Consultants never considered outsourcing strategy research support earlier. However, demand for quality research in the finance world has sharply increased, 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 specialized resources and global coverage. Let’s find out how consultants can outsource strategy research and achieve the desired benefits.
Benefits of Outsourcing Strategy Research
Consultants may avail these 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, the consultant 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 is expensive. By outsourcing their research tasks, they gain access to the latest tools and data without investing their own money into it. 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 maximize business.
- Business Running 24/7: When a consultant outsources their research tasks, the outsourcing partners match their time zone to cater to their global clients. They complete tasks within their time zone and send them for review immediately. This means that 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. While looking for an outsourcing team, these are a few qualities to check:
Access to Talent: The research team should have trained individuals with local talents like language, culture, technical know-how, and the latest resources.
Range of Service: Flexibility is a crucial factor that the consultant must consider while outsourcing research work. It allows the consultants to farm out their non-core activities to specialists who can do them better 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. As a result, they can make full use of 24 hours in a day. The outsourcing partner should take over and work even after the consultant’s team goes home. After completing critical tasks, they may send back for review by 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 the changing conditions.
Affordability: One of the primary reasons to outsource strategy research is to cut down on the costs involved. 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 is crucial to get the best service providers.
Technology and Infrastructure: Investing in technology and infrastructure is expensive for the consultant. Therefore, they must partner with a strategic research team that owns this infrastructure and divide the costs over multiple clients. As a result, the consultant 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 it efficiently. They provide strategy research support to consultants with services like market assessment, demand forecasting, market entry strategy, process optimization, customer segmentation, product mapping, and others. These services providers help consultants make data-based decisions and maximize returns with long-term growth and return strategies.
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