Meet IBISWorld’s New AI Tool “Phil”
A New Method of Doing Research
The introduction of AI tools has empowered companies to streamline complex tasks, enhance accuracy, and offer real-time insights. One such company, IBISWorld, a leader in industry research, has taken a significant step forward with the introduction of its AI tool, “Phil.” This article explores the impact it will have on professionals working in business valuation, forensic accounting, and business consulting fields.
As artificial intelligence (AI) continues to transform industries, market research is one of the fields most poised to benefit from these advancements. The introduction of AI tools has empowered companies to streamline complex tasks, enhance accuracy, and offer real-time insights.[1] One such company, IBISWorld, a leader in industry research, has taken a significant step forward with the introduction of its AI tool, “Phil.” This tool is designed to assist professionals that use market research by providing faster, more efficient access to IBISWorld’s database of industry reports, data, and trends.[2]
This article explores what Phil is, how it can be used, the philosophy behind its creation, and the impact it will have on professionals working in the business valuation, forensic accounting, and business consulting fields.[3]
What is Phil?
Phil is IBISWorld’s proprietary AI tool, designed to simplify the process of accessing industry research and data.[4] When a researcher seeks industry-specific data, market analysis, or trends, Phil provides answers quickly and accurately.[5] By harnessing natural language processing, Phil allows users to interact with IBISWorld’s database in a whole new way.[6]
The key innovation with Phil lies in its ability to craft precise and tailored responses based on simple prompts. This is a significant leap from traditional search-based research methods.[7] Instead of sifting through extensive reports, users can ask Phil direct questions, and it will present focused results relevant to the query.[8]
How Does Phil Work?
Phil’s foundation is built upon AI, with advanced machine learning algorithms and natural language processing that process and analyze user inputs.[9] Its core capability is to take questions—much like how you might ask a colleague or researcher for specific data—and convert them into customized responses.[10] By understanding context, Phil attempts to ensure that users receive the most relevant information available from IBISWorld’s database in a fraction of the time.[11]
Phil’s interface should allow professionals with varying degrees of expertise in data analysis to get answers quickly.[12] Users do not need to have advanced technical knowledge or a background in AI to interact effectively with Phil.[13]
Where is Phil?
IBISWorld subscribers can find the “Phil button” on the right-hand side of any digital IBISWorld industry report.
Crafting Effective Prompts for Phil
As with other AI tools, the key to using Phil successfully is knowing how to craft effective prompts. While Phil is highly intuitive, users benefit most from specific and well-structured queries. According to IBISWorld, the more concise and targeted the query, the better the results.[14] For example, asking “What are the growth trends in the healthcare sector for 2024?” will yield clearer and more relevant data than a vague question like “Tell me about healthcare trends.”
Here are a few tips on how to get the most out of Phil (and some tips may also assist in other AI applications, like ChatGPT):[15]
- Be specific—The more direct the question, the better the response.
- Include time frames—When possible, specify the time period you are interested in (e.g., 2023–2025).
- Clarify industry sectors—If your inquiry pertains to a particular industry, mention it by name (e.g., “U.S. manufacturing”).
The Vision Behind Phil: Streamlining Industry Insights
IBISWorld created Phil as part of its broader mission to democratize access to industry data.[16] In an increasingly data-driven world, the ability to quickly retrieve actionable insights will become increasingly important. According to IBISWorld’s white paper on Phil’s development, the goal was to create a tool that “enhance[s] users’ ability to navigate complex industry landscapes efficiently.”[17]
For professionals working in business valuation, consulting, forensic accounting, and economic damages, Phil represents a significant advancement.[18] These fields often require precise, data-driven analysis to make informed decisions,[19] and historically, this has been a time-consuming process. The ability to quickly retrieve industry trends, historical data, and forecasts should save practitioners a significant amount of time when preparing expert reports and business valuation reports.
Applications for Business Valuation and Forensic Accounting Professionals
Phil’s utility extends to multiple industries (any that rely on market and industry research), but those in the valuation, forensic accounting, economic damages, and consulting industries will appreciate its ability to extract and analyze industry trends, financial benchmarking ratios, growth forecasts, and market conditions.
- By using Phil, valuation professionals can access historical trends, growth forecasts, and competitive landscapes within seconds. This can streamline the process of comparing a company’s performance to its industry peers or understanding broader market conditions.
- Particularly when investigating economic damages or fraud, Phil allows forensic accountants to quickly pull up industry benchmarks, financial ratios, and key performance indicators, helping to build more accurate economic models for damage calculations.
