In the cutthroat world of construction, staying ahead of the curve isn’t just about swinging the biggest hammer or pouring the most concrete. It’s about understanding the market, anticipating trends, and making informed decisions. This is where market intelligence (MI) comes into play, and a recent study published in the *Journal of Construction Project Management and Innovation* (which translates to *Journal of Construction Project Management and Innovation*) is shedding light on how construction companies can foster a culture of MI to gain a competitive edge.
Led by Joseph Asante of Sunyani Technical University, the study identified twelve critical measures for improving MI culture within construction companies. Through a combination of interviews and literature review, Asante and his team found that ‘top management commitment’ and ‘active internal marketing’ were the most crucial factors.
“Top management commitment is pivotal because it sets the tone for the entire organization,” Asante explained. “When leadership is invested in market intelligence, it trickles down and encourages employees to prioritize it as well.”
The study involved 215 construction companies that assessed these measures, classifying them as either ‘very critical’ or ‘critical.’ The findings suggest that companies should allocate sufficient financial, technological, and human resources to nurture and sustain a strong MI culture.
One of the key takeaways is the importance of viewing employees as internal customers. “Employees are the backbone of any organization,” Asante noted. “By recognizing their role in improving MI culture, companies can foster a more collaborative and informed work environment.”
So, how does this translate to the energy sector? As construction companies increasingly venture into energy projects, the ability to accurately forecast market trends, understand customer preferences, and optimize pricing strategies becomes paramount. A robust MI culture can provide these insights, enabling companies to make better decisions and secure a competitive advantage.
Asante’s research is the first of its kind in the construction industry, laying a foundation for future studies. It’s a wake-up call for companies to start prioritizing market intelligence, not just as a one-off project, but as an ongoing culture that permeates every level of the organization.
In an industry where margins are tight and competition is fierce, the companies that thrive will be those that can anticipate and adapt to market changes. And as Asante’s research shows, fostering a culture of market intelligence is a crucial step in that direction.