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Smart Manufacturing and Custom Market Research

Why the World Needs Smart Manufacturing Now

In recent times, technological advancements have transformed the manufacturing industry. As experts speculate the benefits and detriments of these advancements, it is widely accepted that smart manufacturing is leap forward for manufacturers across sectors. Currently, smart manufacturing is becoming the focus of manufacturing globally. It is the integration of the manufacturing industry and new-age information communication technology. As this change permeates the manufacture process in the form of smart factories and the adoption of industry 4.0, it is transforming traditional manufacturing for the better.

The benefits of smart manufacturing are unparalleled, for instance, it can accurately predict requirements, identify errors, make innovation easier, and make the manufacturing process easier. It is crucial to note that smart manufacturing is the process of combining various technologies and solutions and implementing it into the manufacturing process. These technologies and solutions are referred to as ‘enablers’ and include artificial intelligence, blockchain in manufacturing, industrial internet of things, robotics, and more. Unlike the commonly misconception of it being a direct implementation on the existing process, the actual process is long-drawn and challenging.

For this reason, manufacturing companies across the world are leveraging custom market research solutions, to help them understand the market and make the transition easier. In this article, Infiniti’s research experts highlight the various benefits of, and factors affecting smart manufacturing. Additionally, they highlight the benefits of custom market research for the industry.

Smart manufacturing is taking the world by storm, and it is crucial for manufacturing companies to be prepared. Get more information to learn more about this global phenomenon and what it means for your company.

Smart Manufacturing and IIOT

The industrial internet of things (IIOT) is an ecosystem where every device, machine, and process is connected through data communication. It incorporates machine learning and big data, while harnessing sensor data and automation. The concept behind IIOT is that machines capture, analyze, process, and communicate data better than humans can. Giving manufacturers the opportunity to identify inefficiencies and find solutions faster than they ever could previously. IIOT can make smart manufacturing faster, more efficient, and more profitable. It does this by providing manufacturers with precise information throughout the production process.

The Benefits of Smart Manufacturing

Technological advancements offer various benefits in every industry and sector. In the case of smart manufacturing, these benefits change the manufacturing process entirely. Every smart factory provides manufacturers with the following impactful benefits:

Automated data:

All the information procured and made available through the technology implemented in smart factories allows managers to make more informed decisions. It also makes it possible for manufacturers to link their technology with business goals and measure their key performance indicators more efficiently.  

Predictive maintenance:

With constant, precise information from their technology, smart factory managers can predict and resolve maintenance issues. This, in turn, avoids downtime and negative effects on product-quality.

Significant cost reductions:

Smart manufacturing allows manufacturers to increase forecast accuracy and reduce waste. It also provides better insights into supply chain systems, such as demand levels, inventory, delivery status. This helps reduce costs with appropriate supply-chain and demand management.  

Enhanced productivity:

With seamless data on bottlenecks, machine maintenance, and functioning, and operational inefficiencies, manufacturers can substantially enhance productivity. Smart manufacturing helps make the required adjustments to improve quality, reduce waste, and potentially increase yield.

Smart Manufacturing and COVID-19

As the world attempts to recover from the COVID-19 pandemic, businesses and manufacturers across the globe suffer losses. With mandated social distancing in most countries, continuing the traditional manufacturing with hundreds of employees present is not possible. This has led to considerable growth in smart manufacturing. With a reduced need for manpower, and high automation, not only can manufacturers continue production, but they can also recover from their losses with high efficiency, and lower costs.

The world is slow to recover from this pandemic, and industries across the globe are changing to a data and IoT dependent work approach. Businesses are encouraged to create more technology-dependent work modules, to reduce risks and losses. Digitizing processes provides manufacturers with increased flexibility that will be essential in coming years. It also allows businesses to protect workers, safeguard jobs, and build an adaptable manufacturing industry.

Identifying and successfully stepping into the future with the manufacturing industry is crucial. As opportunities present themselves, speak to our experts to learn how to seize them in the best way possible.

The Benefits of Custom Market Research for Smart Manufacturers

In times of fast and crucial change, businesses must rethink their business model, marketing approach, and strategies for various facets of the industry. Custom market research solutions address unique business challenges and develop comprehensive, unique strategic solutions. As the smart manufacturing industry grows at breakneck speeds, manufacturers need assistance in successfully transitioning into industry 4.0. Infiniti’s experts further detail the benefits of custom market research solutions:

Targeted Research:

Custom market research solutions allow businesses to focus on specific pain points and procure target market research regarding them. This targeted data enables businesses to acquire forecasts regarding market trends and market growth in their niche market space. As industry 4.0 evolves, these solutions always allow businesses to be prepared and a step ahead.

