Insight 3 from Research Focus on benchmarking - yes, you can measure impact
Jinfo Blog

By Robin Neidorf

Abstract

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.

Item

Stop counting things; start measuring impact.

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:

• Revenue growth
• Efficiency
• Innovation
• Risk management
• Transparency
• Smarter decisions

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.

Learn more about assessments, and contact Claire Laybats for more information.

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

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