The general benefits of outsourcing are widely recognized in the business community and can save companies on average 60% of their overhead costs. Outsourcing specific tasks, like customized in-depth research, enables businesses to focus on higher revenue-generating activities while wading into a pool of specialized expertise and expansive resources.
“I believe in innovation, and the way you get innovation is you fund research, and you learn the basic facts” - Bill Gates, founder of Microsoft.
Research projects are a staple for business growth and innovation and help organizations pursue product development, assess market structure and composition, and define their distinct competitive advantage. Research is an ongoing process, not a onetime activity, that allows companies to gather intelligence as their business grows.
Outsourcing research projects open up research avenues not publicly available and enable organizations to gain deeper, more targeted knowledge per industry and sector. Dedicated research firms have established outlets and resources that most companies don’t have, and it allows them to acquire more in-depth information from a business perspective.
Backoffice Pro (BOP) has the methods, strategies, and technologies in place to execute in-depth research projects efficiently, with clear performance metrics, and produce insights that businesses can use.
Five Things to Consider for Optimizing Research
Research isn’t solely about the result; it’s about ongoing development and the “behind the scenes” methodologies and progress. More and more companies are choosing to cut back their in-house research in favor of outsourcing to benefit from cost savings and access to higher quality research. In fact, outsourcing applied research has been driving collaboration in businesses, as well as corporations and academic institutions.
Here are five things to consider when outsourcing in-depth research projects
- Ensure that you’re attempting to address a particular problem or need so you can obtain the best results from research insights.
- Define objectives, whether it’s determining what makes your company attractive to a niche market or discovering how your competitors compare to yours regarding quality, price, and appearance.
- Seek out research that defines competitive benchmarking, which helps organizations gain information about marketing practices, workforce, and suppliers compared to competitors.
- Partner with experienced, educated researchers and analysts who are allocated by industry specialization, such as investment or equity research, for example.
- Research should embrace both historical and forecast demand across various segments, markets, regions, and competitive environments.
When and How to Get the Most from Customized Research
Standardized, syndicated research doesn’t always serve businesses well, or provide a bespoke, proprietary solution for specific research and analysis objectives. High stakes business decisions necessitate an elevated, personalized approach to research to help address business challenges, risks, and apply data towards strategic planning.
In-depth research includes more than just customized data; it provides companies with a third-party perspective of where and how the market is evolving, and what you can do to compete and gain an edge.
When should you utilize customized research?
- When changing distribution strategies
- When looking to grow through acquisition
- When attempting to gain share in existing market or enter a new one
- When evaluating a changing technology landscape
- When looking to acquire executive advanced expertise levels, talent management, and resource deployment
- When launching a new product
- When filing financials for annual reports, investor presentations, or portfolio development
- When looking to gain competitor or customer intelligence
To streamline the customized research processes, BOP addresses myriad business challenges, supplying information that’s targeted to encompass specific industry insights and how they factor into the big picture of organizational goals.
Investigative Research for Tailored Business Insights
Selecting a capable, reliable outsourcing partner is important and directly tied to achieving the comprehensive, understandable, and actionable insights that help inform decisions, something the professionals at Backoffice Pro produce on demand.
BOP aligns values with businesses to act as an extension of your team, investigating the market on behalf of your particular goals and needs. Scalability, cost-effectiveness, technology standards, personalized communication, and unbiased, quality research are at the core of BOP’s outsourcing model, which has made us a leading global customized in-depth research partner for years.