Deeper Insights:

Custom market research companies provide insights based on a combination of primary and secondary research. With insights from industry experts and major stakeholders, as well as a compilation of information from various industry forums and databases, this data is detailed and highly insightful. These insights can help manufacturers identify potential risks with proven data and develop actionable strategies as they work towards creating their smart factories.  

Comprehensive Research:

Custom market research solutions compile information effectively from various sources. Additionally, custom market research companies help companies develop the ideal strategic approach to challenges and overcome them while evolving with the market. Industry 4.0 is challenging, and comprehensive data can help manufacturers embrace the changing market efficiently.

As industry 4.0 and smart manufacturing evolve, companies must ensure they are prepared to evolve as well. Custom market research solutions make this possible. Request a free proposal to gain comprehensive insights and actionable solutions.

Qualitative vs Quantitative Research

Quantitative Research vs. Qualitative Research: Definitions, Types, and the Importance of the Mixed-Method Approach

Research is a crucial addition to the repertoire of any organization. Approaching research appropriately can help companies and industries identify gaps, strategize for future changes, and develop efficient strategies. Important to various business and market functions, research also allows for companies to acquire a competitive edge over their key competitors. Market research includes collecting, analyzing, and interpreting information about a market within any industry, and utilizing this information to maximize efficiency, enhance profits, and make savings. Research is often divided into two major types – quantitative research and qualitative research. Research experts at Infiniti Research detail the definitions, differences, and importance of qualitative and quantitative research methods in this article.

Market research is a crucial tool for every industry. Request more information to learn how Infiniti Research uses custom market research solutions to provide effective and strategic, actionable market insights.

What is Quantitative Research?

Quantitative research is a systematic empirical method of collecting, analyzing, and studying data. Most often, statistical, mathematical, and computational methods are used to carry out this method of research. The term quantitative is known to define numerical values of all kinds, making quantitative research a highly mathematical and statistical process. Quantitative research is used widely in the fields of psychology, economics, sociology, health & human development, and as stated in the introduction, market research. There are four types of quantitative research:

  • Descriptive Research: This method aims to describe identifying characteristics of the population or phenomenon that is being studied. This is the most effective and is the preferred method for quantitative market research.
  • Correlational Research: This method aims to measure two variables and determine the extent of the statistical relationship between the two variables.
  • Causal-comparative Research: This type of study aims to determine a cause-effect relationship between two variables. In this case, an independent variable is not manipulated, while the second (dependent) variable is manipulated to determine the effect former on the latter.
  • Experimental Research: This method uses experimentation to determine the cause-effect relationship between a group of variables. In this case, an independent variable is manipulated to determine its effect on multiple dependent variables.
Types of Qualitative and Quantitative Research

What is Qualitative Research?

Qualitative research is widely used to determine the answer to the question “why” more so than “what”. This method utilizes non-numerical and unstructured data, very often acquired through conversational and open-ended approaches. It is used most for subjects such as political science, social work, anthropology, psychology, and educational research topics. Qualitative research, as opposed to the statistical approach of quantitative research, is used to establish the humanistic perspective on a certain research topic. There are five types of qualitative research:

  • Ethnography: In this method, the researcher participates in the subject’s life/culture entirely. They may be an active participant or an observer. Becoming a ‘participant observer’ allows for gaining a clearer research perspective than interviews or surveys provide.
  • Narrative: This approach is long-term and includes one or two subjects. Interviews, documents, and establishing common themes to create a timeline of events is the most common approach to this method.
  • Phenomenological: This method is used to appropriately understand a phenomenon or event. The most common approach includes a combination of interviews, documents, videos, and in certain cases visiting certain places to gain a clear, comprehensive set of data.
  • Grounded Theory: This method aims to explain the influencing factors for an event, as opposed to phenomenological research, which simply aims to establish the essence of the event. The researcher builds a theory using interviews, existing documents, and a larger sample size (20-60 people).
  • Case Study: This method attempts to gain in-depth data about a subject, this subject can range from an individual to a country. It uses multiple data sources, and can be explanatory, exploratory, or in some cases, it can be describing an event in entirety.

Leveraging varying research methods is the most effective way to acquire the desired results in any industry. Speak to our experts to learn how qualitative and quantitative research can help your company.  

