Fuelling Company Growth through Process Innovation

The appetite for consumer insights has grown voraciously and will continue to accelerate. Companies are increasingly searching for ways to satiate the demand, using consumer insights to drive innovation, elevate business performance, drive competitive advantage, and increase market share.

When it comes to innovation in the consumer insights space, there are three main areas: product, process, and people.

Undoubtedly, those working in the research industry have a keen eye for product innovation. Correspondingly, innovation in people management is an area best left to the experts in the field – HR specialists.

This leaves us with processes – one of the most significant areas of opportunity for innovation in the research industry.

Process Innovation

Better techniques and software are the main drivers of process innovation, impacting both how the research:

1. Gets done (data collection, survey design, interviews, etc.)
2. Helps internal stakeholders create new products and services.

This article will focus on how consumer insights teams leverage process innovation to fuel faster insights and, ultimately, company growth.

Finding and Sharing Stories in Data Faster

Every market researcher will be all-too familiar with stakeholder demands that projects be completed quicker.

Software innovation has made it easier to find and disseminate insights faster in a variety of ways:

• Most tedious manual work can now be automated, e.g., cleaning and formatting data.
• The rise of all-in-one analysis and reporting solutions speeds up the process of producing and disseminating work.
• Smart systems make a wide range of advanced methods accessible to all skill levels.
• On-going analyses, pilot studies, trackers, and syndicated studies can be updated and reproduced instantly.

Thanks to these time-saving innovations, researchers can put insights in front of stakeholders quicker and with greater quality control.

Empowering Researchers and Stakeholders with Dynamic Reporting

Unlike static PowerPoint reports, modern dashboards and interactive reports are connected to source data and can automatically update to reflect any new data. They can also be queried and filtered on the fly, empowering stakeholders to ‘self-service.’

Utilizing dynamic dashboards also saves researchers significant time throughout the reporting process. Data visualizations, reports, and analyses can be built once and reused, with only the underlying data source changing, eliminating countless hours of repetitive work.

Research teams cannot overlook process innovation to meet the ever-growing demand for consumer insights. Advances in software give stakeholders better insights faster, fuelling product innovation and company growth.