- For consultants advising clients on market entry strategies or potential growth opportunities, Phil offers the advantage of real-time data that reflects the most current market conditions.
Phil vs. Traditional Research Methods
One of Phil’s biggest advantages over traditional research methods is speed.[20] Traditional industry research involves combing through reports, cross-referencing multiple data points, and extracting relevant insights manually.[21] With Phil, users can bypass these time-consuming steps and get direct answers to their questions within moments.[22]
IBISWorld boasts that another benefit of Phil is its accuracy.[23] Since Phil is built on a foundation of AI and machine learning, it is able to constantly improve its answers.[24] The more it is used, the better it becomes at interpreting user intent and providing focused results.[25] Since Phil’s AI was trained on IBISWorld’s human-generated industry research, the underlying data has been fact-checked. IBISWorld asserts that this minimizes the frequency of “AI hallucinations,” one of the current limitations of using ChatGPT for industry and market research.
Overcoming Challenges with AI in Market Research
While AI tools like Phil represent a significant advancement in technology, it does not come without challenges.[26] The primary challenge lies in ensuring the accuracy of AI-generated insights.[27] While Phil pulls data from IBISWorld’s human-generated database, the AI still relies on users to input clear, specific prompts in order to receive relevant results.[28] If a query is too vague or poorly structured, Phil’s resulting answer may not be as useful.[29]
Moreover, as AI continues to evolve, professionals must remain mindful of potential biases in AI-generated results. While Phil is programmed to deliver objective data, the interpretation of that data still lies with the user.[30] For business valuation and forensic accounting professionals, it is critical to approach AI-generated insights with a level of scrutiny, ensuring that the information aligns with broader industry standards and expectations.[31]
The Future of AI in Market Research
Looking ahead, Phil’s development is expected to continue evolving based on user feedback and future technological advancements.[32] IBISWorld plans to expand Phil’s capabilities by integrating more datasets and refining its ability to handle even more complex queries.[33]
One area of particular interest is the integration of predictive analytics.[34] As AI tools become more sophisticated, Phil could potentially provide not just historical and current data but also forecasts based on machine learning models that predict future industry trends.[35] For professionals in business valuation and forensic accounting, having access to forward-looking data could transform how they approach valuations and economic damage assessments.[36]
Conclusion
For those in business valuation, forensic accounting, economic damages, and consulting, Phil provides a streamlined, efficient way to access critical industry data. By combining AI with IBISWorld’s vast repository of industry data, Phil simplifies the research process and allows valuation and litigation professionals to focus on client interaction and performing accurate analyses. With tools like Phil, professionals can make more informed decisions, enhance their analysis, and provide greater value to clients.
[1] IBISWorld. (2024). Continuing the Vision: The Phil-osophy Behind IBISWorld AI. Source: https://www.ibisworld.com/blog/ibisworld-ai-phil-osophy/99/1131/
[2] IBISWorld. (2024). Phil FAQs. IBISWorld Help Center. Source: https://help.ibisworld.com/en/articles/9715075-phil-faqs
[3] IBISWorld. (2024). How to Craft Prompts for Phil. IBISWorld Help Center. Source: https://help.ibisworld.com/en/articles/9903782-how-to-craft-prompts-for-phil
[4] IBISWorld. (2024). Continuing the Vision: The Phil-osophy Behind IBISWorld AI. Source: https://www.ibisworld.com/blog/ibisworld-ai-phil-osophy/99/1131/
[5] IBISWorld. (2024). Phil FAQs. IBISWorld Help Center. Source: https://help.ibisworld.com/en/articles/9715075-phil-faqs
[6] IBISWorld. (2024). How to Craft Prompts for Phil. IBISWorld Help Center. Source: https://help.ibisworld.com/en/articles/9903782-how-to-craft-prompts-for-phil
[7] IBISWorld. (2024). Phil FAQs. IBISWorld Help Center. Source: https://help.ibisworld.com/en/articles/9715075-phil-faqs
[8] IBISWorld. (2024). Continuing the Vision: The Phil-osophy Behind IBISWorld AI. Source: https://www.ibisworld.com/blog/ibisworld-ai-phil-osophy/99/1131/
[9] IBISWorld. (2024). Phil FAQs. IBISWorld Help Center. Source: https://help.ibisworld.com/en/articles/9715075-phil-faqs
[10] IBISWorld. (2024). How to Craft Prompts for Phil. IBISWorld Help Center. Source: https://help.ibisworld.com/en/articles/9903782-how-to-craft-prompts-for-phil
[11] IBISWorld. (2024). Continuing the Vision: The Phil-osophy Behind IBISWorld AI. Source: https://www.ibisworld.com/blog/ibisworld-ai-phil-osophy/99/1131/
[12] IBISWorld. (2024). Phil FAQs. IBISWorld Help Center. Source: https://help.ibisworld.com/en/articles/9715075-phil-faqs
[13] IBISWorld. (2024). How to Craft Prompts for Phil. IBISWorld Help Center. Source: https://help.ibisworld.com/en/articles/9903782-how-to-craft-prompts-for-phil
[14] Ibid.
