GRBN News: In part 1 we looked at the first two steps in the 5-step process to building an Insights strategy aimed at maximizing Business Impact.
This month, we are going to take you through the final three steps needed to create a strategy which will set you on your way to increasing your influence, growing your resources and advancing your career.
STEP 3: EVALUATE CURRENT RESOURCES
The strategy for Insights should be built on an analysis of how fit for the purpose of building impact across key processes, as well as in key business areas, the Insights team currently is.
We recommend mapping out how your resources – budget, people, tools, external partners etc. – are allocated to each process and business area.
This analysis will help you identify where the Insights team should focus its efforts both in the short and the long term.
STEP 4: EVALUATE CURRENT PERFORMANCE ON BUSINESS IMPACT
The 4th step is to do an evaluation of the current Business Impact the Insights team is having. Firstly, make a list of the projects that the Insights team has a) conducted over the last 12 months and b) conducted earlier, but have had a measurable impact on the business in the last 12 months. Secondly, evaluate the impact (measured and forecast) of these projects in terms of financial ROI and softer business impact.
If you want an easy way to do this we suggest that you build on the Framework and templates outlined in the GRBN Building Business Impact Handbook.
Although, this quick analysis is likely to be incomplete, it will no doubt shine a light on where Insights’ impact is currently strong and where it should be improved.
This template can be used for this analysis:
STEP 5: SET A BUSINESS IMPACT KPI
If building Business Impact is the ultimate goal of an Insights function then it follows that the amount of Business Impact the Insights team is having should be the metric by which the Insights function leader is judged and rewarded.
The key KPI for Insights needs to be a metric, or metrics, for Business Impact. For only when the real and perceived success of the Insights leader and the team is measured based on Business Impact, and the reward for success is equally built on the metric of Business Impact, will Business Impact become the core focus of the team as it should be.
Take these 5 steps and you’ll be well on your way to building a new strategy for your Insights team focused on ensuring that the business gets maximum impact from Insights.
INSIGHTS VIRTOUS GROWTH CYCLE
GRBN BUILDING BUSINESS IMPACT HANDBOOK NOW OUT
You can read more about the strategy in both the new Handbook, as well as in the Executive Summary. Both can be accessed via this link.
We hope we’ve convinced you to make Business Impact your key KPI for 2020 and given you inspiration to start building your strategy to maximize the impact of Insights on the business.
Article and image source: Global Research Business Network (GRBN)