2018 feels like THE year for return on insight. So last month, we asked our readers if they’d recently measured their ROI. Despite the hype, only 11% said they’d tried to measure return in the past 12 months.
This surprised us. Over the past year, we’ve seen strong interest in proving return on insight across our user communities. In roundtables, there’s been widespread agreement of positive impacts, including increased efficiency and better concept results.
Of course, this interest isn’t confined to our clients. Last year, BCG published ROI of Insights, a deep dive into how research organizations should measure their efforts. They separate maturity levels into four stages, where approaches vary from little to no measurement, to consistent measurement across all research programs.
Admittedly, without the proper solution, a return on insight can be a hard thing to measure. Increased efficiency is something that’s easily felt—you know when you’re getting more done, but measuring this across an organization is tough.
Responses to questions on ad-hoc efforts mention surveys on time spent or measuring cost savings by reducing duplication of research. However, these specific efforts don’t go far enough.
Automation can greatly assist ROI measurement by tracking the popularity of insights, and their journey through the insight process to quarterly impact. BCG established a useful benchmark across the insights community where measuring return on insight is a must. Let’s aim for a higher percentage of yes responses next time.