Insights should be a source of competitive advantage, but in too many organizations, they become an afterthought, and insights team members spend more time responding to ad hoc requests from line managers than conducting forward-looking research and making strategic business recommendations.
If this sounds like your team, it’s time to increase your visibility and impact by building an insights engine. We’re here to walk you through the technology, change management, and insights sharing best practices to get your insights engine up and running.
PART 1: OVERVIEW
According to the Harvard Business Review, a company’s insights engine is embodied in its insights and analytics function. A successful insights engine is a function that doesn’t just field market research requests and supply data, but that distills insights and makes strategic recommendations.
An insights engine requires a combination of the right people, technology, and processes to increase the accessibility and visibility of insights, ultimately empowering stakeholders to make customer-centric decisions.
Because accessibility and visibility are key, one of the top priorities when building an insights engine is to centralize insights so that stakeholders can easily find and leverage them.
How much value is your organization really getting out of its market research investment if insights are buried in shared drives, email threads, or lengthy slide decks? An insights engine helps surface the right insights to the right people at the right time so your business maximizes the value of its research.
Only 24% of business leaders say that insights are systematically integrated into almost all decisions at their organization. But when insights are centralized, searchable, and digestible, stakeholders feel more empowered to tap into them. The end result? Data and insights become more deeply embedded in decision-making processes.
Only one in ten companies has a direct reporting line from the customer insights function to the board. For businesses to become truly customer-centric, this needs to change. When businesses build an insights engine, they elevate the insights function to a true strategic partner.
Building an insights engine allows businesses to make better use of data that informs the customer experience. And leaders in customer experience grow revenue faster than CX laggards, cut costs, and reduce risks, according to Forrester Research. Depending on your industry and the size of your business, improving your customer experience could add millions to your bottom line.
-Adam Noar, Director of Market Research, Dexcom