b'SECTION 03 BUILDING THE BUSINESS CASECost efficiencies: Has an InsightLoss prevention: Prevent your Community identified efficienciesbrand from making mistakes and and saved the business money?bad investments. Whilst Insight Ensuring ROIIn many cases an Insight CommunityCommunities can help with this, its the will itself be a long-term cost efficiencyhardest to prove the value of, since its compared to the cost of the manytricky to measure predicted losses. research pieces it replaces.In some cases, though, the advice The feedback from the communityof an Insight Community will have can also be vital for identifying areasbeen critical preventing such errors. of low priority for customers where money can be saved. The whole point of having an Insight Community is to make better informedInsight accessibility: A communityVolume & value of insight: One major decisions. The problem is that it can be tricky to put a monetary cost against this.that makes insight more accessiblereason for running an Insight Heres 7 ways you can measure ROI: and more embedded withinCommunity is to replace and expand the business is doing a goodon existing research work while saving Stakeholder impact: How has theValue creation: Creating value. Savingjob, and this can be measured inmoney in the long term. Run more Insight Community and the projectsmoney. Preventing losses. These aremultiple ways - views of outputs,projects and deliver more results, run through it helped stakeholders?the three broad ways in which insightinternal email open and click rates,while reducing the cost.Have its insights been valuable? Has itcan help you to support profitabilityqualitative or survey feedback, and provided strong findings forand growth. Value creation is the mostrequests for user access. negotiations with buyers or suppliers?eye-catching of these. Has the Insight Has it made senior peoples job easier?Community led to decisions which Have processes changed because of it?have created new value for theCross-charging: Some brands run This might be a bit tricky to measurebusinessfor instance producttheir Insight Community as a but by looking through the differentlaunches, changes in policy, or otherchargeable internal resource, with projects youve used your communitycustomer closeness initiatives?other units/functions paying to for, youll soon have a good idea on theconduct projects through it. If this is impact it might have had.the case, ROI will be whether the community is paying for itself via internal usage. These are some of the measures you can monitor as a way of demonstrating ROI. But in themselves they dont prove that the Insight Community has been a business success. This is where you need to connect your measures to business issues and provide evidence that the community has had a beneficial impact. 45 | INSIGHT COMMUNITIES 2023 46 | INSIGHT COMMUNITIES 202351 | INSIGHT COMMUNITIES 2023'