Episode 2: What Is Insight?

The 1st secret of successful Insight teams is that they agree on a more progressive definition of insights and insight as a basis for all their subsequent activity.

Topics Discussed

• The IMA’s definition of insights (2.06)
• The many sources of customer and market insights (3.19)
• The importance of actionability (5.47)
• The difference between insights and insight (7.00)
• The danger of narrow definitions (9.25)

This is Episode 2 of the Transforming Insight podcast which will outline the 42 secrets of successful corporate Insight teams. In this episode James Wycherley, Chief Executive of the IMA and author of the Transforming Insight book explores the IMA’s definition of insight and insights and why it is so important that we don’t define our work according to the data we use or the methodology with which we have the most expertise.

Highlights

• “It seems to me that one of the main issues is that we all have a tendency to define our Insight work according to the data, or the methodology, in which we have most expertise. If you began your career working in a market research agency, there’s always going to be a danger that you will view requests for help from other departments in your organisation through the lens of market research.”
• “If our focus is on the underlying business question it would make no sense to limit the sources of data that we would consider. It’s not a competition where we’re out to prove that internal data is better than market research, or competitor analysis is worth more than complaints analysis. Insight teams have to think more strategically than that.”
• “If insights are individual, contextualised discoveries, insight is the accumulated understanding that is built up from many insights. It relates to the process of collating evidence and findings from multiple projects and sources, reflecting on the connections, and investigating the contradictions.”

If you have the ambition to transform your Insight team and the role it plays in your organisation, please tune in to future editions of this Transforming Insight podcast. Not only will we explore all 42 secrets outlined in the Transforming Insight book, but we will also talk to senior corporate Insight leaders, delve into books that have inspired us, and discuss new best practice research carried out with the IMA’s corporate members.

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About - James Wycherley, Chief Executive, IMA and the author of Transforming Insight

James Wycherley was Director of Customer Insight and Analytics at Barclays from 2005 to 2015 when he became Chief Executive of the Insight Management Academy (IMA). A popular keynote speaker and acknowledged expert on Insight leadership, strategy, and communication, he is the author of the book Transforming Insight: the 42 secrets of successful corporate Insight teams, and over 35 IMA publications. He has provided thought leadership in the UK, Western Europe, the USA, Canada, Australia, India, and the Middle East. Over the last five years, over 20,000 Insight professionals worldwide have received his 5 Minute Insight emails.

Resources:

If you would like more information on any of the ideas discussed in this episode of the Transforming Insight podcast, please visit www.insight-management.org

Copies of James Wycherley’s book Transforming Insight: the 42 secrets of successful corporate Insight teams can be purchased directly from www.transforming-insight.com

Disclaimer

The Transforming Insight podcast is published by the Insight Management Academy and produced by Zorbiant.

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