Insight is a rare gift. Why do so many companies fail, go into bankruptcy and simply do not take off after the initial bout of success?
It all comes down to insight.
And this insight extends to how we capture data. Data has become the new oil. However, data is worth very little unless this data is turned into critical insights and actions. These insights can be used to support decision making and can help in refining the design and manufacturing processes.
1. That they be born from the partnership between conscientious reporting and focused analysis.
2. They should drive action which leads to results.
Insight Extraction leads us to the “why” of data, the particular cause of a certain phenomenon. Actionable insights are found when reports trigger questions and analysis answer them. The analysis also requires context.
Its pivotal that we aim to broaden the picture and give meaning to the data enabling actionable insights to be born.
When the insight is closely tied to your key business goals and strategic initiatives, it’s more likely to drive action. Insights based on key performance indicators (KPIs) and other key metrics inherently cause a sense of urgency that other data won’t.
It is hard to move forward on an insight if you are lacking ample background to appreciate why it’s important or unique. You need a benchmark or comparison to give your data the proper context. Without accompanying context, an insight can end up raising more questions than action.
A single insight can be both a strong signal for one person and just more noise for another. In order to be relevant, an insight needs to be delivered to the right person at the right time in the right setting. If insights aren’t routed to the right decision makers, they will not receive the attention they deserve.
The more specific and complete the insight is, the more likely it can be acted on. Sometimes insights based on KPIs and other high-level metrics can highlight interesting anomalies but lack sufficient detail to drive immediate action. This is bound to happen. But what this does is give us a direction to drive in, ensuring insights are garnered for specific aspects.
With so much competing data and information to digest, novel insights will have an advantage over more familiar insights. The first time your company spots a pattern will be more interesting and compelling than the tenth time, especially if you feel you already have a good handle on what’s driving the behaviour. We become numb to certain insights if we feel as though they reinforce rather than challenge or evolve our current knowledge and beliefs.
If people don’t clearly understand an insight, why it’s important and how it can help them — the insight will be overlooked and forgotten. The right data visualizations and messaging can help explain insights, so they are more easily understood and correctly interpreted.
However, poor communication can cause the signal to be lost in the noise. At Verace, we enable our customers to not be bogged down by “buzzwords” and “jargon”. Insights achieved through specific market analysis lead to decisions which validate your gut instinct, making the implementation process all the more seamless.