The Important Attributes of Great Insights That Make Them Actionable
Actionable insights are those that indicate the right course of action for your business, enabling growth and profitability. Such insights are more valuable compared to those which simply answer questions. Here are the key attributes that make great insights more actionable:
Attributes of Great Insights
The Right Context
It is difficult to act on an insight if there isn’t enough background to appreciate its significance. In order to give the right context, we need to have benchmarks. For instance, suppose your sales team generates 2,000 leads this week. The type of action that you will take will depend on context. If this is equal to your weekly sales benchmark, then under ordinary circumstances you might do nothing. But if you have just taken part in an exhibition, then you will begin to wonder why your sales leads did not rise. Insights are useful if there is the right context for your data.
Insight may be relevant for a certain person but not so useful for someone else. For instance, if you don’t deliver your insight to the right decision maker, it may go unnoticed. If your insights are not timely, it may be too late for stakeholders to take the appropriate action. This can happen because insights are often trapped in data – you need the right data summarization and visual tools to make sense of it all in time.
Focus and Completeness
Insights that are much more focused and specific are more likely to be actionable. However, they also need to be complete so that their true worth can be understood. For instance, suppose your business sees an increase in revenue of 100%. This may be a cause to celebrate – but only after the picture is complete. You will need a deeper insight into this phenomenon before you can celebrate.
For instance, if this rise in revenue is due to fraudulent orders or a rising trend that will disappear very soon, then this is a cause for deep concern. By probing deeply into business metrics and KPIs, you can gain the necessary actionable insights. Data visualization tools can reveal patterns from heaps of complex data.
Novel insights will almost certainly receive greater attention compared to mundane insights. A particular insight will appear more compelling if your business notices it for the first time as compared to the tenth time. This is especially true if your company knows the factors that lie behind the insight. We can become somewhat indifferent to those insights which confirm rather than challenge our current beliefs and knowledge. You are much more likely to find these insights with the right business intelligence software.
If a certain insight is too complex, there are greater chances that it may be ignored and forgotten. Even a complex insight can be made actionable with effective communication. Data visualization and reporting tools can provide clarity to seemingly complex insights.
Having more insights increases the chances that you will find one that has the key attributes of great insights. Our data visualization, reporting, and business intelligence tools can help you out in this matter.
Contact us today.
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Phone: +1 (888) 788-4634 / 888-788-INDI