By: Anees Merchant, EVP - Global Growth and Client Success, Course5 Intelligence
“We are surrounded by data but starved for insights.” ~ Jay Baer
Modern businesses come across this notion a million times, as data sources are multiplying, and companies are seeking to make more data-driven decisions. As a result, actionable insights have gained a stronger voice in boardrooms.
But in order to deliver the insights at the speed and relevance required by the business to stay competitive, company's central insights and analytics functions need to modernize—quickly.
The Need for Modernization of Insights
In today's fast-changing business environment where ground realities continue to shift, insights are needed not in weeks or days but in real-time.
Long-term planning and forecasting are no longer adequate for decision making. Organizations need the capacity and ability to run business simulations to manage scenarios as they unveil. These simulators help organizations input all variables, model scenarios, and understand the impact on outputs/outcomes based on various steps or decisions.
Hence the transformation of Insights organization is a must for the success of the modern business. But the journey toward modernization is not without its challenges.
The Challenges of Modernization of Insights
The first challenge is keeping up with the ever-changing technology landscape. It can be hard to keep up with all the changes, let alone implement the new tools for analytics and insights.
The second challenge is maintaining the quality and integrity of insights. Massive datasets being analyzed through algorithms and automation alone, can lead to inaccurate or biased results.
The third challenge is simply the hunt for talent. The increasing demand for skilled researchers has made it difficult for organizations to find and retain qualified personnel.
The fourth challenge faced by the modern Insights function is a trend of organizations cutting down on their research budgets. Research is essential for organizations to make informed decisions. Without it, organizations will fly blind, which could lead to disastrous consequences.
So, how do you start modernizing your business’ Insights function?
The Right Approach to the Modernization of Insights
Modernization is an ongoing process, and businesses must continuously adapt their Insights function to stay ahead of the curve.
There are 2 crucial steps to get started,
1. Defining the North Star to guide you:
In the business world, North Star is essentially your company’s mission statement. Once you have defined your North Star, everyone involved in the insights-modernization initiative should focus on what’s important and make decisions that align with the same goals and values.
2. Identifying current status of your Insights organization:
For continuous modernization of the Insights function, you need to start with identifying your current status and what it would take to move to the next step of the modernization agenda.
Here is the Value Generation map that can guide you on the path of evolution while meeting specific characteristics.
Once you understand what’s essential to your company and where you stand, you can develop a clear strategy to continuously power the company’s modernization goals across technology, people, and process.
Few important facets that can enable modernization of Insights in your organization would be, Microservices, New Data, Technology Stacks, Skilled Personnel, New Science, Process and Governance.
We hope this article propels you in right direction for optimizing your Insights operation.
If you are Interested in comprehensive overview of the concepts discussed here and a robust framework for modernization of the Insights function, we have an exclusive whitepaper on the topic.
About the Author
Anees Merchant leads the global Digital, Applied AI, and Research business at Course5 Intelligence. He has guided sizeable digital transformation initiatives for numerous global Fortune 500 clients across industries, including Retail and eCommerce, Travel and Hospitality, Telecommunications, Technology, and Media over the past 25 years. Anees is passionate about helping companies grow through the innovative application of AI in digital and insights.