Advanced insights and analytics in the research sector

Advanced insights and analytics brings unforeseen potential to predict customer behaviours and make effective organisational decisions. Analytics also gives the research profession a chance to gain ever deeper understanding of consumer trends and citizens' views.

To support this, we offer a range of support to build the connections and broader skills needed to shape the insight experts of the future. These prodcuts and services were informed in consultation with the sector and inspired by Ada Lovelace. Never fully recognised during her lifetime, Ada is now seen as the creator of the first computing language. 

• A wide range of integrated specialist training courses

• Company Partner Accreditation to demonstrate organisational excellence

• A new MRS Innovation in Data Analytics Award 

• One day conferences on  data analytics and CX/UX insight

• A specialist interest group – the ADA Network  – for advanced practitioners 

• News and views on analytics in Research Live and Impact magazine

Why MRS?

MRS is already a global leader in training and qualification provision, catering for the ever-changing needs of insight professionals for over 75 years. As the UK’s professional body and regulator for the market research and insight sector, MRS also has unprecedented access to the commercial thought leaders of the biggest and most influential clients and suppliers.

MRS has the right expertise in research standards, as well as regulation. It’s ideally placed to provide a much-needed framework of competence through a Code of Conduct relevant to the analytics market. With the data analytics market moving so rapidly,  accreditation and best practice frameworks will become ever more important. Data is capable of bringing impressive new wins for the insight sector - as long as you give your professionals the core skills and culture they need to maximise impact.

A word on Ada Lovelace

Ada Lovelace (1815-1852) was the daughter of Lord and Lady Byron, Ada was tutored in maths and science – a rarity for girls of her generation. At the age of 17 Ada met Charles Babbage, mathematician and inventor of the mechanical calculator, who was to become her mentor. It was a decade later, while translating a French article about Babbage’s work, she noticed that his calculator had more potential than anyone had realised. She produced extensive notes on her theory that his machine would also be able to digitise music, pictures and text.

Although Ada Lovelace’s forward-thinking work gained respect at the time, it wasn’t until over a century later that it was recognised as the first computer algorithm, making her the first computer programmer.

How data analytics is changing market research 

Data science technologies and methodologies give the market research industry a chance to gain an even deeper understanding of consumer behaviour – insight in such a level of detail that was previously unheard of. By combining consumer data, behavioural data, attitudinal data and advanced analytics, there’s now a huge array of new possibilities across the traditional market research spectrum of methods - and data analytics is now seen as a vital part of any market research project.

From joining up data from different sources to generate advanced segmentations, to uncovering complex relationships between multiple business processes and customer impact, and predicting new opportunities, data-driven insight is giving organisations the tools to make better business decisions faster.

Size and speed counts
The sheer size of data available is transforming what’s possible for market research and insight. There are huge sample sizes in play, with very large datasets now able to be analysed for patterns and correlations to predict future outcomes (or ‘data mining’). Getting this kind of in-depth information about entire markets has simply not been possible before now.

Data analytics software allows teams to swiftly produce actionable insight from combining and analysing unstructured datasets from different sources and languages. Businesses can then move quickly to take action, making them reactive - but also crucially in today’s business landscape - proactive. Mobile data collection tools and wearables have also shifted the focus from consumers needing to self-report, so data is far easier to collect.

Embedding analytics
Although it’s still early days in data analytics, what’s clear is that it has the potential to disrupt entire industries. Organisations that embrace this opportunity and embed data analytics into their culture as they prepare for a transition stand the greatest chance of long-term success, while those that don’t will be left behind. Rather than treating market research and data analytics as competing disciplines, successful businesses know that in order to maximise returns on insight and analytics they must bring the two together for a strategic organisational approach.

Using data ethically
Where big data goes so do the inevitable data leaks and security breaches, with high-profile organisations naturally making the most headlines. Data privacy is now a very real concern among consumers who are becoming rightly focused on how their personal information is stored and used, and the power this gives businesses (as well as those they sell it to). It’s crucial that, to compete in a data-driven world, businesses must be ethical, transparent and keep firmly fixed on effective security safeguards. Data may now have leapfrogged oil to become the world’s most valuable resource, but responsibility to consumers is becoming as crucial as the actionable insight this data brings about.

Find out more  

Contact us if you're a Company Partner, an MRS member or if you are interested in finding out more about our data analytics support. Telephone: +44 (0)20 7490 4911 or email: info@mrs.org.uk

Data analytics and insight - how can MRS support you?

For researchers and analysts alike, MRS provides training, content, networking and awards.

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