Qualitative vs. Quantitative Research

Quantitative Research Qualitative Research
Differences Numerical Data, Represented as charts & graphs, Statistical and Mathematical, Large sample size Textual Data, Represented thematically, Humanistic and subjective, Small sample size
Methods of Data Collection Surveys with scales or close-ended questions, polls, experimental, document review Interviews, case studies, expert opinions, focus groups, open-ended surveys, observational research

Benefits of Combining Qualitative and Quantitative Research

While each method has its strength and weaknesses, individually both qualitative and quantitative research can fail to provide a comprehensive understanding of the subject. For instance, if a company leverages competitive intelligence solutions, quantitative research effectively helps determine statistical market trends, price ranges, demand-supply trends, and more. However, qualitative research helps acquire opinions from experts, conduct interviews with competitors, in-depth research of existing databases, and more. Thereafter, the most effective result can be achieved by combining the results from both methods to create a comprehensive strategy.

Experts at Infiniti Research approach all market research challenges with a combination of both qualitative and quantitative research. The experts listed the following key benefits of combining qualitative and quantitative research:

  • At the Paradigm Level: Using a combination of the two types of research allows for varied paradigms (or views) towards the same subject. Essentially, stepping away from the two-dimensional approach of one objective view towards a research topic. This in turn enables a more comprehensive approach, and therefore, more comprehensive results.
  • At the Method Level: Combining the methodological approaches of each of these types of research allows for a much wider scope of engagement. Additionally, with varying paradigms or views, the appropriate method must be used to acquire effective and appropriate results.
  • At the Technique Level: This approach also allows for a wide combination of techniques that are utilized in the approach to the entire process. Since techniques are not necessarily ties to paradigms or methods, there is a range of innovative combinations of techniques available to researchers.

As the competition in all industries steadily rises, Infiniti Research continues equipping companies with the ideal strategies and solutions to their unique challenges. Request a free proposal to leverage our solutions and gain an unparalleled competitive edge.

IPTV Service

3 Reasons Why Market Research Services are Crucial for Businesses

Why are Market Research Services  Crucial for Businesses?

#1. Helps you understand your customers better

By leveraging market research services, companies can do the market feasibility study and map out the complete profile of their potential customers. This can help businesses determine the market size and factors triggering the buying decisions. Additionally, market research data helps companies to create effective tailored marketing and pricing campaigns.

#2. Improves approach to market trend analysis

Today companies cannot afford to take shortcuts when it comes to leveraging market research services as the competition is fierce and in-depth study of market research data is important. Any change in market trends can affect the revenue and therefore, trend analysis can help businesses understand the ongoing trends driving the buying decisions of customers.

#3. Helps in competitor analysis and their approach to market

Market research services can help you understand your competitors and generate smarter insights and take real-time decisions. It offers a detailed analysis of how they approach the customers and what is their strategy to sell the products or services. Furthermore, it helps you in finding out the new market entry and effective international market research.

It's never too late to consult an expert. Know more about Infiniti’s data-driven solutions for business.

#4. Lower Business Risks

By leveraging Infiniti’s market research services, businesses can ensure to mitigate risks in the international market as well as domestic market. After the unexpected rise in business complexities post the financial crisis has increased the importance of adopting a comprehensive risk management strategy and market research services can offer that. With financial markets, supply chains, and trade functions getting linked to each other, risks can arise unexpectedly. This is where leveraging market research services can help to identify the risks that can easily be mitigated.

Growing a business amidst aggravating market competition is a difficult task. It requires developing an understanding of your customers, their spending habits, competitors’ products, and much more. Request for more information on how our services can help your business

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Pharmaceutical packaging

Why Market Research is Instrumental in the Healthcare Industry

What is market research? 

Market research is concerned with analyzing and interpreting data in order to gather information and knowledge that is conducive for predicting future events, actions, or consumer behavior. Forward-thinking companies have realized the importance of market research in understanding and interpreting an increasingly complex world and thereby developing a successful business plan.

Importance of market research in healthcare

Data accuracy and credibility

Using market research, healthcare companies can prove their credibility in providing accurate data and reports and further understand the effectiveness of their products and services. There are two main reasons that prove the importance of market research in healthcare. The first reason is as mentioned earlier, to serve as an analysis of the data available in the marketplace. Secondly, it is beneficial to collect feedback, opinions, and testimonies from the patients to make the accurate reports, that would help healthcare providers understand the effectiveness of their products and services.

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Understand patient needs

Apart from acting as a tool to provide accurate data for healthcare marketing campaigns, the importance of market research in healthcare also lies in the fact that it is a crucial element in creating the right products and services that will suit the patient’s needs. It doesn’t make sense for healthcare providers to mass produce a certain type of medicine for a disease that only a small number of people suffer. Rather they can channel their reGet More Infosources to develop medicines that could cure the diseases which are rampant in the society at present. Another key importance of market research in healthcare is that it acts as an ultimate tool to measure what particular products and services are most profitable in the market.

