At the recent MRS data-driven insights conference, industry leaders discussed what ‘data-driven insight’ means for businesses. Liz Lamb, head of data and insight at Card Factory, explains that she typically combines finance, data and insight to determine the potential ROI.
Data-driven insights are based on genuine trust and confidence that this information will help a business make the right decisions in a turbulent time when marketing budgets are vital and ensure any investment made is effective. Understanding these insights means an organisation has the trust and confidence to make the right decisions.
Businesses are deciding to become more data-driven. For example, the media agency, The7Stars, took the step to merge a traditional research team with a traditional data expert team. These were two teams that stood apart and required time and effort to enable both to work together. Today, the teams collaborate on data and insights, democratising how data is discussed and helping them bring the two together.
Many businesses remain relatively fragmented when it comes to data and insights. Bringing together the potential of data analytics is challenging, it takes significant resources and budget to implement this process.
Communication within a business remains paramount, especially to ensure all associated stakeholders understand and recognise the importance and value of data insights.
Businesses working effectively with data insights will try to demystify the process and take them on the journey so they feel assured in any proposed methodology. A considerable amount of effort is applied to ensuring people understand what happens behind the scenes.
More businesses are implementing new technologies to generate more valued data-driven insights. While technology has enabled some automation, data professionals are still essential in determining how to use these tools properly and find the most valuable insights from the data provided. Data research has become a vital part of how we work today and how to deliver a strategy.
The research stage has shifted to the start of the planning process rather than previously as an afterthought. Research and data insight has become critical in driving general business decision-making.
The biggest shift in the research market is the rising application of more innovative tools, like AI-based solutions. Forecasts expect researchers will continue to feel more confident accessing these tools in their work in the future.
Data research is transforming from an added service to a valued strategic asset. Data professionals are considered problem-solvers, identifying opportunities and potential risks.