the case of one of the customers interviewed for the study the savings have been clearly tracked. “We were spending about 5 million on a legacy tool. We have made 50% savings following our investment into Market Logic,” says the Director of Business Operations for a global pharmaceutical enterprise interviewed for the study.
Driving business growth with specialist AI for insights technology
Access to valuable knowledge and insights through DeepSights has led to incremental business growth of $1.3 million, with up to 3% incremental revenue growth attributed directly to the use of the platform. DeepSights empowers organisations to make informed decisions, seize new opportunities, and drive business growth.
Speed of innovation is what keeps brand leaders at the forefront of their markets, and those customers interviewed for the study confirmed the significant impact DeepSights can have across the entire innovation journey. “In terms of innovation, development, advertising, [and] market review projects, we went from taking on average six months to taking half the time,” explains the Global Digital Commerce and Shopper Insights Lead for a retail and pet care organization.
Time-to-insight efficiency savings across the board
DeepSights streamlines research and discovery activities and has saved users 55% or more of the time required to obtain the right insights. This efficiency resulted in savings of $916,000 over three years for the composite organization, enabling teams to achieve their goals more swiftly and effectively.
For one leading pharmaceuticals company, the gains were even higher. “We save between 50% and 75% [of the time it takes] in getting insights thanks to Market Logic,” explains the director of business operations. “For example, in one use case, our overall project effort has been reduced from three months to three weeks,” they said.
Real-world impact of using DeepSights in daily workflows
The TEI study is based on interviews with decision-makers who have firsthand experience using DeepSights. These interviews reveal that prior to using DeepSights, organizations faced challenges such as duplicated research projects, lost time, slow decision-making, and compliance risks. After investing in DeepSights, all knowledge is governed and managed in a single, central repository — leading to accelerated request response times, reduced research costs, improved efficiency, compliance, and productivity, and incremental business growth.
Putting intelligence to work to drive impact
Investing in market intelligence and insights platforms like DeepSights is not just about gathering data; it’s about driving impact. As the Project Leader for Customer Analytics for a global retailer summarises,
“With Market Logic, we are now able to make the whole group aware of all insights they have already, to use this knowledge and make money out of the information they have.”
Overall, the findings of the Forrester TEI study demonstrate the significant value that DeepSights delivers to organizations — from efficiency savings and cost reduction to business growth and improved decision-making. By centralizing and structuring valuable information, DeepSights ensures that critical knowledge is preserved and easily accessible. This empowers organizations to make data-driven decisions and drive tangible business outcomes.
Ready to experience the transformative power of DeepSights and drive tangible business growth?
Contact us today to learn more about how DeepSights can deliver unparalleled value to your organization.