Determine the marketing mix

In today’s highly competitive market, healthcare companies must have the right marketing mix in order to be successful. Marketing mix includes the marketing methods, products or services’ price, and distribution channels. These are relevant details that attract potential customer to buy a company’s products or avail their services. Another importance of market research in the healthcare industry is that it takes into account the precise analysis in order to get the marketing mix right. Without this healthcare industry find it difficult to promote health products and services by creating the best proposal to suit the needs of the target customers.

Why Infiniti?

Today it has become imperative for companies to unfold the real power and importance of market research to boost profitability and make the most of existing market opportunities. With over 15 years of rich expertise in various industries, our qualitative and quantitative market research solutions have helped businesses to boost their profitability by augmenting sales and targeting the right audience. Get in touch with us for unparalleled market research solutions.

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3 Reasons Why Market Research is Important for New Businesses

Today, it has become impossible for any business to succeed without conducting a thorough market research of their target audience as well as competitors’ products and services.

Have you ever wondered why big companies invest hefty amounts of money on market research? The reason is to analyze and understand every piece of information about the market. A market research report can help organizations understand market dynamics and competitors’ market position. At present, the use of such services has become commonplace among large conglomerates like Microsoft and Apple, who invest in such reports to understand technology trends and consumers’ behavior. Today, the ability to proactively react to market changes and trends is what makes a business successful and this philosophy is one of the major reasons behind the rising demand for market research services from enterprises.

If you are a small- or medium-sized business owner who’s looking for ways to establish market presence, you need to ask yourself a simple question: Is your business able to provide your target audience with what they need? If your answer is no, then you need to improve your market understanding and a market research report can help you do that. In this article, we have highlighted some of the key reasons why market research is important for your business, especially if you are a new market player who’s looking to boost market share in a competitive environment.


Market Assessment

Top 4 Market Research Tools That Will Take Your Business to the Next Level

market research toolsWe all are creatures of habit and we hate change. In fact, research shows that all of us exhibit similar buying behavior irrespective of our varied preferences. People, in general, despise change and our reluctance to change makes it an extremely difficult for companies to convince consumers to switch brands. It is in this context that that importance of market research tools becomes clear to businesses. Market research tools are priceless for business owners since they help predict consumers’ buying behavior and prevent instances of failed product launches. Market research tools give businesses give an edge, mainly due to their ability to measure the impact of initiatives, create an open communication loop, and make data-based business decisions. Such tools also help businesses predict product or service launch failures and take a call on whether to launch new products or remove existing product lines.

That being said, let’s take a look at some of the best market research tools that can help you drive and improve business value:Get more info

Consumer interviews

One of the most commonly used market research tools is consumer interviews. One-on-one interviews with current or past consumers can be done through a web conferencing software or over the phone. In this step, one of your company’s representatives will have to speak to a customer to get honest feedback about the product’s pricing or design. Consumer interviews are one of the most effective market research tools available today. They help companies to get opinions on sensitive topics, which they might not be able to discuss in an open or group setting.

Consumer surveys

Surveys are an important part of every market research process and are one of the most popular market research tools available for businesses. They help collate information, opinions, and ideas of the consumers. Surveys can be carried out online or distributed by a person or by email. The best part about this process is that it’s completely anonymous, so consumers can be as honest as they like. Surveys can be of various formats, such as multiple choice, long, and short formats. To get the most out of such market research tools, offer your respondents some incentives like gift certificates or coupons.Get more info

Focus groups

If you are unsure of what marketing messages to send to your potential consumers, focus groups are the right strategy to follow. Such market research tools help businesses in developing a pricing strategy for the goods or services being offered. Usually, focus groups are formed after a product is released and are made up of people who represent the target segment. In some ways, they are similar to consumer surveys but consist of at least six respondents, who give honest feedback about the product or service being offered. One thing to remember here is that every focus group requires a moderator who streamlines the discussion and submits the findings in a report format to the decision makers in your business.

Social media and online content

Today, with social media channels and blogging platforms gaining popularity among consumers, it has become important for businesses to leverage such platforms to get feedback about their goods or services. Market research tools such as this give consumers the option to express their opinion without a survey or consumer interviews. When it comes to social media, consumers are more than willing to share their honest opinions. Companies can also leverage online polls to gain better insights. Google Alerts is one of the best market research tools to find out what’s being said about your products or services on online channels.

To know more about specific market research tools and their benefits:
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