[15] Ibid.
[16] IBISWorld. (2024). Continuing the Vision: The Phil-osophy Behind IBISWorld AI. Source: https://www.ibisworld.com/blog/ibisworld-ai-phil-osophy/99/1131/
[17] Ibid.
[18] IBISWorld. (2024). Phil FAQs. IBISWorld Help Center. Source: https://help.ibisworld.com/en/articles/9715075-phil-faqs
[19] IBISWorld. (2024). How to Craft Prompts for Phil. IBISWorld Help Center. Source: https://help.ibisworld.com/en/articles/9903782-how-to-craft-prompts-for-phil
[20] IBISWorld. (2024). Phil FAQs. IBISWorld Help Center. Source: https://help.ibisworld.com/en/articles/9715075-phil-faqs
[21] IBISWorld. (2024). Continuing the Vision: The Phil-osophy Behind IBISWorld AI. Source: https://www.ibisworld.com/blog/ibisworld-ai-phil-osophy/99/1131/
[22] IBISWorld. (2024). Phil FAQs. IBISWorld Help Center. Source: https://help.ibisworld.com/en/articles/9715075-phil-faqs
[23] IBISWorld. (2024). How to Craft Prompts for Phil. IBISWorld Help Center. Source: https://help.ibisworld.com/en/articles/9903782-how-to-craft-prompts-for-phil
[24] IBISWorld. (2024). Phil FAQs. IBISWorld Help Center. Source: https://help.ibisworld.com/en/articles/9715075-phil-faqs
[25] IBISWorld. (2024). How to Craft Prompts for Phil. IBISWorld Help Center. Source: https://help.ibisworld.com/en/articles/9903782-how-to-craft-prompts-for-phil
[26] IBISWorld. (2024). Continuing the Vision: The Phil-osophy Behind IBISWorld AI. Source: https://www.ibisworld.com/blog/ibisworld-ai-phil-osophy/99/1131/
[27] IBISWorld. (2024). Phil FAQs. IBISWorld Help Center. Source: https://help.ibisworld.com/en/articles/9715075-phil-faqs
[28] IBISWorld. (2024). How to Craft Prompts for Phil. IBISWorld Help Center. Source: https://help.ibisworld.com/en/articles/9903782-how-to-craft-prompts-for-phil
[29] Ibid.
[30] IBISWorld. (2024). Phil FAQs. IBISWorld Help Center. Source: https://help.ibisworld.com/en/articles/9715075-phil-faqs
[31] Ibid.
[32] IBISWorld. (2024). Continuing the Vision: The Phil-osophy Behind IBISWorld AI. Source: https://www.ibisworld.com/blog/ibisworld-ai-phil-osophy/99/1131/
[33] IBISWorld. (2024). Phil FAQs. IBISWorld Help Center. Source: https://help.ibisworld.com/en/articles/9715075-phil-faqs
[34] IBISWorld. (2024). Continuing the Vision: The Phil-osophy Behind IBISWorld AI. Source: https://www.ibisworld.com/blog/ibisworld-ai-phil-osophy/99/1131/
[35] IBISWorld. (2024). Phil FAQs. IBISWorld Help Center. Source: https://help.ibisworld.com/en/articles/9715075-phil-faqs
[36] IBISWorld. (2024). Continuing the Vision: The Phil-osophy Behind IBISWorld AI. Source: https://www.ibisworld.com/blog/ibisworld-ai-phil-osophy/99/1131/
Miranda Kishel, MBA, CVA, CBEC, MAFF, supports the completion of business valuations, business calculations, forensic accounting, economic damages, and asset tracing engagements, focusing on in-depth financial analysis including modeling, forecasting, research, and report preparation. Her previous experience lies in small business consulting, commercial lending, accounting, real estate development, and economic development.
Ms. Kishel may be contacted at (218) 404-4877 or by e-mail to mkishel@litcpa.com.
