Technology-Driven Market Intelligence for Manufacturers

Understanding market trends and consumer behaviors become more critical as the world becomes increasingly digitized. While it’s easy to get lost in the noise of social media, customer reviews and other sources of information, manufacturers need to stay on top of the latest technology trends to identify opportunities and manage risks more effectively.

Manufacturing technology-driven market intelligence (TDMI) allows manufacturers to gain a deeper understanding of their customer’s needs and wants by analyzing data from multiple sources. This analysis helps them understand what consumers look for in their products, making it easier to create new products that will succeed in today’s marketplace.

What Is Manufacturing Technology-Driven Market Intelligence?

Technology-driven market intelligence is the most advanced approach to gathering and analyzing data. It uses machine learning, the Internet of things (IoT) and big data to uncover patterns and trends that would otherwise go unnoticed. The goal is to help you make better business decisions and enjoy data-backed growth.

The TDMI Process

The process starts with analyzing the market in question, which can be done by investigating existing data or performing surveys. Next, the initial data transforms into market intelligence through data science techniques such as machine learning and artificial intelligence. The resulting information can develop new products or services or improve existing ones.

This type of technology has existed for decades—what’s changed is how it’s applied. Large companies with data scientists and marketing teams used this process to scale. In the modern landscape, accessibility and automation allow companies of all sizes to utilize these tools and see their ROI.

How Is TDMI Useful for Manufacturers?

Technology has revolutionized the way manufacturers operate. Beyond producing goods with incredible speed and efficiency, manufacturers can make more accurate decisions about the success or failure of those goods.

Stay Up-to-Date on Marketing for Manufacturing Companies

Market intelligence is an essential tool for manufacturers, but relying on manual processes consumes valuable time and resources. You need technology that can help you stay up-to-date with the latest market developments, trends and opportunities to stay competitive. Use TDMI to predict the next big thing in your field and envision it can change the way you do business.

Observe Your Competitors

In today’s world, you need more than a general awareness of what your competitors do. It is essential to observe them in real time and at scale. Manufacturing Market Technology Intelligence allows you to do this by providing the tools necessary to keep track of your competitors’ sales, marketing, product development and more while taking steps to improve your performance and gain an edge.

Understand Your Customers

To thrive in the manufacturing industry, manufacturers need to have a deep understanding of their customer base. They require data about their customers’ needs and preferences to do this. Technology-driven market intelligence helps them gather these consumer behavior insights that would otherwise be difficult or impossible to obtain. This knowledge also improves customer satisfaction and retention rates.

Fill Knowledge Gaps

Manufacturers can use technology-driven market intelligence to discover what the competition does, how consumers perceive the competition and what customers desire from their products and services. This insight allows companies to develop a better understanding of their product offerings. With this data, they can make necessary improvements, move in new directions if needed and plan future strategies based on accurate information instead of assumptions or guesses.

Create More Competitive Products

The ability to access real-time data allows manufacturers to make better product development and marketing decisions. They can identify trends in consumer behavior and use this information to develop new products that are more likely to meet consumer needs than those offered by competitors.

Overcome Barriers

Innovative technology allows manufacturers to overcome technical obstacles, including limited resources or lack of expertise, by providing access to automation. These solutions reduce the need for many highly skilled and expensive employees.

Identify Entry Opportunities

Technology-driven market intelligence gives you the information needed to identify new products, services or markets that interest your customers. Having this information allows you to enter new markets and increase revenue.

Recognize Potential Risks

With access to real-time data from multiple sources, technology-driven market intelligence enables manufacturers to anticipate risks before they become issues. They can then prevent those problems from impacting business operations or profitability in any way possible.

Improve Efficiency and ROI with MANTEC

What if you could improve your efficiency and ROI? MANTEC can help. We specialize in sales and marketing, process improvement, manufacturing technology and workforce engagement — all areas that can help you achieve profitability. We’ve worked with companies large and small to help them solve their toughest challenges. Our experienced experts will walk you through the process and provide ongoing support to ensure your company has the solutions you need.

Contact MANTEC online or call 717-843-5054 to start seeing results today!