forecasting
SCI
Last week, I discussed the importance of due diligence when identifying the right champion for market intelligence within your organization. This week, we'll discuss the benefits of a cross-functional approach, who should be involved in the process, and what you should be asking yourself as you begin your pursuit.
Benefits of a Cross-Functional Team
One person teams speaking on behalf of an entire organization carries inherent risks. By breaking out of a silo and creating a well-structured cross-functional team, you foster collaboration and improve business outcomes by combining diverse expertise. Here are some key benefits:
Key Functions to Consult
To build an effective cross-functional team, involving key departments that contribute unique insights is crucial. The following functions should have a seat at the table when it comes to providing inputs and feedback:
- Sales & Business Development – Customer trends and market participant feedback.
- Marketing – Competitive insights and industry tracking.
- Product Development – Translating needs into solutions.
- Finance – Cost-benefit analysis.
- Operations & Supply Chain – Efficiency and resource planning.
- Customer Support – Recurring issues and satisfaction trends.
- Technology & IT – Emerging technological impacts.
- Executive Leadership – Strategic alignment.
Questions Your Champion Should Ask
Capturing all of these viewpoints is a task in itself. Our most disciplined clients tend to ask themselves a few questions before trying to integrate new market intelligence processes into their approach:
- Centralize Data – Am I making the data (and the results) accessible to my stakeholders?
- Define Roles – Am I asking the right people the right questions? And, does it align with our goals?
- Regular Meetings – Am I getting the attention of the right stakeholders often enough?
- Data-Driven Decisions – Is the data we're collecting, analyzing, and implementing broad enough in scope to drive unbiased decisions?
- Foster Collaboration – Are the stakeholders working towards the same goals? How often do I need to remind them of those goals?
- Align with Goals – Is our work aligned with the needs and goals of the organization?
- Refine Processes – How can we use our findings to drive better processes in the future?
Conclusion
I firmly believe that market intelligence roles are a catalyst to growth and that cross-functional collaboration is key to harnessing that power. If you are responsible for shepherding your company's MI initiatives and looking for the perfect event to gather with your peers and discuss the direction of the market, you should 100% attend the 2025 FTR Transportation Conference!
