IMPACT: Measuring the Business Impact of Insights
An insight is not an insight unless it leads to action.
Research by Boston Consulting Group and Cambiar has shown that there is a very strong relationship between the degree to which insights functions actually measure their impact on the business (ROI) and their strategic importance to the organization as a whole. From this we conclude that impact measurement is a key criterion in becoming a true strategic partner for the business.
An insights organization that measures and publicizes its impact on the organization – preferably in financial terms – gains more resources, budget and respect. It gets a seat at the table to the benefit of the business as a whole.
Building a culture and process of business impact measurement takes resource, determination and time. This module serves to feed the initial determination to develop such a culture and its attendant processes as well as demonstrate how such measurement works and can be implemented. As such, it should be viewed as the beginning of a journey rather than a self-contained module. It is split into two parts, the first of which shares the evidence garnered by two interlinked studies* relating to the benefits of business impact measurement – to the company, the function and individuals. The second part delves into how to measure impact, based again on research among major corporations who have dedicated themselves to such measurement* and, very importantly, how to evangelize the output in terms of ROI across the entire organization.
In many (but not all) cases, this module results in the decision to embark on building both the culture and systems to measure business impact. Working with the Global Research Business Network (GRBN), which has published a comprehensive manual on how to do it, we counsel insights management on the process and offer continuous coaching to teams and individuals to help them become expert at it.
*BCG, Cambiar and Yale – Study of Insights Management in Major Corporations 2015
*BCG, GRBN – Measuring the Return on Insights Investment 2016
“Thank you again, it was a great session and a fabulous three-part series!”
Sr. Director, Customer Insights & Experience