Insight 3 from Research Focus on benchmarking - yes, you can measure impact
Tuesday, 27th August 2019
Are you confident that you've got the right metrics in place to demonstrate the value of your information service? Read our blog to doublecheck and find how you can move your metrics to the next level.
One of the biggest challenges in benchmarking is how to avoid over-simplification. Taking a few datapoints for comparison to a peer group provides only a limited view of the world and can lead to misunderstandings with stakeholders about your value and purpose within the organisation.
Before digging into any benchmarking data, it's critical to answer this question:
What is the desired impact of information services in this organisation?
It's only when you have that context that you can determine 1) what you need to measure and 2) how you compare with your peer group.
For example, if one of the impacts your team aims for is to help the organisation grow revenue, you don't want to be (only) measuring usage, the number of queries answered or team capacity. Instead, you need to think about every stage of the process for winning new business and focus on the metrics that demonstrate your contributions to those stages. Figure 1 offers a view of what those stages might be.
Figure 1: Process for generating new revenue
Here's what you can do:
Break out of the practice of counting things to focus on measuring impact by analysing the ways you contribute to the success of your customers and the organisation overall.
As part of this Research Focus, "Benchmark information services - progressing towards transformation", Jinfo has developed sample analyses that demonstrate how information teams might successfully measure their contributions towards:
These are adaptable to any environment and offer a new paradigm for measuring success.
If you have a Jinfo Subscription, use the links above to access these reports and start your analysis.
For direct assistance on determining what to measure and how to go about it, Jinfo Consulting offers personalised benchmarking assessments. By comparing your current services, capacity and strategy against your peer group(s), we help you focus on the impacts that are most valuable to your business.
Resources relating to this insight:
- Leadership alignment interviews - engaging your stakeholders around value
- Functional partnerships and information services - how about that IT/IS relationship?
- Documenting the value chain (part 1 - growing revenue)
- Documenting the value chain (part 2 - efficiency)
- Documenting the value chain (part 3 - innovation)
- Documenting the value chain (part 4 - risk management)
- Documenting the value chain (part 5 - transparency)
- Documenting the value chain (part 6 - smarter decisions)
- Documenting the value chain
- Guide to value in the Jinfo Research Focus - benchmark information services
- The strategy behind PwC Canada's content portfolio management
- Jinfo benchmarking research (part 4 - content licensing strategy)
- Jinfo benchmarking research (part 3 - services and customers
- Jinfo benchmarking research (part 1 - introduction)
- Jinfo benchmarking research 2019
Webinars: (listen live or catch up with the recording and deck afterwards)
- Value and impact of benchmarking: 12th September
Community sessions: (participate live or download the deck and speaker notes afterwards)
- Benchmarking for your sector (manufacturing), 18th July
- Benchmarking for your sector (pharma and related industries), 1st August
- Benchmarking for your sector (professional services & legal), 19th September
- Benchmarking for your sector (finance), 26th September
- Blog post title: Insight 3 from Research Focus on benchmarking - yes, you can measure impact
- Link to this page
- View printable version
- Insight 2 from Research Focus on benchmarking - do you have your measurements?
Thursday, 1st August 2019
- Insight 1 from Research Focus on benchmarking - the most important variable may surprise you
Monday, 1st July 2019
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- Enhancements to the Jinfo website
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- Research update - what matters most to smart information managers
Thursday, 21st January 2021
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Thursday, 7th January 2021
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Monday, 18th January 2021
- Product review of Aurora FirstLight (value - purchasing, development and competitor landscape)
Thursday, 14th January 2021
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Wednesday, 13th January 2021
- Product review of Aurora FirstLight
Monday, 11th January 2021
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Monday, 21st December 2020
- Product review of TRG Screen's Quest
Friday, 18th December 2020
- Negotiation clinic - role-play and Q&A (Community) Tuesday, 13th April 2021
- Usage data in contract negotiations (Community) Tuesday, 23rd March 2021
- Pricing models for information and data licensing (Community) Tuesday, 2nd March 2021
- Comparative product evaluation - breaking it down into manageable pieces (Webinar) Tuesday, 19th January 2021
- The importance of current awareness tracking (Webinar) Tuesday, 12th January 2021
- State of the Industry, 2021 (Webinar) Tuesday, 5th January 2021
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