GRBN News: Since the initial ROI of Insights Handbook was first published, a quiet revolution has been building in the insights industry. Slowly at first, but with ever-increasing momentum, corporate Insights functions have started to embrace not only the thought that measuring the impact of their insights on the business as a whole is a good idea, but also that it can and should be done.
The ROI of Insights team, consisting of GRBN, Cambiar and supported by committed sponsors, including Gongos, inc. and RTi Research (Gold sponsors of this Handbook), has been assisting banks, pharmaceutical companies, insurance firms and many others all over the world in implementing systematic measurement and reporting systems that demonstrate to management the incredible return on investment that comes from market research and data analytics.
INSIGHTS CAN BE SEEN AS AN INVESTMENT AND NOT JUST A COST
For many Insights functions, the results have been dramatic. Not only have their budgets been increased but they have more resources, greater influence in decision-making, and are viewed with increased respect.No longer are research and analytics seen as line items under “costs” in the P&L, they are now viewed as bona fide investments in the future success of the enterprise.
For the team, this was no surprise. This was precisely what they had seen in their research (conducted with BCG) of companies already measuring ROI and impact. This was what the team held out to these new pioneers of measurement as the promised rewards of implementation.
COLLABORATION AND CREATIVITY ON THE INCREASE
But there were also other consequences that were surprises – and pleasant ones at that.
The first of these was that measurement encouraged far more collaboration in organizations than before. Because so much emphasis is laid by the measurement system on predicting impact while designing projects – asking the question “What is the likely ROI of this project?” – it became easier for researchers and analysts to pose another question: “I wonder if we could increase ROI if we brought so and so into it?” As such, we see more collaboration between market research, strategy, competitive intelligence and various different forms of analytics throughout the organization.In some cases, this even resulted in some of these functions being brought together into a new super-Insights function.
In addition, we have seen more creativity in the way in which Insights professionals are addressing business issues.In some cases, greater control over their own budgets has allowed departments to experiment more and to think of new solutions to old issues. This also extends to greater scrutiny of what the organization already knows about certain issues before diving into research that may have been repetitive and/or redundant.
Finally, we have seen that if Insights functions invite their key suppliers into the measurement loop and encourage them to seek ways to improve impact, their relationships with those agencies deepens and improves dramatically. They become true partners.
JOIN THE REVOLUTION
If you are not already a member of the revolution, we strongly urge you to join us and to find out for yourselves just what an impact measuring your Business Impact has on your own department’s fortunes!
Author: Simon Chadwick, Cambiar Consulting
The Australian Market and Social Research Society is linked globally to 45 associations through its partnership with the Global Research Business Network (GRBN) and the Asia Pacific Research Committee (APRC). Click here to read about the AMSRS global network. This article is originally sourced from GRBN website.