62% of employees feel their research is unreliable or wasted.

A new study has revealed that UK businesses waste more than £14bn per year on ineffective and unproductive research.

The study claims that businesses waste one billion hours every year, with 62% of employees feeling that their research is unreliable or wasted. On average, 638 hours are spent on research per person.

InsightBee carried out the study, which was supported by the Office of National Statistics (ONS).

The dissatisfaction among employees highlights the need for businesses to change their approach to research for enhancing productivity and supporting greater staff wellbeing, InsightBee said.

InsightBee managing director Manoj Madhusudanan said: "This research shows that the amount of hours and revenue being wasted by businesses is a real problem in the UK.

"Businesses are being held back as a result of sourcing research that does not provide any meaningful insight into their marketplace, clients or even their fiercest competitors.

"As the economy expands and more business opportunities emerge, having a productive and efficient business research model will be an essential tool in gaining a competitive advantage."