Over the summer, more than 40 Insight leaders from major companies in the UK, Europe and North America took time out of their busy schedules to reflect on their organisation’s Insight function and benchmark it using the IMA's new Insight Leader Survey.
All with a view to answering a key question...do they think that their Insight function has the wind in its sails, or are there areas where they are falling behind other companies?
The findings of this survey provide the most comprehensive view we have so far of how effectively client-side Insight teams are adopting best practice, as defined in the IMA's Insight Roadmap.
The headline result? Even the most progressive companies that can demonstrate real strength in particular areas are not yet applying best practice consistently. Overall, out of a possible 96 points available on the survey, the average score was 46, suggesting that Insight teams are usually only doing half of the things that the IMA would describe as best practice. So there's plenty of room for development.
Which Insight leaders have taken part so far?
The survey has been completed by a range of senior Insight leaders, primarily based in the UK, but many with responsibilities for Insight in North America and Europe. Half are members of the IMA’s Insight Forum, another third are members of the Insight Network, and some lead Insight in organisations which are currently trialling corporate membership.
They include a dozen blue chip companies in the FTSE100, as well as a range of global retailers, manufacturers and service providers. There are also half a dozen large public sector organisations, and several high profile charities.
This benchmarking survey is a measure of the Insight capability of an organisation, not a measure of the individuals within the team.
What's the definition of best practice?
The IMA’s Insight Roadmap has been designed to put a structure around all the key elements involved in leading and developing an organisation’s Insight capability. It outlines 8 distinct but inter-connected ‘territories’ which every organisation should explore if they’re to get maximum return on investment from Insight.
The first 4 territories revolve around key Insight team activities:
- generating new insights,
- developing and maintaining a body of accumulated knowledge,
- being effective at influencing big decisions,
- and communicating more widely to the rest of the organisation
The second 4 territories focus on the management of Insight:
- developing the team’s commerciality,
- which should underpin a clear strategy for the Insight function,
- securing an optimal position in the minds and processes of the organisation,
- and developing the people within the Insight function itself
What are the principal findings?
Insight Generation is generally considered to be the strongest territory by most companies, but more teams need to focus on the real business issue
This is seen to be a core activity that many would hope is up to scratch. However, there is still room for development here. It is not a simple case of being good at research or analysis projects. To consistently generate insightful solutions to business issues, context is key. Currently only 1 in 5 Insight leaders say that their team members always seek to understand and focus on the underlying business issue rather than the research or analysis request.
When it comes to managing their Insight Knowledge, very few companies are spending enough time recording and curating insights in a structured way
Only 20% of Insight teams consistently update summaries about key segments and issues. The results also reveal that few companies have an effective knowledge management system, although this might be out of the Insight team's own control.
Insight leaders recognise that they need to work on their team’s Influencing skills to ensure their work has impact on key decisions
The majority (59%) say that key initiatives and decisions are only sometimes driven by their insight.
Even Insight leaders who report being consulted by senior stakeholders relatively early in their decision making, and who know how to ‘nudge’ stakeholders using Behavioural Economics principles, admit that they have more to do to achieve real impact.
Insight teams are now embracing more engaging methods for sharing insights, but many do not actively plan their Insight Communication
41% of leaders say their teams are more consistent in communicating in an engaging, message-led way. But when it comes to broader Insight Communication, most leaders say they only sometimes plan how they will communicate insight - identifying different audiences, and a range of ways to communicate to them.
Insight leaders who are slightly better at communications planning and adopt a wider range of methods are more likely to hear their insights being repeated by others in the wider organisation.
Further information
If you think that your Insight team could benefit from Free Insight Benchmarking, please contact us for more information.
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