An insights and research repository has become an essential tool for modern businesses due to the significant challenges posed by traditional knowledge management practices. The process of gaining insights is often plagued by difficulties such as accessing past data, utilizing past research, onboarding new team members, and more.
Here are some factors that increase the need for an insight and research repository:
Data silos
Research can be conducted by various groups within an organization or outsourced to specialized researchers. The data collected is usually siloed and inaccessible to most people, making it difficult to analyze and understand it. Moreover, due to tribal knowledge, it's even harder to make sense of this data.
Repeated research
The inception of insight repositories was primarily driven by repeated research that new team members often conduct. This redundancy leads to a waste of time and decreases the ROI of insights. Usually, business stakeholders become skeptical of research reports due to the recurring nature of research studies and similarities in findings. This diminishes the credibility of both the researchers and the reports.
Lack of structured research reports
There is a lack of structure in how research reports are created, stored, and shared, leading to difficulties finding and utilizing them effectively. Due to this, researchers may interpret data differently, and the insights may not align with the business problems.
Moreover, the absence of a data-driven structure in findings leads to distrust among stakeholders toward research reports.
Arbitrary workflows
Large organizations struggle to gain insights into research studies conducted at a larger scale due to the complexity of the data collected. For instance, variabilities in project intake forms and research methods make it difficult to understand processes.
Highly fragmented tools
The need for an insights repository arises due to the high fragmentation of existing market tools, including software solutions, communication and management tools, and current tech stacks. With varied and disconnected tools and solutions, it can be challenging to manage information effectively. That is because there are multiple levels of conversations and interactions across various organizational levels.
Therefore, a centralized insights and research repository is needed to address these challenges and provide a more streamlined solution for managing insights and research effectively.