As digitisation is increasing at a rapid pace, more and more corporate organisations are understanding the importance of research. From benchmark analysis to media monitoring, there are several techniques used under the bracket of corporate research consulting. Business organisations look for consulting firms to gather insights on their behalf. However, consulting firms also have to adapt to the complex business landscape while collecting insights. As a result, they need modernised solutions for conducting research activities. It is why they look for research consulting firms to perform research activities with modernised solutions. Let’s find out more about corporate research consulting and how to succeed in it.
Understanding corporate research consulting
Corporate research can be referred to as targeted research conducted to find some insights. Research consultants are expert individuals that are familiar with the entire business landscape. They can provide rich insights about the market, which your employees cannot. Based on the results of corporate research, a company can make informed decisions. Consider the example where a company wants to know the current market trends in the automobile industry. The company can contact research consulting firms to find out about the current trends in the market.
Research consulting is not only limited to market research. There are several types of research activities based on the needs of the client. Research consulting can be performed in the field of production, governance, engineering, innovation, and many others. Research consultants compile a final report after conducting all examinations. The final report is then used by the client to achieve business growth and gain an edge over the competitors. Since research consulting involves data analysis, there is a need for technological solutions to speed up the process. It is better to choose a research consulting firm specialising in corporate research activities.
How to succeed in corporate research consulting?
Some tips to succeed in corporate research consulting are as follows:
• Use technological solutions for research consulting
Gone are the days when there was very little data to work with. In today’s digital scenario, research consultants have to work through loads of data to find rich insights. Consider the example of benchmarking used by companies to compare themselves with bigger companies. Benchmarking isn’t easy as several factors are compared to find ways for internal improvement. Due to the complexities, research consulting firms opt for automated benchmarking. With AI/ML algorithms, benchmarking results can be obtained, with minimum human interference.
Another example of the use of technology in research consulting is knowledge management. It is difficult to organise and manage the information and resources within an organisation manually. As the IT infrastructure expands, it is a challenge to manage the available resources. Many corporate organisations have installed digital knowledge management solutions at their workplace for better results. Adopting technology on a large scale is the first step towards succeeding in research consulting.
• Identify your research consulting needs
You need to identify your research consulting needs beforehand for better results. Research consulting needs can depend on the type of business organisation. If you are a business organisation, you may need insights to boost your business productivity and continuity. Corporate firms usually depend on market research and insights for making informed decisions. They also need research consulting for corporate finance, M&A, procurement, corporate communications, and other activities.
If you are a consulting firm, you may have diverse research requirements based on your clients’ interests. This may include benchmarking, competitive intelligence, media monitoring, market research, presentation support, and other activities. Consulting firms can cater to the needs of their clients by partnering with a research/analysis provider.
• Partner with a research consulting firm
You don’t need to hire a research consultant that could work full time for your organisation. If you want to succeed in research consulting, you need to outsource your research processes. Many research consulting firms can help you adopt smart digital solutions for automated research. It is better if your employees are indulged in core business operations and not in research activities.
There is no need to spend funds on training and hiring research consultants. With a third party, you can receive rich insights to make better business decisions. Outsource your research needs to a third party in 2022!