From data to action: How Premise empowers businesses to make informed decisions

How data and insights can spur sustainable organisational growth

In today’s fast-paced digital world where competition can make or mar businesses, the ability to make well-informed decisions can be the difference between success and failure for businesses. Real insights that can help refine strategies and shape plans are essential for sustainable growth.

While some businesses rely on in-house human capital for up-to-date industry-specific data gathering and insights, some others choose to outsource these core parts of their business strategy to companies like Premise that specialise in such tasks.

Data-driven insights form the foundation of the operational models of many businesses—big or small. These insights provide valuable information highlighting their competition, challenges, potential pitfalls, explorable opportunities, and customer satisfaction.

“Becoming a data-driven company requires a mind shift. It’s not a software solution alone,” says Christian Ofori-Boateng, a member of the Forbes Technology Council. “You’ll have to take steady steps in the right direction.”

Despite their importance, some research firms struggle to provide their clients with real-time, actionable insights, leaving the companies that need such insights in a lurch. While such firms may stagnate, data-driven companies in contrast can grow up to 30% annually, according to a Forrester Research report.

Recognising the advantages of data-driven decision-making, leaders at such companies know the advantages of relying on data insights to make informed business decisions. As a result, their organisations are 23 times more likely to gain new customers and achieve higher than six times better customer retention, according to the results from a study from the McKinsey Global Institute.

“To harness the value of data, business leaders must understand that its true value lies in its proper usage, not just in the collection and analysis,” said David Bischof, Premise’s chief operating and chief technology officer. “Having the right attitude towards data can help transform the process of making decisions and the general outlook of a company.”

For this to happen, business leaders must understand that the value of data is in its proper usage, not just in the collection and analysis. Having the right attitude towards data can help transform the process of making decisions and the general outlook of a company.

Some business leaders have opined that for companies to stay ahead in today’s competitive landscape more meaningfully, nurturing a data-driven culture within their organisations is paramount.

“The best advice I have for senior leaders trying to develop and implement a data culture is to stay very true to the business problem: what it is and how you can solve it,” says Rob Casper, the chief data officer at JP Morgan Chase. “If you simply rely on having huge quantities of data in a data lake, you’re kidding yourself.”

However, it is crucial for business leaders to rely on professionals who understand the value of data and possess the necessary technology to collect, parse and analyse it effectively to uncover their inherent value.

Additionally, business leaders should take an active interest in understanding how the data presented to them by data professionals are collected. There are companies that invested millions of dollars in harvesting data and insights remotely. While remote data collection can be valuable, especially when combined with on-the-ground insights, there are instances where having boots on the ground is more prudent.

Remote data captured by research companies sometimes fail, and this accentuates their deficit in the requisite tools to collect and analyse local data that are important to their clients.

“Despite billions invested in ways of capturing data by remote control, there are some things you can’t know unless you are there,” says Matt McNabb, the former founder and CEO of Native who is now chief revenue officer at Premise. The market insights company counts the likes of Coca-Cola, Shell, Unicef and L’Oreal among its clients.

Often overlooked when making important decisions, experts said the local insights can be very critical to business success.

“Local insight is often neglected when making critical decisions,” says Daniel Hanks, General Partner at Lavrock, “and quickly tapping into the reality on the ground is an increasingly crucial part of the decision-making for leaders in any industry.”

To bolster its local insights capabilities, Premise acquired Native, a market research pioneer, in 2021, as well as Grupo Meiko, a retail measurement provider in Latin America, in 2022. The strategic acquisitions positions Premise as a market leader and makes it the go-to platform for organisations seeking to leverage data for impactful decision-making.

“With our strategic acquisitions, we’re going to be able to accelerate the disruption of crowdsourced insights, all on one platform,” said Maury Blackman, the CEO of Premise noted at the time. This, he believes, will bring unprecedented value to businesses seeking real-time, on-the-ground data for transformative decision-making.

Premise empowers businesses by offering insights that refine strategies and shape plans, enabling informed decision-making. As a market leader with a strong focus on data-driven approaches and the acquisition of Native, Premise provides unparalleled value to businesses seeking transformative insights. By understanding the inherent value of data, fostering a data-driven culture, and acknowledging the importance of local insights, businesses can effectively navigate the competitive landscape and achieve sustainable growth.