By Graham Goodwiler
Summary
As businesses become more competitive, the need for reliable and insightful analysis is growing. The ability to gather, analyze, and interpret data on market, competitors, and industry trends is crucial to staying ahead of the game. However, not all analysts are created equal. In this blog post, we’ll explore the differences between a good and a great analyst.
| A Good Analyst | A Great Analyst |
| Ensures the deliverable meets all the requirements | Ensures that the deliverable achieves its intended purpose |
| Looks for answers | Looks for questions |
| Knows how to use the tools and frameworks | Knows when to use the tools and frameworks |
| Develops a long, comprehensive report | Develops a compact, digestible report |
| Tells you what you want to know | Tells you what you need to know |
| Confident in their responses | Humble enough to admit their limitations |
In this article we’ll cover:
- Research Objective
- Research Process
- Tools and Frameworks
- Deliverables
- Briefing
- Attitude
- Recommended Readings
Research Objective
Ensures the deliverable meets all the requirements vs. ensures that the deliverable achieves its intended purpose
A good analyst is focused on meeting the requirements of the analysis. They make sure that their deliverables are accurate, complete, and meet the specified guidelines. On the other hand, a great analyst is focused on ensuring that their deliverables achieve their intended purpose. They understand the underlying objectives of the analysis and use their insights to provide strategic recommendations that can inform decision-making and ultimately drive business success. While good analysts focus on getting the right output, great analysts focus on getting the right outcome.
Research Process
Looks for answers vs. looks for questions
A good analyst is focused on finding answers to specific questions. They gather and analyze data to provide clear and concise answers to predefined questions. While a great analyst also does this, they’re also looking for more questions and identifying what’s still missing. They have a curious and explorative mindset that allows them to dig deeper and uncover insights that were not previously considered. They have the ability to challenge assumptions and ask thought-provoking questions that can lead to breakthrough discoveries. A great analyst never assumes that the decision-maker asked the right questions in the first place, so they’re always looking for related questions and topics that weren’t initially considered. They’re also prepared with answers ready for follow-up questions that weren’t originally in scope, or to recommend further research.
Tools and Frameworks
Knows how to use the tools and frameworks vs. knows when to use the tools and frameworks
A good analyst knows how to use the tools and frameworks available to them. They are proficient in using a number of analytic frameworks such as SWOT, indicators and warnings analysis, analysis of competing hypotheses, and decision-selection matrices. However, a great analyst knows when to use these tools and frameworks. They understand that not all data and situations require the same approach, and they have the ability to adapt and apply the appropriate tools and frameworks to meet the specific needs of their analysis. When you learn something from a book, it’s hard to find another real-world example that perfectly aligns with that theoretical example so great analysts take what works from different techniques and configure them to address their needs.
Deliverables
Develops a long, comprehensive report vs. develops a compact, digestible report
A good analyst tends to develop long and comprehensive reports that contain all of the information that one might need. While this may be useful for some stakeholders, it can also be overwhelming and difficult to navigate. On the other hand, a great analyst develops compact and digestible reports that provide clear and actionable insights. They understand the value of presenting information in a way that is easy to understand and can be quickly understood by decision-makers. They’ll use visualizations and graphics to convey a message rather than writing it out. Think about it this way, if they contained the same takeaways, would you rather read an academic research report on the impacts of a recession on your industry or watch a short YouTube video about it?
Briefing
Tells you what you want to know vs. tells you what you need to know
A good analyst is focused on providing answers to the questions that have been asked of them. They tend to focus on providing stakeholders with the information they want to hear. However, a great analyst tells stakeholders what they need to know. They have the ability to deliver insights that may be difficult to hear, but are necessary to inform strategic decision-making. While you may be more appreciated in the short-term for validating a decision-maker’s assumptions or holding back on the “doom and gloom,” you’ll also be the first person to take the blame for not informing them of it. Tactfully conveying the impact, imminence and certainty of something that goes contrary to your decision-maker’s goals will save time and resources down the road. If they choose not to act on that information, then you can still prove that you tried.
Attitude
Confident in their responses vs. humble enough to admit their limitations
A good analyst is confident in their responses and can provide stakeholders with the answers they need. It’s important to speak confidently to ensure your expertise and work is valued and that decision-makers don’t doubt the quality of your work. However, a great analyst is humble enough to admit their limitations, whether it be time, resources, or the information available. They understand that no one person has all the answers and that there are limitations to their analysis. They are open to feedback and willing to collaborate with others to ensure that their analysis is as accurate and impactful as possible. No analyst is infallible and every decision made during the research process, and after, has tradeoffs. While it’s important to stand by your process and your work, you also need to recognize that it will never be perfect and there will always be factors that impact it. Further, as an analyst, you shouldn’t tell your decision-maker what to do unless they specifically ask for your opinion, and even then, state what your opinion is based on and don’t treat it as a fact.
Recommended Readings
- Sherman Kent’s Final Thoughts on Analyst-Policymaker Relations
- CIA Analytic Thinking and Presentation for Intelligence Producers
- Design Thinking: The New Mindset for Competitive Intelligence? Impacts on the Competitive Intelligence Model
- Examples of Outputs vs. Outcomes
- Data Visualization Thinking
Conclusion
To conclude, a good analyst is someone who can effectively gather and analyze data to answer pre-defined questions – they expertly check the boxes of what they’re required to do. However, a great analyst is someone who can go beyond that and provide strategic insights that inform actionable decision-making and drive toward business outcomes. They have a curious and explorative mindset, the ability to adapt to different situations, and the willingness to collaborate and learn from others. If you’re looking to build an intelligence team or take your intelligence work to the next level, strive to be a great analyst.