The drastic changes in the global environment aggravated by technological advancements in collecting data, its analysis and dissemination suggest that researchers need to enlarge their scope of capabilities in order to design, implement and interpret research in the 21st century. Since research efforts have been aligned to match with markets of high potential, researchers also need to enhance their capabilities and skills to conduct and define and design research in these crucial environments. Novel tools comprising of latest technology needs to be mastered and approaches that are creative to comprehend behaviour in varying cultural contexts developed.
For research to be comprehensive and result oriented to meet competition and keep pace with dynamic technology, few areas should be worked upon to like:
- Innovation capacity
- Environmental sustainability
- Adaptability and responsiveness
- Financial results
- Human capital
- Organisation capital
The ability to completely understand, interpret and integrate cultural complicated data from different sources and environments will also be significant so as to provide meaningful recommendations for the organisation’s global working strategy. Information needs have changed in both developing and developed countries. In industrialised countries established markets have become more geographically close as direct information flows and vertical links have been established between retailers, suppliers and customers. This has resulted into growing need to conduct research across national boundaries so as to recognise global or regional market segments. This could also be done to find out opportunities for integrating and for better coordination of strategies across the boundaries of the country. As business expands further and further cutting across national boundaries, the role of accurate, timely research in various fields becomes imperative.