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Relying on human capital and the likelihood of errors associated with it, are two highly variable costs that pose genuine risks of a blow-out. For companies that pride themselves and would even stake their reputation on quick, accurate and indispensable work, the concept of letting go of errors is a non-starter. Therefore, valuable resources must be spent going back over work and ensuring that data processing, analysis and reporting all are faultless.
The bottom line is that the time spent catching, tracing, and fixing those errors cost market research companies millions of dollars each year.
Many business leaders are realizing that repetitive tasks are better fulfilled by modern software and that they can replace the old manual, siloed analysis, and reporting process with an integrated, fully connected system. While this means that the initial investment in software will increase, this will be offset by the decreasing cost of human hours per project. Inevitably, the cost of human hours and errors will shrink alongside the manual grunt work and siloed processes.
