Ultimate Guide to Outsourcing Your Research and Data Teams
In a digitally advanced world, companies should consider research and data as a crucial part of their business operations. With the rapid deployment of remote work, there has also been a shift in the behavioral trends of customers since more and more are opting to purchase most if not all services online. From food deliveries, eCommerce and even grocery services. As a result, companies are now facing a new set of challenges to market their products digitally. Risk of hacking and security breaches also results in this behavioural shift which can compromise valuable and sensitive company and customer data.
That is why incorporating effective Research & Data (R&D) management solutions is a must. Whichever industry your business belongs to, you will come across a testimony on how research and data has helped them overcome business challenges. It might be curing improving a company’s revenue after a global lockdown or understanding the economic market. Simply put, data is another word for information and these so-called information can begin on answering lingering questions which eventually produces strategies and techniques. Therefore, having a great research and data team for your business especially in times of crisis has its value.
Industry News and Trends
Knowing the latest information about the R&D industry and its trends will give you leverage on how to effectively scale your own R&D support team, manage your company and ensure a valuable research and data system that will help business leaders to make objective and data-driven decisions. Below is the latest news in R&D that pushes you to be one step ahead in your business.
Common Pain Points in Customer Experience
The business crises such as the COVID-19 pandemic can make a significant impact not just in everyone’s health and safety but it also took a hit on the economy. Businesses are finding ways to stay afloat and continuously serving their customers while ensuring the welfare of their employees. As a result of this digital shift, common pain points arouse in the R&D industry:
Understanding the buying habits of people in the time of pandemic will enable your ecommerce business to strive and adapt. According to the Behavior Change Model of Dr. BJ Foggs from Stanford University, buyer’s drive to purchase are based on three basic elements:
To put it into perspective, consumers are motivated to purchase based on the promise of pleasure, avoidance of pain, a sense of hope or fear or the promise of social normalcy which are very apparent in this pandemic. But their ability to buy is equally important before they become a customer. Lastly, the element of trigger or ‘something’ that prompts the potential consumer to take action, right now, and click buy. To understand this buying behavior can only be done through a team of researchers and data experts. Having a clear understanding of the behavioural psyche of customers can be used as your leverage for marketing strategies.
Health crises and natural calamities are unforeseen and unpredicted events which most often than not catches us off guard. For instance, the recently declared pandemic COVID-19 took everyone by surprise. But through the help of research analysts, scientists and data collectors, the initially-thought community illness was rightfully declared pandemic and appropriate mitigation responses were made.
Research and data are vital tools in linking an underlying problem with tangible evidence to understand and analyze important information and aid decision makers on effective planning and intervention. Obtaining data (qualitative and quantitative) helps in analyzing information objectively thus creating equally objective solutions to a problem. Making a decision based on poor quality data is risky and may lead to disastrous results for your company and the safety of your people.
Benefits of Outsourcing Overview
Hiring a cybersecurity team and a R&D is expensive because the experts in the field are not only limited but their level of expertise puts them in the top bracket in terms of salary grade. In addition, the training and certifications for research and data science are important but costly. Aside from labor cost, operational expenses such as hardware, software licenses, research service subscriptions, and maintenance are equally expensive. But with the right outsourcing partner, their A+ recruitment process and access to world-class talent allows them to build a great, high-performing R&D team within 30-45 days. They also have access to certified R&D experts and will curate a competency-based development plan to keep your dedicated team sharp so you won’t need to spend additional training cost giving you a projected operational savings of up to 70%.
In the digital age, information is power. This also applies to finding a great customer service BPO partner. A great customer service BPO has an established information security system that makes sure your data and your customers’ data are kept secure, avoiding any type of breach and other security concerns. They should be ISO 27001 and 9001 certified and GDPR, HIPAA, and DPA2012-compliant.
This is often overlooked, but being aware of your company’s capability to create your own team is crucial. You have to know if you have the time to manage your research team, the space and office infrastructure to house additional staff along with a good remote-working system, resources for research tools and applications, and lastly the money to your team according to their skills and fund any necessary marketing training.
