U.S. business executives are relying more on the Internet to fulfill their research needs, but do not feel they are receiving the level of intelligence they require to make an informed business decision, according to a new survey released recently by FIND/SVP, a New York-based knowledge services company.
The study unveiled that while business executives' needs for business intelligence grows, companies are becoming more concerned with the quality of the information they receive due to corporate scandal, a weak economy, and the fact that there is too much information to sort through.
As a result, at least half of the companies surveyed are looking for new business intelligence sources to rely on.
Key survey findings:
• 73% of the business executives surveyed are relying more on the Internet for their information needs, yet 95% of the executives surveyed believe the information they find on the Internet is not always reliable.
• 41% of the executives surveyed said they spend more than three hours a week searching for business intelligence on the Internet, and more than half of the survey participants said there is too much information to sort through.
• 91% of the executives surveyed are at least sometimes concerned about the quality or accuracy of the business intelligence they receive.
• 95% of the executives surveyed said they use the same or more business intelligence as they did a year ago, and more than one-third of the executives surveyed are looking for new sources of business intelligence.
"The results of the survey clearly demonstrate the growing need for business intelligence among U.S. executives in order to make an informed corporate decision," said Andy Garvin, founder and president of FIND/SVP. "In fact, we've found that as companies are searching for new methods, they continue to devote the same or more financial resources to the traditional means of receiving business intelligence, despite the weak economy."
According to the survey results:
• More than 65% of the executives surveyed plan to have the same or increased attendance compared to 2002, at conferences, seminars and trade shows in order to obtain business intelligence.
• 81% of the executives surveyed plan to subscribe to the same amount or more of industry newsletters for business intelligence.
• 69% of the executives surveyed plan to use the same number or more databases for business intelligence.
FIND/SVP contacted via e-mail and surveyed on the Web between November 21 and 25, 2002, a representative sample of 483 business executives, more than half of whom work for corporations exceeding $50 million in annualized revenue.
The survey questions addressed the business executives' evolving business intelligence needs, and sought to determine the way in which these needs have changed within the past year, and how they are expected to change going forward.
The sampling error for this study is +/- 4.5 points at a 95% confidence level. That is, FIND/SVP can be 95% confident that the actual numbers (if the entire population had been surveyed) fall within +/- 4.5 points of the numbers reported.
FIND/SVP is an innovative knowledge services company that offers a full suite of custom business intelligence, advisory, and consulting solutions to address clients' critical business issues. FIND/SVP leverages the expertise and resources of its professional research teams to help its nearly 2,000 member clients enhance performance and profit from opportunities through targeted research and advisory work, providing them with a competitive business advantage.
