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Technology is having a significant impact on the measurement sector according to the AMEC Global Business Insights Study.
According to the new report, companies realise that investment in new technology is the only way they can compete,
Nearly seven in ten members (68%) agreed that they could only compete effectively by investing in new technology, such as Artificial Intelligence (AI) and software development; 79% of members said AI was something they needed to “take seriously” for their business
Other key trends were:
Three in four members (75%) agreed that clients were increasingly asking for measurement which includes other marketing activities as well as PR/Comms data in order to provide an integrated perspective.
70% say that clients were asking for increasingly sophisticated types of evaluation to demonstrate the benefits of communications activity.
The survey shows a forecast of strong growth in the media intelligence sector, with 81% of AMEC members reporting that the industry had expanded in the past year and 84% of members expecting growth to continue over the next 12 months.
Richard Bagnall, Chairman of AMEC, commenting on the survey findings about the importance of technology, said: “We have been seeing the media intelligence industry change significantly over the past three years
“Mergers, acquisitions, new technologies and innovative start-ups have transformed the landscape. As the industry has changed, so too is AMEC adapting to support the new requirements of the sector.”
Almost two in three (64%) members report an increase in sales opportunities, with particularly strong activity reported by members operating in Latin America (89%) and Asia Pacific (79%) regions.
Most AMEC members expect the recent high level of rapid industry consolidation to continue over the next two years with 84% four out of five firms (80%) agreeing the recent high level of rapid industry consolidation will continue.
Another key area contributing to the growth story is the reported increased demand for a global footprint solution for international measurement and insight services. Two out of three members (67%) are seeing greater demand for this service.
AMEC’s new Integrated Evaluation Framework is now used by 65% of AMEC members, as the basis for client measurement, business planning and education and training. The Framework has now been translated into 22 languages including Chinese. Almost half (48%) the AMEC members surveyed said they were using the Framework to help establish business credibility with clients.
Other key findings are:
The percentage of AMEC members whose client measurement work normally includes AVEs is at its lowest since the question was first asked with just 16% in 2018, down from 18% in 2017, 22% in 2016 and 30% in 2015.
More PR consultancies than ever before now recognise the importance of measurement and analytics (68%).
There is almost unanimous agreement (96%) that AMEC’s mission to educate the PR and communications marketplace about the benefits of evaluation should remain its top priority
68% of members feel it is important for AMEC to provide industry standard training through the online AMEC College (up from 61% in 2017).