MRSI’s Wednesday Webinar for July 2023 took a deep dive into ‘India as a global hub for data and insight capability centres’. The session was led by Debarshi Banerji, Executive Director at Kantar, Sujit Dora Tepal, Data Science Lead at PepsiCo, Nitesh Priyadarshi, VP CMI - South Asia at Unilever, Payal Majumdar, Senior Principal at IQVIA along with Dr. Abhay Sinha, Director General at Services Export Promotion Council (SEPC).
As per MRSI’s Indian Research and Insights Industry Report 2021, revenues from international business accounted for 3/4th of the total revenues and ‘Captives’ was as big as full services market research agencies in India. Captives provide a range of services of which MR or analytics may be a part. They are generally set up by multinationals and may be fully owned and dedicate centres in India so as to ensure that they have control over their information and other sensitive data. Overall the size of the market research industry was between USD 2.1 to 2.3 billion with the FMCG sector being a major buyer.
Speaking on the webinar on the importance of data and insight capability centres in India, Nitesh Priyadarshi, VP CMI - South Asia at Unilever said, “for Unilever it was more of a capacity unlock journey while we are now on the capability unlock phase. Our jobs don’t stop at uncovering insights. Our jobs actually start when the insights are found. How does on influencer partners and the company to act basis those insights. This is one of the key reasons that the role of researchers in organizations is changing." Speaking about India’s share in the global market, he said, “India has great research talent and is one of the most effective markets for research, globally. In addition to this, the cost isn’t as high as compared to developed economies."
Sharing his views on Global Capability Centres, Sujit Dora Tepal, Data Science Lead at PepsiCo, said, “Global Capability Centres have come of age. Things have evolved. Global Capability Centres are very much integrated in the system today. Standardization has also become importance. A particular framework that is standardized can bring in efficiency"
Speaking on the role of service providers, Payal Majumdar, Senior Principal at IQVIA said, “Service providers bring in the knowledge bank from working across clients. We have reached a stage where in everyone is looking at a lot of data and they don’t need to really look around. What we bring in is the lens where we add the insights to help the business to prosper. Clients also depend on us to bring in new-thought processes, new technologies, automation and new ways of working. These are all increasingly becoming our performance indications from a hub point of view and capability standpoint. ."
Further elaborating on India’s position, Debarshi Banerji, Executive Director at Kantar, added, “India has a rich legacy of market research and insights beyond its talent pool. This gives clients a confidence of India being a hub. MR is very strong in India and the blend with insights makes India very unique if compared to other countries." Speaking on how the landscape has evolved over the years, he said “The level of confidence towards India especially for global projects management has increased drastically. COVID was also an enabler from a technology standpoint. The doubts towards infrastructure is completely dismissed."
Speaking about the building a career in a hub, Payal Majumdar said, “A hub provides a researcher with unparalleled exposure. As a professional, the experience is significant. Being a part of a global network, you get the option of moving within the organization instead of moving outside. It helps one personally and professionally." Supporting Payals’ view, Nitesh said, “Basic research fundamentals are developed at a hub and as professionals and leaders, we should take pride in being associated with a hub. You get an opportunity to experiment with a lot of other partners. How you position a hub becomes very important."
Also speaking on the webinar, Dr. Abhay Sinha, Director General at Services Export Promotion Council (SEPC) said, “We are enabler in terms of challenges, across the border. The ministry expects us to have a collective viewpoint on how we can lead the sector to grow and understand the regulatory challenges. Are there any trade barriers that are being faced in foreign markets and any regulatory barrier in India? Does the industry require support in terms of infrastructure from the ministry? What are the emerging trends that can catapult the industry? If this is the information that we can collect to help the industry? How can we leverage technological advancements? If something can be done by the Ministry of Commerce of SEPC, we are here to support."
“When I interacted with the sector for the first time, there was a lot of focus on the brand image. We have a major role to play there." He concluded.
To watch the recorded webinar, click
here.