NEW RESEARCH SAYS £14 BILLION A YEAR WASTED ON RESEARCH!
The business case for streamlining the research process is supported by the fact that almost two in three employees (62 per cent) feel as though the research they find is unreliable and their time spent researching is wasted. The scale of employee dissatisfaction illustrates the need for businesses to alter their approach to research, not just to improve productivity, but also to support greater staff wellbeing.
This is according to new research from InsightBee looking at the amount of time and money businesses in the UK spend on sourcing unproductive research each year. The study, supported by the Office of National Statistics (ONS), found that companies in the UK waste over £14 billion a year on research that does not yield effective business insights. The survey also revealed that more than one billion hours are lost each year to the sourcing of ineffective research.
Manoj Madhusudanan, Managing Director of InsightBee comments: “This research shows that the amount of hours and revenue being wasted by businesses is a real problem in the UK. Businesses are being held back as a result of sourcing research that does not provide any meaningful insight into their marketplace, clients or even their fiercest competitors. As the economy expands and more business opportunities emerge, having a productive and efficient business research model will be an essential tool in gaining a competitive advantage.”