Research consulting firms are specialists performing targeted research and providing final reports to clients. Financial services often require research consulting to optimize costs, improve efficiency, and grab opportunities to gain maximum returns. Since permanent staff members do not have expertise in research areas, they often hire specialist services for advanced support and research-based decisions. However, there are several challenges that research consultants face while conducting their job. Let’s look at them.
Disjointed Data Set
High-quality, reliable data is a valuable commodity for a researcher. On the contrary, doubtful data sets limit their efficacy while draining their resources. Collecting data through multiple channels and devices is increasingly complex, leading to duplicate data records and organizational conflicts across databases.
To overcome this challenge, it’s crucial to acknowledge numerous data environments with incomplete and disjointed data. It is excellent to link databases by supplementing them with large-scale surveys and third-party data sets. It creates single-sourced research set to streamline things and widen the network to incorporate other sources. Expert research consultants respond quickly to events and comprehend noise in disjointed data sets.
Resource and Time Management
Twenty-four hours a day are not enough for good-quality research consultants. They constantly struggle to ensure all-ground coverage and the most profound insight search. It is a significant challenge to uncover insights and make strategy even with the streamlined data sets.
The best solution is to use the latest data possible. It enables the research teams to complete their tasks efficiently and quickly without getting derailed with outdated stuff. By keeping all data in one location, researchers get a single data source so that they don’t waste time connecting with incongruent data sets. Research consulting firms can maximize their efficiency and save time by using the right tools to ingest the latest data and integrate them into one accessible location.
Strategy and Planning
Research teams need to innovate continuously and coordinate their diverse activities, which is often a big concern for them. They need to develop efficient and sophisticated strategies to cater to these pressures. Proper management with the right tools helps them efficiently utilize their resources and time and make beneficial strategies.
Assembling the Research Team
Researchers can never work in a vacuum. Once they choose their methodology and topic, they require a research team to study and support them. It is crucial to assemble a network of researchers and advisors in financial services. These team members are invaluable to help consider ideas from multiple angles and perspectives. As far as finding mentors or getting research teams is concerned, the research consultants must be clear about expectations. Team members are willing to support those who have a prepared and structured approach.
Lack of Communication
Research teams are busy people, sometimes too busy to communicate. If the clients require their guidance for a research project, they must meet them personally and explain the condition. Regularly scheduled meetings and reports to discuss research results are best to work around the research team’s busy schedule.The challenges mentioned above are typical for research consulting firms. The solutions outlined are not fool-proof solutions to them. So, it’s worth hiring firms that help them with the support related to market and competitive intelligence, benchmarking, media monitoring, data science, etc. Their expert, high-end services undoubtedly reduce the challenges consultants face on a regular basis.