So much data but are we making better decisions?
So why are insights important and how should we think about them?
Insights matter because decisions informed by insights are better decisions and are more likely to lead to competitive advantage.
Insights can either be used to support specific decisions or give direction to the best alternative and provide reasons as to why it is the right way to proceed or provide you with a general enhanced understanding of your market, or place in your market, that will benefit your business in general and not related to a specific issue.
The data that a business can access has greatly increased due to social media, in regard to digital marketing and recognition by businesses that they need more information and at more frequent intervals.
The result is an avalanche of quantitative data; survey data, customer feedback captured by internal sources, easier access to external data have made had an impact on the sheer volume as well.
But more data does not necessarily mean better insights. You have to consider what data is most relevant and to who, in what way? Decision makers may not consider the information important or usable
The goal here is to provide your company with access to analytical tools that help provide the framework to be able to deal with the challenges of insights research and get you exited about what can be achieved.
There are many ways of dealing with business problems, some companies don’t realize how much data they have or how valuable it is. You can see here the components that make up our general approach.
The advantage of our expertise is that if adopted your insights department, the likelihood of errors is reduced and you improve your chances of uncovering insights from the data.
Our methods are designed to remove problems in data collection so you greatly increase your chances of obtaining relevant actionable insights that will improve company growth.
In a company you are working in a complex data environment, by that I mean there are many different data sources to draw from, some obvious, some less so. Also don’t neglect the insights that come from your marketing people, sales people, researchers and executives.
To get the most out of any data it is important to use consistent and rigorous sets of questions. Are you prepared to ask the difficult questions?