Outsourcing Market Research to India - Useful Tips
The World of business is changing rapidly:
- Survival of the fastest" seems to be the buzz word
- The availability of efficient and experienced resources seems to be vanishing
- Application of technology in almost everything requires a dual skill profile
- The Financial Controller seems to be controlling everything - today you can't employ or purchase
Is Outsourcing the only choice you have today? Or should we rightly say "choosing the right Service provider that can provide you a World Class solution at cheaper costs, better turnaround and superior quality."
Before we discus the benefits of using an offshore research firm, let us briefly discuss some common issues and challenges faced by companies globally.
- Communication: This is the most common issue. You have selected the service provider but they are still quite far away. Effective communication facilitators such as the internet and phone lines may not give you the necessary confidence. On the other hand, the service provider selected may not be good in communicating effectively or quickly.
- Turnaround time: This is another issue which can actually take your sleep away. The Service provider claims it "walks the talk" but fails to meet the timeline. There may be problems with estimation, sudden resource unavailability( there are some common "F" excuses as well such as festivals, floods, fire etc)
Basically, you may have an issue with "control". However, with Trust, openness and a close scrutiny of the capability of the Service provider you sure have a winning formula.
Do your Homework:
- Clearly and precisely document your requirement. Elaborate your Research need as far as possible.
- Set Priorities and Objectives with the respective timelines.
- Weekly reviews are very essential. Track in advance by setting time tables and weekly review meetings.
- Hold preliminary meetings. Ask a million questions if required until you are sure.
- Ask for referrals. A good firm will be glad to provide you the references on request.
- Evaluate more than one firm and review Proposals in detail. Low cost is not always the best.
- Encourage suggestions & recommendations.
- Request for a point of contact and a point of escalation.
Cost:There are understandable cost benefits when it comes to off shoring tasks to a service provider. Costs savings can go up to approx 50% (excluding infrastructure costs). You also have options: You can also invest for a one off project.
Expertise:Specialized firms offer highly skilled intellectual resources (Phd's, statisticians etc) with a broad range and decades of specific industry experience. A great team ensures superior results.
Technology:Offshore providers invest heavily in technology to build efficiencies through a process commitment. This benefit is passed on to the end customer.
Efficiency:Offshore providers are very efficient with their specialized area of expertise. They have the accumulated experience working with companies globally and can apply this knowledge to practice very quickly and efficiently.
Outsourcing has been a successful formula for thousands of companies globally and they continue to use this model of expansion and acquiring talent to stay ahead of the competition.
There is one thing they all got right - they chose the right provider. Take your time in understanding your Service provider better and you will definitely see the positive effects of outsourcing. You can start by doing a test run.
Market Equations is a result oriented Market Research company providing end to end Market research solutions to organizations.
Market Equations - Research | Analytics | Outsourcing
About Market Equations
Founded in February, 2006 and among the first Research and Data Analytics outsourcing companies in India, Market Equations India combines advanced analytics expertise and decades of Consulting experience to add measurable and enduring value to organizations globally. Market Equations India customers gain access to the combined capabilities of a result oriented Research and Data Analytics outsourcing team comprising of PhD's. Subject Matter Experts (SME's), Business and Financial Analysts, Data Scientists, Statisticians, Management Science and Technology professionals from premier educational institutions in India.
- Bangalore, Delhi