Data Framework: Future of Insights

The context

The bottom line to improving insights for any business focuses on two metrics: speed and impact. In 2016, BrainJuicer (now System1) presented a Future of Insights framework based on an interview with over 300 senior professionals explaining the then state of affairs of the insights function (specifically within marketing). It revealed that many companies are in the "Librarian" stage, where data is available and organized but tends to be reactive and less targeted towards value. A few companies believed their insights function performed like "Strategic consultants." You can view the entire presentation here:

In 2023, insights functions have become deeply entrenched with data analysts and BI tools, and companies continue to pour money into insights. However, only a few companies have made progress on their insights function.?

Our insight

We revisited the Future of Insights framework to understand where gaps might exist and what companies can do to improve insights' performance. We overlaid the current tools and how they map in the context of the framework.

We find a few observations:

1. Going from broad to targeted insights requires companies to sharpen their focus on high-value use cases and other structural aspects such as team organization. On the other hand, improving proactiveness relies on tools and business process design.?
2. ?Reactive and broad areas of the "Librarian zone" tend to be data-centric zones with dashboards and custom analysis that have driven value to the business. Data exploration and analysis of the "Explorer zone" have benefited from ML tools. However, moving towards targeted and proactive insights of the "strategy consultant zone" will require companies to organize around business activities/initiatives and invest in insights automation. The current tools need to be improved for this purpose.?
3. In many cases, companies have high availability of data and ML capabilities but need to communicate insights to business teams in a timely way. Dashboards and PPTs are not fit for purpose, given their specific constraints.?

A new way to approach automating insights

The key to value realization with data is improving its quality, accessibility, and usage. While data & insights professionals will always be needed for analysis and interpretation, companies should consider new ways of insights to develop strategic value. Here are a few ideas:

1. Think outside the dashboards:?For 20 years, dashboards have been the way to communicate insights to the business. However, as businesses increasingly turn digital, dashboards appear less and less fit for purpose. Companies need to consider tools where configuration and communication of insights can happen quickly at the project/activity level, thereby making teams highly effective.
2. ?Think insights workflow:?Centralizing insights in SharePoint was a desirable goal (but 10 years ago!). Today's environment requires distributed, cross-functional insights that reach users in their workflow.?
3. Think consumable AI to avoid TL;DR:?Business users do not require insights once a quarter or once a year but need data-driven inputs and feedback loops almost every day! Packaging insights for daily/frequent consumption is essential to improve data literacy and impact with data.?

We'd love to chat about how you are thinking about the future of insights. Drop us a note on [email protected].