Introduction
As a market research analyst, how often have you wished for extra hours in the day to refine your analysis and exceed client expectations? With automation, those hours are not just a dream—they are a reality. In a world with tons of resources to grow a business and modern technology to back this growth, time is money. It acts as a make-or-break factor for businesses trying to stay competitive.
Since we have established that manual research is not the most efficient use of an analyst’s time , as much of their day is spent on repetitive tasks like secondary research and data cleaning, this increases manual work and the risk of human error.
The result?
● Flawed data
● Skewed insights
● Missed opportunities for strategic impact
Why not spend this time to drive actionable insights? This means no more time squandering on data collection, cleaning, and transformation. While these tasks contribute highly to the success of a business, they are still predictable, repetitive, and require manual efforts.
Considering these pain points, Matos has developed a range of solutions for market analysts, as part of their Research Automation Suite.
The Key Advantages of Automation in Market Research
Automation offers several benefits, from reducing manual effort and improving accuracy to enabling faster decision-making but how can these benefits truly be realized? Our answer: Matos – specifically designed to facilitate this transformation in research methods.
Let us explore how automation can transform your research process through the example of Nvidia, a company famous in the space of high-performance computing. Given the large volume of data generated by a company like Nvidia, let’s take an example of data related to hiring trends:
Data Extraction at Scale: Overcoming Volume Challenges
As a large organization, Nvidia generates a massive volume of hiring data. Extracting key metrics requires extensive manual effort, consuming significant time of analysts and hindering their ability to keep pace with the growing volume of data.
To address this challenge, Matos enables automation of the entire data extraction process, liberating analysts from the constraints of manual data collection. By seamlessly integrating with the data source, Matos provided following key metrics for Nvidia:
● Headcount by months and years
● Headcount by job function
● Headcount of new hires by months and years and by seniority
● Count of job openings by function
Enhancing Data Accuracy: Minimizing Errors and Maximizing Value
While Matos undoubtedly saves countless hours spent on manual extraction, its benefits extend far beyond just time efficiency. Human error is an inevitable risk when analysts manage and process large datasets manually. This includes incomplete, mislabeled, or completely missed data. These errors can cost businesses time, resources, and money.
Continuing Nvidia example, Matos ensures consolidation and organization of entire all the extracted data. This allows analysts to build accurate insights on the datasets obtained from Matos.
Enhanced Competitive Intelligence: Gaining a Strategic Edge
Companies like Nvidia are constantly evolving, with many hiring hundreds of employees at any given time. Their hiring preferences are subject to rapid change, influenced by factors like market shifts, technological advancements, and evolving business strategies. Tracking these dynamic trends with the necessary speed and accuracy is crucial for market analysts to gain valuable insight.
Matos enables real-time visibility to changing trends ensuring access to the latest and most accurate information. Analysts can benchmark key hiring metrics against industry averages and Nvidia data, providing a clear understanding of Nvidia’s competitive position. This leads to a significant competitive edge for an organization using Matos to track its competitors.
Transforming Analysts into Data Storytellers
Successful businesses do not just take things at their face value, but they seek substantial outcomes when transforming the processes. Therefore, it is essential to see the real impact of adapting automation in research methods. With tools like Matos, analysts are becoming data storytellers, i.e., someone who can interpret trends and craft a story that guides businesses to success.
Automation: The Key to Unlocking Potential
Automation tools are streamlining the manual and hectic process of data collection. Analysts can now shift their focus to tasks that require human intervention and expertise, such as:
● Interpreting data
● Identifying patterns
● Developing actionable insights
This enables analysts to act as strategic partners within their organizations rather than being stuck in the technicalities of data processing.
Linking to the previous example of pricing analysis, automation allows analysts to identify patterns such as seasonal pricing trends, regional price variations, and how competitors adjust their prices in response to market demand or external factors. As a result, they can focus on developing actionable insights, such as forecasting future price shifts, evaluating the impact of pricing changes on market share, or identifying pricing strategies that drive customer behavior.
From Data Collectors to Data-Driven Strategists
Data in isolation is just noise. Automation is the only difference between a successful analyst and an unsuccessful analyst.
● A successful analyst leverages automation to become a data strategist.
● An unsuccessful analyst is merely a data collector with an extreme workload.
A data strategist collects raw data, draws connections between unrelated datasets, and turns it into a compelling story most likely to be adopted by decision-makers.
Analysts are no longer just interpreting numbers. With so much time, they can focus on why something happened and what steps should be taken next. For instance, by automating the secondary research, the analyst might uncover previously overlooked trends. This level of analysis is far more valuable to decision-makers and positions the analyst as a key contributor to the company’s pricing strategy.
Conclusion: Embrace the Future with AI-Powered Tools
Market research is an ever-evolving process. This pressures market researchers to deliver timely, accurate, and actionable insights. Manual data processing methods can no longer survive in this changing landscape.
To excel is to automate!
This is where Matos comes into play. An AI-powered tool like Matos stands to redefine the role of the market research analyst. With Matos, market analysts can finally break free from the laborious task of secondary research. It leaves the analyst to focus on more meticulous tasks like analyzing patterns, understanding price sensitivity in the market, and developing dynamic pricing models.
But the question is how?
It utilizes machine learning (ML) algorithms to elevate data quality by connecting with many natural language processing (NLP) tools that bridge gaps and ensure data completeness through AI model training.
And to what extent?
Instead of spending more than 60% of the time on data processing, analysts can leverage Matos to bring this figure down to just 20%. The goal is not to save time but to reallocate it to something more valuable, i.e., conducting in-depth analysis, developing new business strategies, and making informed decisions. As the analyst’s role shifts from reactive data wrangling to proactive business advising, the business gains a competitive advantage.