As soon as research organizations start running their operations on a marketing insights platform, they gain the transparency to save money in two ways, by preventing duplication of research projects and improving supplier management.
As soon as research questions are formulated in the online briefing, your insights platform runs a pre-filtered search of past knowledge to see what is already known about the topic.
Knowing what you know gives you the choice to cancel redundant projects and deliver faster answers to the business, or to sharpen research questions to pursue fresh insight.
Market Logic clients report savings of 10% – 25% through these measures, depending on factors such as the degree of centralization in the management of the insights function, the number of business lines and countries where research is conducted.
For example, a highly regionalized CPG company with one dominant business line saw a 25% reduction in duplicated research projects, while a highly centralized research organization with 10 business lines saw savings of 15%.
Client-side procurement teams report savings of 10% – 15% through these measures, depending on the extent of centralized oversight they already executed manually.
In addition to these easy to measure savings, research automation delivers a ton of soft-savings. In many instances, insights platforms have replaced three or more different reporting systems.
Most importantly for your insights managers, automation eliminates boring, non-productive hours spent managing bid communications, hunting for the latest version of a questionnaire, or trying to invent best practices when gold standards already exist.
Read more about how an insights platform can help boost the re-use of knowledge assets by up to 80%.