What characterizes successful research organizations & what challenges do they face?
This article discusses five characteristics successful research organizations have and how they could benefit from a cloud-based ERP system based on the challenges they face.
Research organizations help other organizations by providing them with information. This information is collected by conducting research.
The rise of the digital world hit hard at research organizations. Information is more accessible these days than it was before. Therefore, research organizations need to adapt to make sure they preserve. Organizations who do not react quickly enough will hit a downward trend which are difficult to come over.
Those research organizations who do manage to adapt have five characteristics. According to Jitesh Marlecha the Assistant Vice President of UGAM. He used market research companies as an example. We strongly believe this also applies to research organizations.
- The organization can be described as nimble, their workforce is highly focused on the core competency and they use trusted partners to help with everything else.
- These organizations embrace new technologies and are very quick to adapt to changes.
- They are unique in some way, they own unique data, multi-source data, technology, a global network and various other things.
- These organizations are constantly looking at acquisitions which allow them to carry a unique value proposition.
- They consistently offer products and services that are highly competitive.
For those research organizations who have successfully adapted to the changing customer demands and the fastly growing digital world, there are new challenges on the horizon. A cloud-based ERP solution could help them overcome these challenges.
The amount of data in the digital world is so large nowadays, it is becoming more and more important to gather the right data. This process of collecting data and making sure the data is correct takes some time. Therefore it is important that all departments of the organization work together flawlessly. To ensure this there needs to be one central point in the organization where all company information is stored. And since research organizations work in such a niche market, all little things help.
There are three challenges that research organizations face, according to Sunanda Ganguli form Infoholic Research and Alex Osbaldeston from Questback. They also use market research companies as an example. Three major challenges will be discussed below. We strongly believe that cloud-based ERP systems are the solution to overcome these challenges.
In today’s data driven world, there is a data disorder and everyday it is becoming more complex. Getting directed to the right data and diverting meaningful insights has become a major challenge. In addition to the data collected by the organizations for their customers, there is also a flow of data within the organization. This data about the performances of the organization might even be more important. Having a clear overview of this data can mean the difference between utilizing your growth potential or not.
Ensuring Competitive Edge
Market participants are innumerable. Maintaining a profitable niche in the highly competitive market is extremely essential. For that, a company has to leverage advanced tools and mechanisms that will help in creating the cutting-edge. Utilizing the collected data about the current performance of your business can help you grow more. Thereby can the competitive position be further strengthened.
Cost Reduction And Automation
In many cases research budgets are under pressure, as clients and companies seek to do more with less. This means that agencies and departments need to increase efficiency. Complicating this is the fact that many use multiple tools. In addition to the expense of purchasing or developing them, these create additional ongoing support, maintenance and training costs. Replacing this complex set of tools with a single, extensive platform, maintained by an external partner, has the potential to dramatically reduce costs, while ensuring access to the most modern technology. And this allows researchers to focus on what they are good at.
The three challenges perform at the internal level of the research organizations. In particular the third one is a major challenge for research companies. A cloud-based ERP system can provide an all important solution. With a cloud-based solution you do not longer have to cope with paying for external servers and maintaining those. Every employee has access to all the information through multiple devices. They can even grant access on the move. With the insights given, decision makers can make important decisions better and they can react quickly to opportunities that will help utilize the growth potential of the business.