Not All Market Research Studies Need to Have Real-Time/Live Data Reporting!
There’s a surge in demand for “Real Time/Live Data Reporting,” often utilizing Power BI Dashboards as part of market research deliverables.
Power BI Dashboards are fantastic for bringing data to life, allowing users to customize with minimal training. They’re visual, and as they say, “a picture speaks a thousand words.” In the “Age of Data,” such technologies have made data easily accessible and understandable, with “Real Time Updates” being a game-changer in data-driven decision-making.
Industries like Retail, BFSI, Healthcare, Travel, Hospitality, Logistics, Manufacturing, and even Public entities have embraced this trend. However, not all Market Research Studies may need “Real Time Updates,” even for continuously run Tracker studies.
Firstly, let’s define Tracker studies. There are two types of market research studies – Trackers and Adhocs. Trackers are continuously run market monitors which provide businesses with a steady stream of intelligence (like Mystery Shopping), while Adhocs (also called Need-Based, Custom, Dip-Stick studies) are built to answer specific business questions (like UX studies).
Now circling back to “Real Time/Live Data Reporting,” for Mystery Shopping studies, data is never reported in real-time due to the study’s design construct (pre-decided survey questionnaire, data analyzed and reported at a collated level, and seen basis pre-designated reporting heads, etc.).
Investing in real-time reporting should only be done if there’s a genuine need and capability for immediate action.
For instance, a company with multiple coffee shops may conduct Mystery Shopping to assess staff performance and customer experience. But do they really need “Real Time/Live Data Reporting “?
Before opting for real-time reporting, stakeholders should justify its absolute necessity. If not warranted, Power BI Dashboards along with tools like Excel PivotTables and Online Dashboards can provide efficient monitoring and decision-making capabilities.
Final comment – a Dashboard is neither an insight nor a strategy toolkit. Invest wisely to maximize business benefits.
If you found this interesting, please do reach out to us to see how we can help you drive data driven business growth.
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