InsightBee, the cloud based knowledge platform, has released a survey looking at the amount of time and money businesses in the UK spend on sourcing unproductive research each year.
The study, supported by the Office of National Statistics (ONS), reveals that UK businesses waste an estimate of £14bn a year on ineffective and unproductive research.
The studies claim that one billion hours are wasted each year by UK businesses and that 62% of employees feel their research is unreliable or wasted.
Manoj Madhusudanan, managing director of InsightBee, said: “This research shows that the amount of hours and revenue being wasted by businesses is a real problem in the UK.”
Madhusudanan also mentioned that “as the economy expands and more business opportunities emerge, having a productive and efficient business research model will be an essential tool in gaining an advantage.”
The business case for streamlining the research process is supported by the fact that nearly two-thirds (62%) of employees feel as though the research they find is unreliable and their time spent researching is wasted.