Consultants never considered outsourcing strategy research support earlier. However, the demand for quality financial research has soared, making dedicated research and knowledge crucial for a consulting model. Research professionals can handle several research-related tasks through their value-added, more open working model. Research teams help consultants execute projects while taking care of analysis, research and data, thereby increasing their productivity owing to their diverse and scalable nature.
Most consultants have an expert, a journalist and a research member. However, outsourcing their strategy research tasks gives them access to expanded research teams with diversified tasks. Prominent consultants may outsource to offshore researchers to gain specialised resources and global coverage. Let us find out how consultants can outsource strategy research and achieve the desired benefits.
Benefits of outsourcing strategy research
Consultants may avail the following benefits by outsourcing their strategy research:
- Access to high-quality data: Focused, expert, and experienced researchers can better understand client requirements and market trends. As a result, they deliver higher-quality research data and handle the consulting needs responsibly.
- Affordability: Outsourcing strategy research is cheaper for a consultant than creating a dedicated research team. By leveraging their research team’s scale, consultants may generate a better margin and serve their clients better.
- Use of latest research tools: Consultants require the latest databases and tools to carry out their projects. However, getting access to these tools could be expensive. By outsourcing their research tasks, they can gain access to the latest tools and data without investing their own money in them. The outsourced team’s job is to invest in these tools to serve their clients.
- Risk sharing: Both the research team and the consultant are accountable for final delivery to the client. Therefore, the researchers do their best to deliver the highest-quality research-based results. As a result, consultants attract more clients with happy referrals and maximise their business.
- Business running 24/7: When consultants outsource their research tasks, their outsourcing partners match their time zone to cater to their global clients. They complete the tasks within their time zone and send for review immediately. This means the research work continues even during the consultant’s non-working hours.
Selecting a strategy research outsourcing team
Consultants consider outsourcing their research work to gain strategy research support from experts. Keep in mind the following selection criteria while choosing an outsourcing team:
Access to talent: The research team should have trained individuals with knowledge of local language and culture, technical know-how and understanding of the latest tools and resources.
Range of service: Flexibility is a crucial factor that consultants must consider while outsourcing research work. It allows consultants to farm out their non-core activities to specialists and stay focused on their core activities.
24/7 availability: It would help if the consultant outsources to a country with a different time zone. This will help them make full use of the day. The outsourcing partner should take over and work even after the consultant’s team calls it a day. They can then submit their work by the next morning.
Flexibility: Hiring a dedicated research team is costly, especially for fluctuating research needs. Therefore, it is best to hire a research team that can increase or decrease the research capacity according to changing conditions.
Affordability: One of the primary benefits of outsourcing strategy research is cost reduction. Therefore, it is crucial to find a research team with a low-cost platform so that the consultant can generate higher savings with a more considerable profit margin. Checking the rates and comparing them with quality standards is crucial in selecting the best service provider.
Technology and infrastructure: Investing in technology and infrastructure could be expensive for consultants. Therefore, they must partner with a strategic research team that owns this infrastructure and divide the costs over multiple clients. Thus, consultants can get precisely what they need without paying the entire price.
Global consulting firms may consider outsourcing their strategy research tasks to experts who have the required resources to do the work efficiently. They provide strategy research support to consultants with services such as market assessment, demand forecasting, market entry strategy, process optimisation, customer segmentation, product mapping and others. These service providers help consultants make data-based decisions and maximise returns with long-term growth and return strategies.