Did you know that 75% of the data from your survey data could be wasted? That is how much truth is lost on the cutting room floor and never makes its way to the final report.
When research is only delivered in static Powerpoint, much of the data is left inaccessible after data visualization, thereby minimizing the value of each research project. To this end, the final reports and presentations (both examples of unstructured data) are the end products of your primary consumer research that get housed in your company’s knowledge management system. The data files themselves (aka the structured data) are typically inaccessible, meaning 75% of your company’s research investment was inadvertently squandered.
As technology continues to advance our industry, more and more brands are investing in knowledge management systems to solve several important challenges. Some of the biggest wins that happen when the right data analysis tools and data analytics platforms collide include:
Democratized Access to Data:
In the information era, data is the new oil. However, its true value lies not in its mere existence but in its accessibility and usability across the organization. Knowledge management systems play a vital role in democratizing data, effectively leveling the playing field by allowing all team members, irrespective of their position, to access and use crucial data. By breaking down data silos and facilitating data sharing, these systems empower every team member with the insights they need to make informed decisions, stimulating a data-driven culture within the organization.
Reduced Duplication of Research:
The costs of duplicated research efforts, both in terms of time and resources, can be hefty for organizations. Fortunately, knowledge management systems tackle this issue head-on. They serve as a central repository for all research and insights, preventing redundant research efforts by ensuring everyone in the organization can see what research has already been done. This results in substantial savings on time and resources, enhancing operational efficiency.
Maximized ROI of Research:
Market research can be a substantial investment. To maximize its return, the insights gathered need to be readily available for use throughout the organization, and the speed of market research analysis has to significantly increase. Knowledge management systems enhance the ROI of research by centralizing these insights and making them easily accessible. This ensures that valuable data is not sitting idle but is being actively used to inform decision-making, optimize strategies, and drive business growth.
Established Single Source of Truth Inside an Organization:
In today’s complex business environment, companies are often hampered by conflicting data from different sources. Knowledge management systems help overcome this by creating a single source of truth inside an organization. They collate data from diverse sources into a unified, accessible platform, ensuring consistency and reliability of information. This leads to better decision-making, as teams can trust the data they are using, knowing it is up-to-date, accurate, and consistent.
Knowledge management systems today, such as Lucy, Stravito, Market Logic, and Northern Light, are instrumental in democratizing insights across enterprises. They leverage a company’s unstructured data assets to bring to the surface a wealth of knowledge, enhancing data accessibility and driving informed decision-making across the organization.
Opportunity exists to combine and unlock the power of both structured and unstructured data inside your company’s chosen knowledge management system, maximizing the impact and reach of every research deliverable and data set.
Data should flow in near real-time, where you want it, whenever you need it to allow your teams to uncover the insights they need to move the business forward. This can be easily achieved today by getting the ResTech stack right, and KnowledgeHound exists as the final piece of the puzzle. We’re a technology solution that powers the insights from the other 75% of the data, the structured part of your data, ensuring it no longer goes to waste.
Powerful integration means powerful outcomes. We’re always updating our partnerships and APIs to help companies get their ResTech right. Let’s talk about how KnowledgeHound integrates can increase your team’s efficiency and speed to insight by getting more from your existing data.