Net promoter score helps businesses gauge the quality of the service offered by outsourcing companies. Organizations can use NPS to assess which BPO is best to partner with because this score shows loyalty trends and growth revenue outputs. In a way, NPS represents the primary way customers survey their experience because it means that their clients are happy, and this results in customer loyalty and retention, making a high NPS a critical trait any BPO company should have. When used correctly, NPS (of at least 60%) can tell you how well the BPO is performing, how often they resolve issues, and if their clients are satisfied with their experience.
|Knowledged in products and service||Since most company has its own process, terminologies and system, your in-house staff are well verse with these internal know-hows.|
|Luxury for constant assessment||You can easily schedule a calendar of research projects and have real team assessment of the study results.|
|Data Security||Non-disclosure agreements are all well and good, but ih-house team lessens risk of information leakage unlike when organizations share it with outside parties.|
|Savings||On the surface it may seem that in-house teams might be more affordable because you don’t need to pay a third party provider but keep in mind, however, in-house teams are often less efficient than an outside market research company. Meaning, the total cost savings may not be as significant in the end. In addition, an outsourced team can be more affordable (up to cost-savings) especially if your partner has access to an affordable pool of experts.|
|Swiftly building teams of experts||The right partner devotes all extra effort to build a great team Of experts within 30 days. Their A+ recruitment teams and process have access to world-class talents, making sure that they gather individuals with the right expertise and a knowledge base in market research.|
|Running Business 24/7||Offshore outsourcing to a country with a different time zone, allows an advantage of 24×7 operations. Outsourcing partners can take over and continue work even after in- house employees go home. They can complete critical tasks and send it back for review the next morning. With their years Of experience the outsourced team can easily adapt to your company’s internal processes and integrate strategic research design that best fits you unique needs.|
Cost Comparison per Month:
In-house FTE (full time employee) vs. Infinit-O FTE
|Job Title||Cost per In-house FTE ($ rate)||Cost per Infinit-O FTE|
|% Savings per Month|
|Sr. Research Analyst||$ 9,366.00||$ 2,000.00||79%|
|Data Analyst||$ 8,149.60||$ 2,200.00||73%|
|Data Entry Specialist||$ 3,850.24||$ 1,300.00||66%|
Cost Comparison per Year:
In-house FTE (full time employee) vs. Infinit-O FTE
|Job Title||No. of team members||Estimated Annual Cost Savings|
|Sr. Research Analyst||1||$ 88,392.00|
|Data Analyst||1||$ 71,395.20|
|Data Entry Specialist||1||$ 30,602.88|
For other roles that you wish to add, our Cost Savings Calculator can help you in projecting potential operational cost reductions.
- Cost per full-time employees at Infinit-O dedicated to your company. Estimated total cost (fully-burdened) including total personnel costs, all overheads including workstation, software, and rentals. These are all-in costs, there are no hidden fees and we do not charge separate set-up fees.
- After further identifying your business requirements we can adjust the plans, match you to the right talent, and build you a great team that fits according to your evolving business needs and goals.
Cost Savings Calculator
We understand your needs and want to help you actualize your potential by providing ease of access to talent and building you a great team based on your business requirements.
4 Pillars of Success: People, Process, Technology and Security
A well-established People, Process, Technology, Security (PPTS) Pillars is one sure way to overcome market research and data gathering services for the success of your company.
Know more about Infinit-O’s 4 pillars of success and our secret in building a great, high-performing R&D team.
To successfully grow your business and achieve your goals, it starts with proper planning and investing in the right resources. The following companies in the IT industry were able to identify their unique needs and sought help with the right partner who exactly knows how to address their demands.
We’re sharing this success story of companies who found value in outsourcing R&D support. Learn more about their journey and how they were able to achieve their business objectives with the help of the right partner.
Infinit-O has been in the outsourcing industry for 15 years, creating long lasting partnerships and endless opportunities to small and medium businesses across the Healthcare, Finance and Accounting, Research and Development, and Customer Service industries.
Our vision is to help small and medium sized companies to grow and prosper by enabling them to experience the full benefits of partnering with an outsourcing company.
We build great teams for our partners through understanding their unique needs in order to help them achieve their business goals and the vision they have for their company. We have rendered a strong combination of business consultancy, process optimization, and outsourced services; all utilizing the latest technology to provide excellent value for our clients.
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Infinit-O Information Security
We share 15 years of experience in navigating data privacy laws and regulations. We guarantee strict compliance from the best information security practices with up to date cybersecurity certifications because your data is in our care. At Infinit-O, we not only value your business but acknowledge the importance of information security especially in this digital age. To overcome customary challenges and build a better cybersecurity system that ultimately protects and secures data, we are certified and compliant with:
Learn more about the full list of our Information Security bundle in this Whitepaper.
Infinit-O Key Benefits
Having an extensive and profound expertise in the finance and accounting industry, we’re here to help you build a great Customer Service team for your unique needs and promise the following key benefits: