Research

Why conduct research?

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.

Some Common Uses of Research

  • Research efforts can be carried out to support business and public sector policy formulation, the startup of new business ventures, product development and quality management, the development of marketing and sales strategies, and generally to execute commercialization strategies.
  • Research is helpful at every point in the business planning process, from market and competitor analysis to identify the size of your market, the trends in your industry, who the main competitors are and what their proposition is, to analyzing buyer behavior and learning what customers need to be able to buy from you.
  • Profitability challenge faced by a soap manufacturer may result from poor operational practices or a misguided pricing strategy. To determine the underlying reason for this poor profitability performance will require conducting root cause analysis. The results of research efforts must support this analysis.
  • Research is the foundation for the formulation of public sector policy and guiding decision-making. The creation of new business ventures and innovation in existing micro, small and medium-sized enterprises (MSMEs) are critical to a country’s innovation and economic growth agenda. Therefore, creating an enabling environment for MSME innovation should occupy a central place in the government’s national strategy to spur innovation and promote economic growth. The requirements for effective policies in this area may still not be well understood. The information required to support policy and implementation decisions can only be accessed from a well-designed and executed research effort.

Some possible research topics include:

Challenges to MSE Innovation

New firms and innovative SMEs are best seen as agents of change in the economy, introducing new products and services and more efficient working methods. They often drive economies adaptation and the way societies address new challenges brought by the process of economic restructuring and development.  What are the main barriers to SMEs seeking to bring innovation to market?

Harnessing AI-based Technology Applications

What is the future of artificial intelligence, and how can it be harnessed to support business transformation? Research into the main developmental trends in artificial intelligence and the resulting challenges, including robots and automated systems, Internet-of-Things and AI integration, law, and ethics, among others. A research agenda is proposed to guide the directions of future AI research in business addressing the identified trends and challenges.

The Dynamics of MSME Growth and Development

What is the future of artificial intelligence, and how can it be harnessed to support business transformation? Research into the main developmental trends in artificial intelligence and the resulting challenges, including robots and automated systems, Internet-of-Things and AI integration, law, and ethics, among others. A research agenda is proposed to guide the directions of future AI research in business addressing the identified trends and challenges.

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