Generating Insight from data

A skill all World Class Account Managers need

Insight – not data. The world is full of data…

But how do we create insight ?

Turning data and information into insight is a critical skill for most salespeople and indeed most business people.

It’s a 4 step process

  • Graph the performance
  • Analyse over or underperformance
  • Profit Opportunity
  • Plan

Step1: Graph the performance

This involves looking for over and under performance vs what you expect to see or vs comparable businesses or customers

Comparative Development Indices

Create a Comparative Development Indices [CDI] so you can compare one with another.

For example:

The average customer purchase = 20

This particular customer has bought only 15

The CDI is 15 ÷ 20 = 75% – i.e. underperforming

It is quite easy to highlight over and under performance and then graph the performance – this makes it easier to understand and explain to other people.

Step 2: Analysis

Look for any over and under performances

Focus on large numbers not small ones

Use root cause analysis [link] to explore the reasons

Ask yourself these four critical questions –

  • What does this mean?
  • Why is this happening?
  • What action could I take to put this right?
  • What action must I take to put this right?

Sometimes you may need to visit the actual place to see the problem and talk to the people who are involved.

If you are at a loss – then think about the use of the 4 eye principles [link] to help understand the options

Step 3: Profit opportunity

Having used the CDI to spot anomalies and analysed the causes it is now time to put a value on the opportunity – if you moved the indices to 100 what would or could it be worth?

Step 4: Plan

The next step is quite simple

What is your plan for addressing the underperformance or driving the over performance?

… there is always…

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