Companies are investing heavily into the collection and analysis of data insights. But how does an organization extract value from these insights?
In an interview, senior consultant Julian Hecker explains how Insights Management extracts value from data analytics, leading to business impact.
What is Insights Management and how is it different from plain data analytics?
Insights management is a capability that enables your team to systematically capture value from your company’s insights. If you truly see data as an asset, you need a system that methodically approaches how you develop insights. One-off success is not good enough. Insights management is that "how". It is about success by design, not by chance. Data analytics on the other hand is the "what" you do.
What problem(s) of organizations does Insights Management solve?
Companies often have this one lighthouse project or a star player that developed one great insight. It is easy to say, “see we got it”. But that is not what brings you ahead in the long run - it is just not sustainable. We treat insights management as a capability, something your organization can do repeatedly and benefit from short- and long-term. It breaks silos across the organization and accelerates insights through a shared language, way of working, and clear accountability. Insights management provides full transparency on the insights pipeline, by customer segment, product, and other relevant focal points. It answers how much value an insights team creates, and for whom.
What approach does Campana & Schott have towards Insights Management and how does that increase the value of customer insights?
We see the value chain, from idea to impact, as a maturity process. The more reliable proof you have for the value of a hypothesis, the more mature it becomes. Hence, the more likely it is to achieve its business impact. The process is not necessarily linear, sometimes mid-way through you falsify a hypothesis and have to go two steps back. That is why it is so important to have a system in place, that is grounded in business impact and a maturity approach. The logical next step is to anchor the process through a platform with all the benefits digital provides: A streamlined process, high accessibility, automated reporting. Basically, carving out redundant tasks of the analytics team and automating them. You should not pay data scientists to create PowerPoints.
Is there a specific type of company that would benefit from Insights Management?
Every company that seeks to systematically capture value from their data. I think it is important to acknowledge that this is not an automated approach. I don’t see its application in the field of micro decisions, where business rules play a much bigger role. But, it can be applied to develop new business rules. In fact, experiments to develop new business rules are a key use-case. So far, we applied insights management in pharma with huge success. But the approach can be augmented to fit many industries.
Want to know more about Insights Management? Read our article on how to reveal the full potential of Analytics through Insights Management.
