What is an insight team all about?
How to capture succinctly the uniqueness of an insight team? How to ‚Äėelevator ride‚Äô describe what are the key benefits of having such a team? In my mind, it is first important to make a clear distinction between Business Intelligence (BI) which is about dissipating meaningful data to the people who need it. A good BI is essential for successful Analytical Intelligence (AI) as it frees the team from the all-consuming bush fire fighting.
I like the title of an Experian document ‚ÄúAnalytical insight: bringing science to the art of marketing‚ÄĚ. One of the section headings, ‚ÄúTurn data into intelligence ‚ÄĚ makes a good stab at the question.
How about ‚ÄúA team of knowledge workers turning data into intelligence, insight and action using advanced tools and techniques‚ÄĚ:
- Knowledge workers = highly qualified and experienced
- Turning data = Evidence Based
- Intelligence = that backwards mirror ‚Äď BI
- Insight = statistical analysis (forecasting, basket analysis, churn analysis, channel optimisation, etc.)
- Action = informing strategic decisions (e.g. how many sales people do we need) and driving tactical activities (where should we place them and whom should they meet)
- Advanced tools = software such as sas, JMP, mapinfo ‚Äď definitely not toys like Excel
- Advanced techniques = more than just means and guesses ‚Äď NLMIXED, Time series analysis, Neural
- Networks, factor analysis, etc.
Another of my attempts is ‚ÄúIncreasing revenue and reducing costs through evidence based analytics‚ÄĚ