In addition to the above as well as knowing your insects, you should know ABOUT the insects. Where, when, and how.
That will narrow it down to a few possibilities to figure out whats going on.
As a random example. Lets say you're on a stream with the usual mayfly suspects in earlyish May, mid to late afternoon. Too early in day for spinners. Most likely hatches to encounter are March Browns and sulphers. Could have olives, caddis, craneflies, midges.
Ok, March Browns hatch on bottom, in heavy water, and "fly" to surface. If you are seeing agressive, splashy rises in heavy water, thats probably what it is. Sulphers are often in smooth, slower currents. And they hatch by nymphs swimming to surface, sitting just beneath, then the backs break open and they emerge on top. If you see beaks, they're probably taking duns. If just dimples or subsurface boils, probably the floating nymphs, even if there are duns on the surface! Try an emerger or float a nymph behind a dry. If the rises are very sporadic and lazy and mostly in eddies and such, then craneflies, midges, or olives could be it. If sporadic but out in main current and they are launching out of water, try skittering a caddis. If nothing at all seems to be happening, try nymphing. March browns in the riffs or sulpher nymphs in the smoother water.
I usually have in my head 2 or 3 things that COULD happen before i ever set foot on the water. Then its using the observational stuff to figure out what it is.