Outsourcing research: What is research process outsourcing, and why you need it

Every business needs an in-depth understanding of their industry’s current data information to stay competitive in the market. Apart from the latest information, companies also need help in interpreting and analyzing raw data.

c

What is RPO?

Research Process Outsourcing (RPO) refers to a form of business process outsourcing (BPO) when an employer transfers all, or part, of its research and analysis functions to an external service provider.

All business information requires careful study and sifting before value-added analysis can be done. There is so much information available today that you will need a significant amount of time to wade through before business executives can derive value from it. 

Large companies usually have enough resources to set up this department and facility labs. They can afford to hire top talent in the field and run innovation projects, even if they carry significant risk. 

But not all businesses can carry out such heavy tasks. Running your research projects takes a lot of time and resources. That’s why enterprises often resort to purchasing patents and outsourcing.

RPO enhances workplace productivity while performing the crucial process of data analysis. The main objective of the research and development sector is to obtain cutting-edge knowledge that applies to business needs. This information is necessary for the development of new products, systems, procedures, or services.

Why do you need to outsource research?

In business, you deliver value to customers by providing well-designed products and services developed through research. 

Research generates the knowledge needed to create new and improved products and allows businesses to provide expert services to customers. But research is expensive. 

Not to mention producing breakthrough products need intelligent and talented developers, engineers, and scientists. Hiring these experts will cost you a great deal of money. Consider their tools, training, salaries, tax, insurance, and pension.

The simple answer to these problems is to outsource your research and development.

Benefits of outsourcing research analysis

Research analysis involves the actions and methods performed based on data to describe facts, interpret gathered data, detect changes and patterns, and prove hypotheses. 

Apart from cutting back on costs, here are some key benefits of outsourcing research and data analysis:

Access to capabilities

The best advantage outsourcing research can give you is access to a great pool of talent and research capabilities. Recruitment and training qualified individuals are not your concern.

Relying on outsourced research providers secures technical expertise and industry-complaint process for your business. 

Interdisciplinary expertise

Research and development cover a vast spectrum. It encompasses multiple industries and engages in a large variety of projects.

Once you outsource research, you will gain exposure to a plethora of data. This will give you a broader perspective to drive business innovation.

Research techniques

Third-party providers are equipped with research processes and technology to analyze data and interpret them into meaningful insights. They will be on top of the latest research trends and apply them to their work for best results.

Hiring an outsourced partner who knows research techniques—surveys, quizzes, focus group discussions, personal interviews, trials, and data observation—is just the beginning.

Finding an outsourced research provider that specializes in other in-depth techniques like competitor analysis, using market research online communities, and mobile-based research can do so much more for your business.

Business flexibility

Business flexibility is one of the most common reasons why businesses choose to hire an external provider. Outsourcing research processes cutting-edge technologies and competitive advantage. You can maximize specialist research work while focusing on core business activities at the same time.

Adds value to business

When it comes to research, there are fixed timelines to work on projects. As a client, it would be easier for you to predict costs and estimate how long it will take to deliver results. It will also allow you to carry out an accurate cost-benefit analysis. The goal is to focus on the results and developing working products.

Your research team will help develop and innovate products or service offerings for your customers.

Hybrid approach

Some businesses choose a middle ground to make ends meet. When a portion of research and development is outsourced, you can take advantage of external expertise and efficiency from your RPO provider. You can then apply the knowledge you’ve gained to the success of your organization. It’s a win-win approach!