Web research companies use different tools to collect data that ultimately help in decision making. In this discussion, we look at two different research businesses that use distinctively various instruments in offering their services. TNS Global Research Company focuses on understanding your business issues providing the right solutions and expertise to uncover the insight needed to impact business growth ("TNS Global Market Research Company, 2016). Conversely, Odin Text uses text analytics software making data science simple and actionable (OdinText, 2015). Both companies use different research methods to come up with quick results for researchers and businesses.
TNS Global Research uses research tools such as concept eValuate, conversion models, matrix, NeedScope, Value manager and TRI*M. Each tool is used to come up with the right kind of ideas, precise market understanding, identifying and prioritizing opportunities, creating stronger customer loyalty and come up with pricing strategies with the client in mind ("TNS Global market research company, 2016). Odin text applies advanced statistics and other machine learning techniques to the text data thus finding patterns and discovering meaningful relationships. With its research tools, Odin takes structured, and unstructured data analyzes it and brings forth actionable results. Odin text has optimized the way data is defined in research using first generation tools in the market; they can easily customize it to certain industries (OdinText, 2015).
Comparison and contrast
The two research firms use different approaches to get results using the results. Results from the studies help companies make the right decisions in their business growth. Both companies offer the same services in different platforms. A collection of data to come up with desired results is required and recommended for both companies. The contrast of services in the two groups varies in the gathering and analysis of data. Odin text uses text from emails, social media, and any other favorable source to come up with their results. Unlike other research companies, they have software that transforms data and provides actionable results. The results help in market research, social media monitoring, customer experience management and general research.
Explain the advantages of utilizing these research firms
An independent researcher removes any suspicion of bias in the findings. Bias can be in the form of perceived or actual results, and this can cast a shadow over the research which is unnecessary. If the information is bias then it affects the exhaustive research thus the findings or results are null and void. Using an independent research firm makes sure the information is credible and the actual outcomes well relatable.
Qualitative research is not straightforward, and it needs an experienced professional with the right experience and expertise. Using an experienced research team means that you get access to specific tailor-made techniques used to extract the required information. Results from experienced research firms provide the accuracy of the research and have a direct effect on the dynamic changes to be made. Using professional services means that the results will be processed adequately, and the subsequent recommendations will carry more weight and be useful. Experienced research firms can be able to tackle the problems and thus more experience in dealing with the project easily.
3. Discuss why a company might decide to save the money and utilize its in-house team as opposed to one of these firms.
Companies need to take stock of their performance once in a while; most companies go for external research firms to save time and money. Using an in-house team as opposed to one of these enterprises is numerous. Here are a few reasons why an in-house team is better:-
Integrated understanding- using in-house team is that they have a better understanding of the company, its policies, politics, and culture. As opposed to an external research team who needs to understand the business concept, the familiarity of the in-house team understands the problems the company has undergone and thus able to tackle it with ease.
Follow through/implementation- an internal research team can work on recommendation through the implementation of their projects. In-house teams can observe and support the implementation of their suggestions; help navigates the change, and tweak it along the way. Using an in-house team also allows for more possibilities for long term success within the organization.
Proactive planning- in-house teams can proactively create a plan before the problem occurs. With a good plan, the problem can be actively prepared before it happens. In-house teams are proactive and can quickly tackle problems in the company efficiently.
In-house teams are best suited especially when companies are looking to expand. Mergers and acquisition are sensitive subjects in the business world; an in-house team has the knowledge needed to make such decisions. They understand the business part of the company and have great insight in what the business needs. Multi-corporations use in-house research teams to make business decisions that will grow the company.
4. Explain how the tools discussed in the lecture might enable more companies to complete their research internally.
Using the research tools discussed companies using internal research as opposed to external research can achieve more. Internal research teams provide agility to the team this means they are not bound by rigid guidelines and research requirements. In this way, they can easily modify the research during the research period while still moving at the pace set by business needs. The tools used in research can be costly when using a research firm but with internal research, they cut costs. Costs, expenses, and resources can be carefully monitored and controlled when they use in-house teams. In-house research teams have access to company information and can analyze the data due to that product knowledge. It's a great advantage when businesses use internal research teams to build their business efficiently.
Improving marketing strategies, analyzing their pricing strategies and opportunities are the main points of research. Quantitative and qualitative research is undertaken to come up with actionable results. Quantitative research includes tools such as interviews, questionnaires, and surveys. These can be carried out in the company with each staff participating to get the required information. Qualitative research works using information from websites, newspapers, and other materials that contain statistical data. Internal researchers can use this tool to analyze effectively and come up with the right kind of data.
By actually using these methods they can easily find a research study that resonates with the intended business need. Marketing teams, as well as investment departments, can use these methods to increase business growth. Growing a business by regularly reviewing the strategies is a sure way to business success. Research tools for in-house teams are essential for high results and completion of successful research.
OdinText,. (2015). Next Generation Text Analytics. OdinText. Retrieved 18 March 2016, from http://odintext.com/
TNS Global market research company | Who we are. (2016). Tnsglobal.com. Retrieved 18 March 2016, from http://www.tnsglobal.com/who-we-are
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