Founded in 1903, The Institute of Directors (IoD) is a membership body that holds a Royal Charter to support, represent and set standards for business leaders nationwide. The Institute boasts some 30,000+ members and undertakes to ensure their views are considered when the government is reviewing policy, legislation or seeking the opinions of the wider business community.
The Institute provides members with business information, training, professional expertise, networking opportunities and flexible working spaces. Its Mission and Responsibilities are seen to uphold the standards of Professionalism; Lobbying; Corporate Governance; and Support. The Institute holds significant amounts of data to deliver member value and to support member interaction.
The Institute was unable to derive full value from its data. There was no access to meaningful management insight; decision making processes were slow and uninformed, thus making management decisions slow and ineffective; there were no means to gain a 360° view of what a member does or how it interacts with the Institute; and ultimately – no means to discover what value a member derives from the Institute. Given the nature and reputation of the IoD; and the role it plays in the Commercial Sector, it was essential that it was able to answer these questions and demonstrate best practice in its use of Data.
Equantiis worked with the IoD to develop a Data Strategy. Providing the means to assist in the alignment and interrogation of the ‘right questions’ around data rather than ‘any questions’ would be key to success. This would enable the IoD to make good, informed, decisions based on data, and to develop revenue streams outside of the traditional membership subscriptions to support income reduction should the membership decrease.
Equantiis worked with the IoD Management Team to identify the ‘art of the possible’ utilising Equantiis’ ‘Postcard from the Future’ Framework. This showed how data could be ethically utilised to drive commercial opportunities and most importantly, radically enhance member engagement. Trigger points were identified that enabled appropriate communications when, for example a member may be about to leave the Institute, or not purchasing suitable products for their business.
Equantiis built out a strategy and framework to identify the triggers and then built the Data Strategy underpinned with a Technology Strategy for Data to enable the Institute to integrate the necessary tools and technologies to unpick and access the key information available. This evolved into an integrated Data Warehouse Strategy that enabled the Institute to be equipped to ask the correct questions.
The IoD now has a data strategy that focuses specifically on business outcomes, underpinned by the technology requirement. Data now sits at the core of IoD’s business and not solely within the remit of the I.T. Department. A key benefit for the IoD is it is now able to put key metrics in place to identify potential lapses in membership or highlight members that are not engaging effectively and utilise this intelligence to apply measures to course correct the unwanted behaviours.