By Daniel Hunter
New research suggests that British businesses waste more than £14 billion on research every year.
The study, by cloud knowledge platform InsightBee, found that 62% of the near three million workers in the UK's professional, scientific and technical industries,feel their research is unreliable and the time spent conducting the research is wasted.
InsightBee also found that, on average, 638 hours are spent on research per person. It means more than one billion hours and more than £14bn is wasted on research each year, based on average salary data from the Office for National Statistics (ONS).
The scale of employee dissatisfaction illustrates the need for businesses to alter their approach to research, not just to improve productivity, but also to support greater staff wellbeing, InsightBee said.
Manoj Madhusudanan, Managing Director of InsightBee, said: “This research shows that the amount of hours and revenue being wasted by businesses is a real problem in the UK. Businesses are being held back as a result of sourcing research that does not provide any meaningful insight into their marketplace, clients or even their fiercest competitors. As the economy expands and more business opportunities emerge, having a productive and efficient business research model will be an essential tool in gaining a competitive advantage.”