Firms with advanced insights-driven business (IDB) capabilities continue to outpace their competition and deliver better growth than less mature firms. What differentiates these firms is that they have consistently invested time, effort, and resources across the five IDB competencies: strategy, data, platforms, internal partners, and practices.
In our latest, updated research, we found that more firms are reaching the intermediate stage of their IDB journey, but advanced capabilities remain largely elusive.
Advanced IDBs reap what they sow. They:
- Are eight times more likely to say they grew by 20% or more than beginner firms.
- Use insights to discover new sources of revenue and create market differentiation.
- More frequently commercialize their data.
Advanced IDBs work tirelessly to extend their advantage by:
- Enriching insights with external data.
- Extending their usage of AI.
- Consistently undergirding data initiatives with good governance.
Advanced IDBs approach their team and culture differently. They:
- Have data and insights represented in the C-suite.
- Continue to invest in people to extend their insights-driven capabilities.
Would you like more information? Please find out all of the details in our recently published The State Of The Insights-Driven Business, 2022 research, or set up an inquiry call with me or my colleagues.