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If you’ve read the marketing collateral from any analytics or business intelligence vendor, you’ve no doubt come across the phrase “actionable insights.” Every analytics or business intelligence solution promises to unlock a tidal wave of them for your business—maybe even in “real-time” if you’re lucky (heck, we are guilty of this too!)
With many companies struggling to make sense of their data and create value with their big data investments, the promise of actionable insights sounds wonderful. Forrester reports 74% of firms say they want to be “data-driven,” but only 29% are actually successful at connecting analytics to action. Actionable insights appear to be the missing link for companies that want to drive business outcomes from their data.
But this buzzword is being overly misused by technology marketers. Often what is really being offered by many analytics solutions is just more data or information—not insights. So what exactly is an "actionable insight"?
Well literally, it is an insight that drives action but more importantly, it is typically more valuable than a generic insight as it does more than just answering a question--it makes you rethink something and pushes you in a new direction. Actionable insights need to be relevant, concise, context driven, specific and should be align towards improving business outcomes. But a solution, tool or program cannot churn actionable insights on their own . Organizations need to be truely "insightd driven' to take full advantage of what big data, AI and other new technologies in data analytics have to offer.
For me, it seems to make sense to say that there are some unique characteristics of an insights driven firm that can easily derive action based on insights they get.
Those that continuously assimilate, grow and learn from relevant data
Those that balance machine and human to scale expertise
Those that coordinate and integrate insights at scale
Those that develop insights-driven processes that continually learn
The rapid growth and success of insights-driven businesses makes it even more important to have your people and process well aligned to get the maximum advantage from your analytics investments . What do you think?
Chief Light Bulb, Lymbyc
See how Lymbyc- Your Virtual Analyst, provides a data-driven, insight-extracting, and continuously learning platform for Pharma & Life Sciences organizations to meet their need for contextual, credible and ever updated insights on demand.
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