ResTech and Data: A new Frontier in 2022
Data Hunters: Vivek, data is the lifeblood of your customers. And you are a steward of the data that keeps them in business. Walk us through that responsibility.
Vivek Bhaskaran: We collect over 20M surveys every month, each with an average of 20-30 data points – that’s about 100M opinions a month. These are all real human beings giving their opinions about their employers, workplace to opinions around ad-testing and research. The data exhaust that we collect is our customer’s data. We are the enablers and stewards of this – so our customers can make better decisions. Our fundamental ability to collect, store and analyze this data – is what we are in business for. If we can’t take this as our primary responsibility, we would not be in business.
Data Hunters: You have started the term “ResearchTech.” Can you explain to our readers what that is and what it means?
Vivek Bhaskaran: It’s actually ResTech – and in all fairness I did not coin it. I do think it’s important for researchers to understand their “Tech Stack” – like we have for any team. It’s not a bunch of random tools with Excel – but actually a set of software tools and services that work together and solve different functions of the primary research ecosystem. Just like Sales and Marketing teams have their own “Stack” of SaaS tools and platforms – research also has its own set of tools and technology that teams can use to understand consumer behavior and attitudes. That’s ResTech.
Data Hunters: How do you think of security and compliance in the world of data? Is it a core business issue and top of mind?
Vivek Bhaskaran: Yes. Data residency and security are two things all our customers ask us. Let me talk about data residency first; We have data-centers in multiple locations including the EU, Middle East, Australia and a specific US Federal Government approved one for all outr Government businesses here in the US. This allows us to deploy our software with the residency requirements that helps our customers with not only compliance – but also enforcing local data principles.
Now, for security, we isolate all the data we collect on a per-customer basis – our cloud native solution enables this by default and we’ve been in business for over 15+ years without a single breach. Yes – we’ve had DDOS attacks on us, but we’ve never lost or been hacked so far. We continuously invest in best practices around security engineering and internal training.
Data Hunters: QuestionPro has grown into a truly global business. What are your goals for 2022 and how do you see ResearchTech trending in 2022?
From a growth standpoint, I think in 2022 we will finally see a mechanism for companies to merge CX, UX and MRX (Research) data into a single cohesive model. Even today, the CX and Research functions in an organization don’t talk to each other – but with the advent of research repositories – this mechanism is finally possible.
Data Hunters: Sorry Vivek we have to ask. Is your plan to make QP a Unicorn and if so, by when?
Vivek Bhaskaran: “Unicorn” is such a VC term – they invented them to make themselves bigger and to inflate their own egos. We’ve been consistently growing for the last 10 years. Yes – we’ve had our bad years and great years and we’ve been profitable all this while. That being said, we are at about 300 employees right now. I would love QuestionPro to grow every year. Can we double revenue every year? – probably not. But if we can grow at a healthy 30-50% every year, I would be super amped!