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Digital advancement is changing how researchers and businesses leverage data to keep-up operational efficiency.
Before the impact of COVID, businesses were adopting a digital research approach at a steady pace.
However, with COVID, digital adoption has accelerated. The pandemic protocols have created a shift in customers’ priorities and needs. It has become more challenging to target them with accurate business strategies.
The dynamic shift in the market landscape has changed the business.
Many organizations have realized the need for online research to catch up with the inconsistent change in customer sentiment. Marketers understand the need for agility, but they don’t know how to shift effectively.
Although it is not something new, ResTech, is the new path for research.
ResTech, a term used for Research Technology, is a research arsenal. It describes the software, tools, and technologies used to analyze data and draw insights.
Previously, the technology used for the research market was a programmatic connection between systems. But ResTech includes all technologies and tools that have led to an innovated research industry.
Be it SaaS or on-premise hosting, the technology provides you the option to have complete control over your research. It includes AI (conversation and visualization) and text analysis, which automates – fully or partially – the entire process.
ResTech is the innovation that automates every small or big previously manual task. It saves company resources and time.
Some examples of emerging ResTech solutions are:
Evolved Group: The platform introduces advanced chat and text Analytics in its conversational AI. They intend to replace traditional surveys with engaging and realistic conversations.
Pureprofile: The platform empowers brands with its Audience Intelligence SaaS platform. The technology leverages real transaction data, which can help a brand learn about a customer’s purchase habits.
We have seen the market research industry moving from knocking on the door carrying a questionnaire, calling every telephone number to online surveys found in the middle of your game. With the introduction of technology in these eras, researchers have realized how it has progressively become easier to match the demand – data and customers.
While previously, only large-scale businesses could afford to gather data in large volume using an online survey platform. Now ResTech has made data more accessible and affordable for small businesses.
The demand for data is increasing to make data-driven decisions. The assets ResTech proudly stands on are its speed, transparency, and data quality. The new technology allows researchers to execute surveys on any scale without needing any big research industry.
ResTech has disrupted the way traditional research takes place. The intertwining of research and technology is making it more seamless and efficient. It has caused a massive evolution in market research.
Create an actionable feedback collection process.
Businesses need real-time insights to plan out data-driven decisions. Traditional market research cannot help produce real-time insight.
ResTech delivers dynamic insights in real-time for businesses to adapt to the dynamic market environment.
The technology can deliver the insights directly to the companies in need. It is a research method founded on the capability of technology. It helps organizations to become more flexible to the changes.
COVID protocols have made it challenging to meet our friends and families. It has become even more challenging for businesses relying on traditional customer research. Focus groups and Face-to-Face interviews have started to decline.
ResTech provides the solution for this issue as well. Companies have shifted their focus on gathering qualitative and quantitative data digitally. ResTech, with its advanced software, is empowering such businesses by giving them access to an online audience (or panel members).
Access to an online audience provides a cost-effective alternative to the business. As a result, you can survey the audience that meets your target audience. With a vast pool of pre-qualified audiences, You can get insights without having to think about “social distance” in this new normal.
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Qualitative researchers have always considered technology as a barrier to gathering in-depth insights. Many believe that technology cannot understand human insight or tell the story after translating data points.
However, the introduction of ResTech is making it less challenging. Gathering qualitative feedback from customers and analyzing it for insight-driven business has become more coherent and economical.
ResTech provides tools like text analytics that allow you to evaluate and interpret qualitative feedback comprehensively in a few seconds.
Instead of an analyst going through each feedback, you can take advantage of ResTech to derive recurring patterns and themes in the qualitative feedback.
Moreover, you can prep the data better before analysis to better understand the qualitative data with tools like data cleaning.
Survey takers don’t think about the difficulty you have to go through when analyzing their feedback. They provide you with their thought without restrictions. However, qualitative analysis can get challenging.
Moreover, if you go about it traditionally, i.e., without technology, it will take forever for you to reach a conclusion. By that time, customers would have changed their minds.
ResTech makes qualitative analysis more efficient. By delivering you insight as soon as the data comes, you stay updated with your customer’s sentiment. It allows you to prepare your future actions while deep diving into customer feedback.
Humans are more biased. Often without intention, qualitative researchers get influenced by the feedbacks they see early in the analysis. It is easier for the research to be impacted by this and skew the analysis.
Technology cannot be biased. There are lesser odds of skewing the research due to biased analysis. Moreover, ResTech helps identify interesting patterns and trends that you may not figure out.
Global privacy law like Europe’s GDPR, California’s CCPA has posed challenges for companies to collect customer data via online sources.
Although, data collection done by companies is not a danger to the customers. Web users need a certain amount of control over who and how companies can access personal data.
ResTech provides solutions to meet the privacy practices and successfully gather required data for companies who need it. Modern research technology ensures transparency in the acquisition of data.
ResTech gathers ethically sourced data. It relies on collecting only content-based consumer data. The platform helps companies reach out to the consumers who have consented to participate in surveys or research.
Billions of dollars are spent globally on research. Very few successfully generate value. And, few can keep up with the demand of customers.
ResTech is evolving the way research is done in this growing industry.
From gathering HIGH-QUALITY DATA – to ANALYZING – to DECISION MAKING – ResTech can automate anything and everything to help you stand out in the competition.
ResTech is used to define Research Technology. It describes the software, tools, and technologies used to analyze data and draw insights.
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