Ad-Hoc Market Research
Market research projects come in a variety of forms. Ad-Hoc Research is specifically designed to address a particular problem when there is insufficient existing information. The market research is usually conducted and funded by the client company, and the tailor-made solution is proprietary to the client. Ad-Hoc market research can be either custom-designed or carried out as an omnibus survey. The market research process utilizes company data from various sources and helps stakeholders assess an event and formulate actionable steps. Generally, ad hoc market analysis is conducted by businesses whose data analysis needs are not fulfilled by static business reporting.
Ad hoc reports are prepared in a visual format that makes them easy to understand, regardless of how much data expertise an individual has. The ad-hoc analysis provides business teams the ability to determine what happened and why and how something happened. Since the market report are made on “as-need basis,” the ad-hoc report elements can be manipulated or changed as per will in real-time. This provides an in-depth analysis of the insights, which are otherwise not covered in traditional static reporting.
At TechSci, ad hoc reporting and analysis are made by expert data analysts and technical specialists using business intelligence tools. We prepare concise, precise, intuitive, and shareable ad hoc reports that help foster collaboration and decision-making. Ad hoc reporting tends to vary from business to business, but we have all the required tools and skillsets available to meet the business needs of every industry, from consumer goods to hospitality, manufacturing to healthcare, retail to hospitality, and so on.
Benefits of ad hoc market research
Customizable
Ad-hoc market research studies can be customized in real-time as per the needs and requirements of the clients. This type of analysis supports various niche business needs, which are generally not covered in standard reports. Many business intelligence ad-hoc solutions provide templates for easier adoption and restrict data needs to only what is required. Therefore, for granular market insights, an ad-hoc market report is the best option for companies that want to address micro-level issues at any stage of the business process.
Guarantees flexibility
The end-user of the ad hoc report can ask for modifications such as adding on additional questions, targeting specific markets, identification of demographics, etc., from the researcher. In a way, an ad hoc report guarantees flexibility to clients that aim to accomplish research goals and objectives.
Streamline decision-making process
The valuable insights and data gathered during the research process can be incorporated into the enterprise’s decision-making and strategy-building process. Once the data is analyzed, the client and their team can make improvements to run the business more smoothly.
Agile decision making
Businesses are constantly evolving in a dynamic environment, which has made it necessary to adapt and evolve quickly to stay competitive. Ad hoc market analysis makes it possible to answer questions that can address loopholes and help faster decision-making. Besides, data visualization associated with ad hoc reports is easier to comprehend when compared to standard reports with complex and unstructured data.
Saves time and money
Ad hoc reporting tools eliminate the need for developers to save the business money, help with queries, and create reports. The self-service business intelligence tools reduce the time which organizations spend on data collection, analysis, and reporting. Ad hoc research studies quickly fulfil a company’s research needs, which helps save the organization money by delivering results quickly and efficiently.
Enhance Operational Efficiency
Data offers a wealth of opportunities to organizations that can be utilized to enhance operational efficiency and increase profitability over time. In this day and age, failing to leverage digital data to your advantage could be a significant bottleneck for the company's sustainable growth.
How Ad-Hoc Analysis Helps Organization?
Ad hoc analysis helps organizations know the latest trends and patterns that impact the sales of their tangible/non-tangible products. For instance, an ad hoc report shows an event that influenced sales at a particular point within a specific timeframe. End-users can gather insights into every aspect of the sales process and identify the factors for the slow cycle. The company can also determine how its existing marketing strategy is performing to boost sales and change the course of action if needed.
Organizations providing financial services used to rely on unstructured historical data and trends to forecast future performance. But now, they are relying on ad-hoc data analytics for better tracking and predictive analysis. This helps organizations better measure and quantify risks for improving cash flow and boosting corporate value.
Ad hoc analysis can also be used in the healthcare industry by promoting greater transparency and helping stakeholders make better resource allocation, budgeting, staffing, etc. Healthcare facilities can conduct ad hoc analyses to enhance greater operational efficiency and reduce mortality rates.
| Static Report |
Ad Hoc Report |
- Offers surface level-reporting
- Considers predetermined set of business metric
- Designed to answer general questions
- Users cannot gain relevant insights necessary to make daily business decisions
- Leaves end-user with the ability to ask follow-up questions
- Spreadsheets are difficult to understand and navigate and there is no easy way to see trends or compare data
- No real-time collaboration exists
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- Provides dynamic, real-time, and highly relevant in-context analyses
- Offer more granular level insights to make critical decisions on-demand
- Time-specific and created on demand as per client’s needs
- Ad hoc reports are created and immediately analyzed for decision making
- Empowers anyone with/without sound technical knowledge to find answers to most pressing questions
- Enhanced visualization makes understanding and gathering insights easier
- Reports are shareable and accessible from everywhere with the help of business intelligence tools
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TechSci Research assigns ad hoc research adhering to the client’s specific requirements such as age group, NCCS classification, and a territory or region and gender breakup. With the aforementioned parameters, the target group is identified, and research is conducted.
TechSci Research usually works on the anticipated framework of results. A business decision may rest upon this quantitative survey.
