A new roadmap for Insight management

Information is probably the one resource on this planet that is growing exponentially, so it comes as no surprise that we are living in an age that places great value on the role of the analyst and the researcher.

And yet we see decision makers drowning in the multitude of information available to them. Steve Wills, founder of the Insight Management Academy, gives his perspective on what Insight leaders should do about it.

People who can take huge volumes and variety of data, distil it, and generate the insight needed to improve decision making are in high demand. There are growing numbers of data scientists, analysts and researchers producing more and more of what we now label as “insight”. 

Back in 2005 the IMA's Insight Forum was created to provide Insight leaders from big organisations with the opportunity to meet and discuss best practice. Over the decade that followed we have seen market research and competitor intelligence teams join together with customer analysis teams, and then the emergence of big data, and massive resources ploughed into analytics capabilities.

But how many organisations can really say they are leveraging the value of all the information and insights they are producing? 

Isn’t having more insight enough to help decision makers make better, more informed decisions?

We don’t think so.

Our experience of working with top Insight teams in the UK, North America and elsewhere has shown that finding the answers in data is not the same as solving the business problem. If we just focus on doing more insight work based on more and more data then we will be missing the point.

If our work does not drive management decisions effectively, then what is it for?

Information is a bit like water: without it we may die; too much and we drown. Pre-computer age, information was scarce and highly valued, but now it has become a commodity that we are awash with. As a consequence we often see that decision makers’ lives are just as difficult.

The good news is that with the right amount of appropriate information at the right time, it is possible for organisations to thrive on better decision making.

The true value of information lies in being used.

And so that is now our biggest challenge.

Simply producing more and more analysis, no matter how brilliant it is, is only going to make life harder for decision makers. What is needed is an approach to the management of insight that actually ensures it has the greatest impact.

The management of Insight

The starting point for getting data and analytics used is to recognise that Insight professionals need a different mindset.

Until now, the majority of those involved in analysis and research have had a service mindset. They are set challenges to find answers and provide information that can support decision making. And we often do it very well. But finding the answer in the data is not the same as solving the business problem.

Insight is a strategic asset for any business or organisation – so it has to be managed like one.

We need to change our mindset from service providers to asset managers.

Instead of servicing demand, we need to think in terms of how insight and information can create value, and then develop a strategy, not just for generating insights, but working with decision makers, communicating the insight and supporting decision making processes is that the insight actually gets used.

To do this, Insight professionals should explore 8 key territories:

1.     Insight Commerciality to anchor all research and analysis in commercial understanding

2.     Insight Strategy to maximise competitive advantage from new insights and accumulated insight

3.     Insight Positioning within the organisation and its decision making processes

4.     Insight People, including Insight leadership, team management and development, and individuals' roles and skills

5.     Insight Generation to uncover truths about customers and markets, and opportunities to create more value

6.     Insight Knowledge development and management to build an ever more valuable knowledge asset

7.     Insight Influence with decision makers, achieved by becoming trusted advisers and nudging stakeholders

8.     Insight Communication to ensure broad organisational awareness and understanding of key customer dynamics

Ultimately, the role of Insight management is to get…

·       The right insight

·       To the right people

·       At the right time

·       And in the right way

...so that it drives action

For all the developments in Big Data and technology, the fundamental issue faced by all organisations wishing to become insight driven has stayed the same, and it has less to do with data sources, and more to do with organisational mindset.

At a time when the opportunity to manage and analyse enormous quantities of data becomes more evident every day, it is easy for us to place ever more emphasis on technical analysis skills. However, to do so in isolation risks missing the strategic and commercial challenge, and huge potential value, that the world of information makes possible.

Over the coming weeks, we will take a closer look at each of these 8 territories and describe the journeys which we think all Insight teams need to make if we're to create real value for our organisations.

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