30% Reduction in Operational Costs with Optimized Productivity

A leading benchmarking firm, known for its in-depth market analysis and industry insights, was struggling to manage unpredictable surges in its workload, particularly on knowledge management and ad-hoc research projects. This was leading to increased costs, reduced operational efficiency, and strained internal resources. The Phronesis on-demand research team was brought onboard to help improve operational efficiency, reduce costs, and enable more strategic decision-making, particularly in the face of fluctuating workloads and growing project demands.

Objective

The firm’s primary objectives were to improve operational efficiency, reduce costs, and empower its internal teams to focus on higher-value tasks. It needed a solution that would streamline workflows, increase productivity, and ultimately allow for faster, more informed decision-making. The overarching goal was to refocus internal resources on strategic work while maintaining high-quality research and knowledge management support during peak periods.

Solution

Phronesis Partners’ on-demand research team was brought in as a dedicated extension of the firm’s internal team to address these challenges and drive operational excellence. Initially, the partnership began with a pilot phase focused on delivering knowledge management support. This included handling the influx of research inquiries, allowing the firm’s in-house teams to allocate more time to strategic work.

As the project evolved, the scope expanded to include a broader range of services, such as:

• Topic identification: Analyzing knowledge management requests to identify key themes and trends
• Information collection: Conducting secondary research to gather relevant data on KPIs, surveys, and analyses
• Expert interviews: Sourcing and connecting with thought leaders for qualitative research to gain in-depth insights
• Advanced analytics and synthesis: Analyzing qualitative data, surveys, and expert interviews to extract meaningful insights
• Information visualization: Presenting findings using data visualization tools like Tableau and Power BI, as well as motion graphics and infographics

Phronesis also ensured that the team was available during US business hours, maintaining an average response time of just 15 minutes and conducting regular governance calls to monitor performance against key performance indicators and service level agreements.

Results

Through its partnership with Phronesis, the firm achieved significant improvements across several key metrics:

• 25% improvement in operational efficiency: Internal teams spent less time on research and knowledge management tasks, increasing overall productivity
• 30% reduction in operational costs: Outsourcing research and knowledge management activities helped lower costs significantly
• 40% increase in analyzed trending topics: Phronesis’s workflows allowed the firm to analyze more topics in less time, enhancing its responsiveness to market changes
• 20% forecasted revenue increase over the next two years: The firm identified new revenue streams through custom research and opportunity assessments facilitated by Phronesis’s support
• 15% increase in project engagement diversity: The firm expanded its range of services and research capabilities, enabling it to tackle a broader array of projects
• Decreased response time: The firm reduced average response times to just 15 minutes for ad-hoc research requests, improving service delivery and client satisfaction

This collaboration enabled the firm to optimize its knowledge management processes, reduce costs, and refocus on core competencies, ultimately positioning it for sustained growth and success in a competitive market.