There’s a big insights gap out there. Not enough insights are turning into actions that matter, despite continued investment in data, people, and technology. For example, in 2016, data and analytics pros reported that firms base only 49% of business decisions on quantitative information and analysis as opposed to opinion. That’s up from 2015, but only by 3 percentage points – out of alignment with the investment in insights capabilities. You feel the pressure, I know. So, it's action time - to drive more value from insights.
For sure, firms today have bright spots of insights value – for example, in digital channels, where A/B and other testing approaches enable continuous optimization of customer interactions that matter most to business outcomes. But disparate bright spots are not enough, and businesses must move from insights-spotty to insights-driven. Research by Forrester colleagues Brian Hopkins, James McCormick, and Ted Schadler paints the picture of what great looks like in insights-driven business. Such firms organize and operate differently to take advantage of data and analytics in every aspect of their products and operations, and that closed-loop approach is embedded everywhere in the organization. That's the end goal. Customer insights teams must up their game now, and a center of excellence (CoE) is a first step.