What is an Insight ??

The definition of Insight is the capacity to gain a deep understanding of someone or something, which in itself makes sense but I would go one step and say Insight is having data or information that is not readily available on google or anywhere in the market and applying experience and knowledge to that data so that it becomes valuable in solving problems.

Lots of businesses have huge amounts of data, information on customer preferences, what is purchased , sales information , geographical data, product data, profitability data, however its what you do with that data to help support strategic pivoting into other areas to support growth or help understand trends or opportunities to help solve problems

Insights from this information if mined correctly can be gold within your SME or large corporations however its knowing what data you want to mine and what insights you hope to uncover, it is really understanding why you want the information and how to leverage it as an insight.

A huge amount of time is wasted either reviewing information you dont need and want and is of no value to your business or customers. So dont waste time be very focussed on what you actually want and derive your insights that will provide value.

Balancing the data with personal IP and experience along with those individuals who have a voice (Social Media) and have passion for the sector they work in should be highly valued.

If you want Insights driven business develop the following 5 points below

1) Data is great if you know how to use it effectively all businesses have a gold mine sitting waiting to uncover value.

2) Develop the information into thought leadership, personalise the information to mean something that is of value to your customers or internal stakeholders.

3) Knowledge is a great thing if used and the same can be said of employees or leaders of the business sharing their IP, experience, knowledge and passion shows your clients and customers that you have value to share.

4) Understand your customers, ask questions , listen, listen listen your knowledge , experience and data will help them to uncover challenges they never new they had and you will provide value in solving their problems.

5) Insights is about knowing stuff so attend lots conferences and if possible speaking enagements and never underestimate the power of social media and your personal brand.

If you are interested in developing Insights platform for your business Banksia Consulting Group would be happy to assist you can contact me on 0437148168 or email [email protected]

Thanks again for taking time to read this article I hope it helps.

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