Notes

Elliott & Associates Research Consulting Global Markets: What it Involves

David Frigstad, Chariman of Frost and Sullivan, says that “corporate growth is driven by globalization, free market economies, and increased global competition.” As such, his company focuses on developing innovative strategies for their clients through Customer Research, Market Consulting, Growth Workshops, Market Research among other services. Research obviously plays a vital role in enhancing business growth. Like Frigstad’s firm, many other companies provide research consulting as a crucial part of a modern dynamic company.

What is research consulting?

Research consulting or Research-Based Consulting involves a more personalized engaged method of applying an extensive body of research, data-driven insights and best practices to a company’s specific business challenges. Firms providing research consulting as a service employ their experts and analysts to leverage their world-class research and proprietary data for any particular company’s objectives. They can readily design and tailor recommendations based on their portfolio of frameworks and methodologies.

Invariably, research consultants strive to remain independent of any technology bias or vendor influence in order to provide an external viewpoint that may challenge conventional wisdom in any business or industry sector.

Insights derived by expert research consultants are tailored according to a company’s role in any business or industry and the critical initiatives undertaken to fulfill that role. Research independence is essential to remove the common mistakes and biases that often make business decisions either fall short of their goals or are made in accordance to the interests of other companies or any external institution.

Some of the specific methods utilized in research consulting include the following:

• Visioning Sessions
This involves focusing on a company’s critical goals with analysts and consultants during highly customized interactions. Effectively accessing both the technologies and the trends that will affect a company’s future state is the primary objective of any business concern. This step also includes defining appropriate success metrics and share best practices from companies that are blazing the trail. The consultant’s research-based insights can validate planning, gain stakeholder confidence, and impel organizational improvement.

• Business Cases
These consulting sessions involve rigorous investment strategies to determine the total economic impact of a company’s business. By comparing the organizational effects of technology options, the consultant enables a company to validate input and determine strategic goals. A company can develop a robust business case that demonstrates the value of technology change in relation to cost, benefit, risk, and future flexibility.

• Maturity Assessments
Working through the perspective of a firm’s present strategy, management and performance, a research consultant assesses the strength of an organization’s capabilities. This allows a business to compare vital disciplines, such as technology, measurement, and culture in relation to best practices. After determining any gaps in maturity levels, the consultant recommends closing such gaps and moving forward.

• Vendor Selection
Research consulting offers this consulting engagement to dramatically increase the successful selection of tools and technologies that closely align with a firm’s organization’s requirements. Throughout the vendor selection process, guidance is provided based on evaluation of the strength of a vendor’s present solution, future product strategy, and market share.

• Organizational Design
This requires enhancing a company’s organizational structure, skills, and alignment through capability assessments. This consulting service helps identify crucial strengths and weaknesses within the organization and apply best practices to enhance design and transition plans.

• Strategic Road Maps
In order to support and sustain long-term success, research consulting provides strategic road maps that are founded on objective research. These road maps reflect real-time data collection from companies encountering parallel challenges, to help appreciate the achievements, prioritizations, tradeoffs, and risks encountered. Recommendations at crucial periods are provided, including the creation of a start-to-finish road map before the implementation.