If I told you that the AI conversation at IBISWorld began way back in 2006, would you believe me? It might sound surprising, but our founder, Phil Ruthven, was already talking about AI's potential impact on businesses nearly two decades ago. For Phil, the key to business success was clear: knowledge—specifically, deep, data-driven insights into the forces shaping industries. This belief in the transformative power of information led him to create IBISWorld in 1971, and it remains the driving force behind everything we do today.
The genesis of a visionary
Phil Ruthven wasn’t just a businessman; he was a visionary who understood that knowledge was the most critical ingredient to business success. Yet he foresaw that the key to that success wasn’t just having information but knowing how to use it to drive business growth. His vision for IBISWorld was therefore born; to empower businesses with a comprehensive understanding of industries and operating environments, helping them to make smarter decisions by interpreting the past, understanding the present, and predicting the future.
Phil’s foresight was astonishing. In 1981, by examining available data and extracting the insights hidden within them, Phil made a series of predictions about the future. Alongside some remarkably accurate ideas of what Melbourne would look like in 2021, he asserted that “the weekly shopping will be done from home through a video-terminal,” and that cash will have almost entirely been replaced by “a debit card that will automatically deduct funds from whatever account we choose.”
Decades ago, he predicted a world where AI would play a pivotal role in enhancing human capabilities—what he referred to as an "age of enlightenment." More recently in 2016, he suggested that AI and data analytics would soon speed up decision-making and operational efficiency, allowing businesses to thrive in increasingly complex environments.
His predictions of a future shaped by technology were not just bold, but remarkably accurate. Fast forward to today, and IBISWorld has not only taken his original vision but expanded it into new territories and markets, integrating emerging technologies with human expertise to deliver even greater value to businesses worldwide.
Building on a strong foundation: The IBISWorld of today
Today, IBISWorld honors Phil’s legacy by staying true to the core values that have always set us apart: independence, credibility, and the passion and knowledge of our team. We are dedicated to expanding our reach across industries and economies, diving deeper into the forces that shape them.
Our approach is grounded in the belief that real, human expertise—combined with the latest technology—can transform vast amounts of data into insights that matter. We don’t just present facts and figures; we interpret them, revealing the stories behind the data that empower businesses to see beyond the surface, make informed decisions, and strategically navigate their futures with confidence.
Our commitment to Phil's vision means constantly pushing the boundaries of what industry research can achieve. We strive to go beyond static reports, creating dynamic, interactive experiences that allow our clients to visualize trends, explore scenarios, and uncover hidden opportunities. Whether it's helping a CEO understand the economic forces impacting their sector or enabling a sales team to build stronger pitches with granular data, IBISWorld is dedicated to making industry information accessible, actionable, and indispensable – because at the end of the day, every company has an industry they operate in.
Embracing AI: A new chapter in Phil's vision
Phil Ruthven’s vision was never about standing still; it was always about looking beyond the horizon and preparing for what’s next. That forward-thinking mindset has shaped IBISWorld’s DNA, fostering a culture that embraces tools and technologies that elevate our ability to deliver meaningful, human-driven insights to businesses. Artificial intelligence is one such tool—an enabler that allows us to deliver our trusted research faster, while also tailoring to meet the precise needs of our clients.
AI at IBISWorld is not just about automating processes though; it's about amplifying human intelligence. We see AI as a natural extension of Phil Ruthven’s vision—an innovative step forward that makes our expert-driven analysis even more accessible and actionable. That’s why we named our new AI economist "Phil"—to honor our founder's commitment to pioneering new methods that amplify the value of human insights.
Phil is not just another digital assistant; it’s a resource that enriches the capabilities of every business leader, strategist, and analyst who uses it. By leveraging AI to refine how we interpret and present vast amounts of data, we ensure that our insights remain relevant, reliable, and immediately useful. Whether you’re exploring a competitive landscape, planning your next market strategy, or forecasting economic shifts, Phil helps you cut through the noise, focusing on what truly matters.
By combining AI with the expertise of our seasoned analysts, the depth of our datasets, and the clarity of our visualizations, we enhance the research experience, ensuring every user has the tools to ask smarter questions, uncover deeper answers, and make better decisions. In this way, AI helps us stay true to what Phil envisioned—delivering unparalleled insights that empower businesses to thrive in a complex world.
Final Word
As we look to the future, IBISWorld is committed to continuing Phil Ruthven's legacy of innovation and forward-thinking strategy. With Phil now live and answering questions, we’re excited to explore new opportunities to better serve our clients—whether through more personalized insights, enhanced data visualization tools, or advanced predictive analytics.
While generative AI is increasingly becoming a vital asset for modern businesses, at IBISWorld, it serves a distinct purpose: to enhance the value of our expert-driven insights. By integrating AI, we are not replacing our foundation of independent, credible analysis; we are reinforcing it, ensuring that every piece of information we provide is more accessible, relevant, and actionable.
This commitment to leveraging AI while staying true to Phil’s vision enables our clients to remain at the forefront—equipped to navigate new challenges and capitalize on emerging opportunities with confidence.
