In today’s data-driven world, gathering and analysing information has become an integral part of decision-making processes in businesses across industries, but we need more, we need to create numbers with attitude. And that’s where market research comes into play. In the hands of an experienced researcher, raw data can be transformed into meaningful insights which can become a game-changer as it offers a competitive edge and drives success. But there is often confusion about what exactly are insights, and how do they differ from data and information?

In this article we dive into the heart of the matter by understanding the distinction between data/facts, information, and insights.

What is Data: The Foundation of Insights

Data is the key building block and forms the foundation of any analytical activity. Data is raw and unprocessed facts captured according to predefined standards. In market research terms it is most often in the form of numbers or percentages but can also be images, audio clips, discussion or transaction records. However, data alone is not enough to drive transformative actions. It is merely a collection of numbers or other data types, waiting to be processed and analysed.

What is Information: Unveiling Patterns and Trends

FN Research data information and dataMost research agencies will process, aggregate, and organise the data into a more human-friendly format, and at this point it becomes information. Data visualisations, reports, and dashboards are common ways to present this processed data. Information presented in this way helps helps us to spot and make sense of the underlying patterns and trends hidden within the dataset. It provides a more comprehensive view of the situation, enabling us to identify correlations and understand the context. However, information (even presented in this easily digestible way) alone does not lead to actionable outcomes and drive strategic change for organisations.

What is Insight: The Catalyst for Transformation

To drive change and innovation, we now need to move on to the next level. Insights are the golden nuggets that emerge from analysing data and information to understand the context of a particular situation and draw conclusions. They go beyond that surface-level of understanding provided by data and information and bring about transformative actions within a business. Insights are the “Lightbulb” moments or supporting points that help shape decisions, improve performance, and stay ahead of the competition.

How Do You Create Insights: The Extra Effort

FN Research strategic Insights for business decisionsTo create impactful insights, it requires more than just data and information. It demands strategic curiosity—the willingness to ask the “So What?” and “Now What?” questions. Strategic curiosity drives the extra effort in the final creation of insights. It involves delving deeper into the analysis, questioning assumptions, seeking connections, and challenging existing paradigms.  This is what we love doing most at FN Research and what sets us apart from other research ‘commodity’ providers. We tell the full story of the data turning it into strategic insight to help make clear, informed business decisions .

Insights are numbers with attitude, they empower decision making and when fully laid out, possess attitude. They go beyond mere statistical figures and provide a story, a narrative that helps us make better decisions. Insights offer a deeper understanding of the situation, enabling businesses to anticipate market trends, identify untapped opportunities, optimize operations, and align strategies with customer needs. They become the driving force behind success stories, helping organizations unlock their true potential.

In Conclusion

Data, information, and insights form a continuum of knowledge that empowers decision-making. While data provides the foundation, information uncovers patterns and trends, and insights serve as the catalysts for transformative actions. Insights are the numbers with attitudes, enabling businesses to make better decisions, improve performance, and stay ahead of the competition. Or in terms of out own strapline  Information: knowledge: clarity, i.e. information creates knowledge which leads to clarity in business decision making.

FN Research Insights To unleash the power of insights, businesses must embrace strategic curiosity, constantly ask yourself the questions “So What?” and “Now What?”. By making insights a priority and integrating them into their decision-making processes, organisations can unlock the full potential of their data.

That’s when the true magic happens !!!