Your insights, intelligence, and analytics teams face increasing challenges, including limited budgets, high demand, new technologies, and massive amounts of data. Nonetheless, the ability of your company to capitalise on insights and analytics can make or break your business.
Smart businesses are investing strategically in future-proof insights platforms in order to reap the benefits of a truly insights-driven business. But how do you know if your company should invest in an insights platform? Here are five warning signs to look out for.
#1 – Your teams spend far too much time looking for internal information.
Information dispersed across silos of experts, teams, tools, databases, and communication channels creates the ideal environment for time waste. According to Mckinsey, the average worker spends nearly 20% of their workweek looking for internal information or locating colleagues who can assist them.
According to the same report, having an easily searchable record of company knowledge can reduce the amount of time spent searching for information by up to 35%. Have you noticed that your employees spend a lot of time looking for information? Then now is the time to invest in an insights platform that consolidates all of your knowledge assets into a single, easily searchable platform. [Market Insights Platform Malaysia]
#2 – Your insights and analytics teams are unable to keep up with the volume of information requests.
When your insights and analytics teams can’t keep up with the volume of business questions, it’s time to invest in an insights platform. Because when insights professionals are unable to keep up, decision makers are unable to make timely, data-driven decisions. By providing easy self-service tools to stakeholders, an insights platform frees up the time of your insights teams.
That means that before reaching out to time-pressed insights professionals, business users should start with an intuitive, AI-assisted search to get quick answers to business questions. When business users require additional assistance, an insights platform will provide insights and analytics teams with streamlined desk research, allowing them to quickly leverage existing knowledge assets for streamlined responses to business questions. [Market Insights Platform Malaysia]
#3 – Your company is duplicating costly knowledge.
Has your organization’s business unit or team ever purchased or commissioned an expensive report or study only to discover later that your organisation already had that information? Companies frequently duplicate efforts and knowledge because employees are unaware that the knowledge already exists in the company.
The first step in resolving this knowledge management issue is to collect all of your knowledge from all sources and store it in an insights platform with strong integration capabilities. The right insights platform then halts knowledge duplication in its tracks with streamlined research processes, such as “knowledge checks” that prevent users from purchasing or conducting research that you already have.
#4 – Your competitors are investing in analytics and insights technology.
Technology spending on data integration and platform solutions is at an all-time high, according to Greenbook. This indicates that businesses are recognising the value of enterprise insights solutions—technology that enables businesses to connect the dots between market, competitor, and product intelligence.
According to Mckinsey, high-performing companies are more likely to have large-scale data and analytics efforts. So, if you want to stay ahead of your competitors, it might be time to invest in an insights platform. [Market Insights Platform Malaysia]
#5 – You want to replace subjective decisions with data-driven ones.
When decision makers in your organisation struggle to find the information they need when they need it, or when they are completely overwhelmed with information, you may notice that they cherry-pick data. Furthermore, cherry-picking can result in poor-quality decisions and missed opportunities.
To combat this tendency, create insights that tell a story around your data, then engage the business with easy-to-browse, understandable, contextualised insights. The end result? When insights “stick,” business users are more likely to return to your insights platform for more. When it comes time to make a decision, business users will have all of the information they need to make smart, insight-driven decisions.
With a market insights platform, you can transform your business.
Are any of the five warning signs listed above familiar to you or your organisation? If this is the case, now is a good time to invest in an insights platform that brings together all of your market data and insights tools in one searchable location to support smart, competitive decision making. [Market Insights Platform Malaysia]