Research is essential for the developing knowledge and the discovery of useful data and information that can support critical business decisions. Business is about navigating an environment where there exists uncertainty. Without research, we are all just guessing, which can result in costly mistakes. It is far better to be equipped with relevant information that can guide and enable you to move forward with the right direction. By conducting research, we uncover information to help us to mitigate the risk of not knowing. Research enables policymakers in both the private and public sectors to make informed, evidence-based, and data driven decisions.
Business research leads to discovery, reduces uncertainty, and improves decision-making outcomes. It is indispensable to strategic decision-making, such as defining competitive challenges, improving business practices, establishing partnerships, and searching for business opportunities. With limited resources, small businesses are vulnerable to strategic decision-making mistakes; as a result, mastery of the business research decision-making process is vital for small-business managers.
Business research typically seeks to provide answers to problems that have been identified, or business opportunities that need attention. It is vital to ensure effort is not spent researching the wrong problem; this can be costly and time-consuming.Therefore, it makes a huge difference whether you take account of the available empirical evidence when making a decision that involves risk or the probability of losses.
Research objectives are the expected outcomes or deliverables of the business research process. The type of decision and problem definition determine the objectives of the research. For example, a research objective may be identifying causes of delays from suppliers and poor supply-chain management that is negatively impacting the business. This will, of course, require researching to uncover the underlying reasons for the problem faced by the retailer.