Utilizing Automation & Outsourcing to Maximize Market Research Effectiveness
Outsourcing and automation are cost-saving tactics that many pharmaceutical and biotechnology companies are increasingly utilizing. In today’s dynamic biopharmaceutical marketplace, where consumer needs have no boundaries, tactics such as outsourcing and automation can provide sustainable and efficient function options, especially in the field of market research.
In order to provide maximum value to internal clients, market research teams must regularly generate a significant number of secondary reports while also continuing to provide more strategic insights. In regards to using outsourced personnel, some key findings from our primary benchmarking research included:
- Satisfaction with Outsourced Work: Most companies market research groups found that in general, internal clients on different brand teams are satisfied with the work performed – and sometimes even directly delivered – from contracted personnel.
- Outsourcing Types Used: Outsourcing personnel for primary research is a much more popular option than outsourcing for secondary research and analytics. This can be seen by the 63% of companies that hire for primary research versus the 56% for secondary research and 44% for secondary analytics.
- Outsourcing Often Seen as a “Time Save”: The outsourcing of secondary research – both analytics and report preparation- is often seen as a time-saver. This enables internal employees to redirect their time and focus elsewhere. Despite this, only 50% of respondents did not discern appreciable time savings for the outsourcing of primary research.
When observing the effectiveness of system automation to enhance market research performance, it was seen that:
- Popularity of Automation: Nearly 63% or market research groups in the pharmaceutical industry have succeeded in automating some part of their overall function. Use of automation in market research is on the rise, usually in the outputting of secondary data and reports.
- Client Satisfaction: Commercial clients rated automated secondary report generation as the highest in regards to satisfaction ratings. This only adds to why it is increasing as a useful tool for different companies.
In order to maximize business impact and improve efficiency with limited resources, leaders must constantly evaluate the manner in which they are allocating their resources. Understanding the value of automation and outsourcing, and how other pharmaceutical and biotechnology companies have successfully implemented these tactics, can help companies to gain critical efficiencies.