Think You Want To Be ‘Data-driven’? Insight Is The New Data
It’s been awhile since I’ve blogged; not because I’ve had nothing to say, but rather because I’ve been busy with my colleagues Ted Schadler, James McCormick, and Holger Kisker working on a new line of research. We wanted to examine the fact that business satisfaction with analytics went down 21% between 2014 and 2015, despite big investments in big data. We found that while 74% of firms say they want to be “data-driven,” only 29% say they are good at connecting analytics to action. That is the problem.
Ted Schadler and I published some initial ideas around this idea in Digital Insights Are The New Currency Of Business in 2015. In that report, we started using the phrase digital insight to talk about what firms were really after ― action inspired by new knowledge. We saw that data and analytics were only means to that end. We also found that leading firms were turning data into insight and action by building systems of insight ― the business discipline and technology to harness insights and consistently turn data into action.
Here is a key figure from that report:
