How do you know it’s time to invest in an insights platform?

Your insights, intelligence, and analytics teams face growing challenges: tight budgets, high demand, new technologies, and tons of data. And yet, your company’s ability to capitalize on insights and analytics can make or break your business. Smart enterprises are making targeted investments in future-proof insights platforms so they can reap the rewards of a truly insights-driven business. But how do you know if it’s time for your business to invest in an insights platform? Here are five signs you’ll want to look out for.

5 signs it’s the right time to invest in an insights platform

1. Your teams spend too much time searching for internal knowledge

Information scattered across siloed experts, teams, tools, databases, and communication channels is the perfect environment for wasted time. Mckinsey reports the average worker spends nearly 20 percent of their workweek searching for internal information or finding colleagues who can help them. The same report suggests you can reduce the amount of time spent searching for information by as much as 35 percent if your teams have an easily searchable record of company knowledge. Have you noticed your workers spend a ton of time tracking down information? Then there’s no better time to invest in an insights platform that unifies all your knowledge assets in one easily searchable platform.

2. Your insights and analytics teams can’t keep up with information requests

It’s time to invest in an insights platform when your insights and analytics teams can’t keep up with the number of business questions they’re getting. Because when insights pros can’t keep up, decision makers can’t make timely, data-driven decisions. An insights platform frees your insights teams’ time by giving stakeholders easy self-service tools. That means business users start with an intuitive, AI-assisted search to get quick answers to business questions before reaching out to time-poor insights professionals. Then, when business users need more support, an insights platform will equip insights and analytics teams with simplified desk research, so they can quickly leverage existing knowledge assets for streamlined responses to business questions.

3. Your organization is duplicating expensive knowledge

Has a business unit or team in your organization ever purchased or commissioned an expensive report or study, only to find out later your organization already had that information? Companies often duplicate efforts and knowledge because workers simply have no idea the knowledge already exists in the company. The first step to solving this knowledge management problem is to capture all your knowledge, from all your sources, in an insights platform with robust integration capabilities. Then, the right insights platform stops knowledge duplication in its tracks with streamlined research processes, like “knowledge checks” that prevent users from buying or conducting research you already have.

4. Your competitors are investing in insights and analytics technology

According to Greenbook, technology spending on data integration and platform solutions is at an all-time high. This suggests companies are catching on to the benefits of enterprise insights solutions—technology that helps businesses connect the dots between market, competitor, and product intelligence. In fact, according to Mckinsey, it’s more common to see data and analytics efforts at scale at high-performing companies. So, if you want to stay ahead of the competition, it may be time for you to invest in an insights platform.

5. You want to replace opinion-based decisions with data-driven decisions

You may notice when decision makers in your organization struggle to find the information they need when they need it, or they’re completely overwhelmed with information, they cherry-pick data. And cherry-picked can lead to poor-quality decisions and lost opportunities. One way to combat this tendency is by developing insights that build a story around your data, then engaging the business with easy-to-browse, understandable, contextualized insights. The result? Insights “stick” with business users, and they’re more likely to come back to your insights platform for more. Then, when it comes time to make a decision, business users have all the information they need for smart, insights-driven decision making.

Transform your business with a market insights platform

Are any of the five signs above familiar to you and your organization? If so, it’s a good time to invest in an insights platform that connects all your market data and insights tools in one searchable place to support smart, competitive decision making. Want to see how a Market-Logic-powered insights platform works? Request a demo here.