The rising cost of error for your market research business

While it might seem like we live in a digital era, the market research industry remains firmly welded to its roots in traditional consulting.

This consulting philosophy means that hard work is still primarily driven by people power not machines. Being dependent upon human capital inherently results in slow turnaround times and significant errors. Fixing and finding these errors is a common cause for cost and time blowouts, while missed errors leave both clients and research agencies exposed to unacceptable – and unnecessary risks.

What you'll get from this whitepaper

This whitepaper explores the rising cost of error for your market research business and the way forward for business leaders.

  • The data value chain
  • Error from disconnected tools
  • Error from repetitive workflows
  • The issue of quality control and reproducibility
  • Staff turn-over

More about this whitepaper

Relying on human capital and the likelihood of errors associated with it, are two highly variable costs that pose genuine risks of a blow-out. For companies that pride themselves and would even stake their reputation on quick, accurate and indispensable work, the concept of letting go of errors is a non-starter. Therefore, valuable resources must be spent going back over work and ensuring that data processing, analysis and reporting all are faultless. 

The bottom line is that the time spent catching, tracing, and fixing those errors cost market research companies millions of dollars each year.

Many business leaders are realizing that repetitive tasks are better fulfilled by modern software and that they can replace the old manual, siloed analysis, and reporting process with an integrated, fully connected system. While this means that the initial investment in software will increase, this will be offset by the decreasing cost of human hours per project. Inevitably, the cost of human hours and errors will shrink alongside the manual grunt work and siloed processes.

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