Although most companies see the importance of collecting data about their employee’s work, most of them don’t do a good job of leveraging it for insights. The data-analytics revolution, however, has the potential to transform how companies organize, operate, manage talent, and create value.
Many executives, however, remain unsure about how to proceed. They’re not confident their businesses are prepared for the required changes, and a lot of companies have yet to fully exploit the data or analytics capabilities they currently possess.
The stakes are high, with International Data Corporation estimating that global business investments in data & analytics (D&A) will surpass $200 billion a year by 2020.
Here’s how you can start putting your employee data in use and turn it into valuable insight.
Step 1: Analyze what kind of data you collect
Before spending time on collecting any kind of employee data, make sure you are clear on WHY you need it. Just because you can collect certain information doesn’t mean you should. So, before you activate the GPS on your employees’ smartphones or start tracking keystrokes, ask yourself what you’re hoping to learn and do with that information.
Then, think about how these touchpoints are collected. Are you using a centralized business analytics system for tracking tasks, meetings, time, etc.? Or is everyone using an individual tool or form of measurement? Is everyone in the company following the same processes, or are they different by department, team, and individual?
And finally, be transparent. Before you begin gathering employee data, outline what data will be gathered, who has access to it, and how it will be used.
Read further: Top Takeaways From The Adobe 2018 Digital Trends Report
Step 2: Gather data into a single solution
The most valuable aspect of having a centralized system is the possibility to link data for advanced business intelligence. Want to know which client is the most valuable? Relying on just the revenue number is not enough – you need to take into consideration
- the amount of billable and non-billable hours worked;
- resources used;
- and many other industry-specific factors.
To do this, you need to link the data from different sources throughout your organization. Centralized business analytics software can be an excellent solution for pinpointing and answering both simple and complex business questions.
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Step 3: Leverage real-time reports
In most cases, the amount and complexity of the data you collect go far beyond the capabilities of a simple spreadsheet. To make sense of the data you need a skilled data analyst… or good software. The latter is excellent for real-time reporting, showcasing the findings on a live dashboard, or insightful forecasts.
Business managers often use Key Performance Indicator (KPI) or business intelligence dashboards that provide a quick overview of their company’s performance and well-being. A KPI tracking dashboard collects, groups, organizes, and visualizes the company’s important metrics, providing a quick overview of business performance and predictive analytics.
Learn about KPI dashboard software: What is a KPI Dashboard?
Step 4: Put your data to work
“Online, seamless, integrated and intuitive collaboration tools play a dominant role in your workplace.” – Deloitte, Digital Workspace Report
Use data to plan, not just to analyze. According to Deloitte, the key is to understand how your employees prefer to work. You can then develop a change management plan and digital workplace strategy that aligns with your organization’s working culture.
Just like Rick Devine from TalentSky explains: “The great promise of technology is to advance humanity. Companies that leverage technology to introduce visibility into workforces understand workers’ skills, and equip management with information on what workers need to succeed, both increase efficiency and introduce humanity by helping people achieve their best. Automation will drive a more hopeful system.”
By fostering this type of cultural change, and unifying your technology components, the digital workplace can help you improve:
Collaboration
To solve business problems and operate productively, organizations need the ability to leverage knowledge across the enterprise with online, seamless, integrated, and intuitive collaboration tools that enhance your employees’ ability to work together.
Communications
As information continues to grow at an unprecedented rate, more tools exist that enable people to create their own content, rather than simply consuming existing content. To ensure the right information reaches the right audience, employees need tools that support two-way communication and the personalization of content.
Connections
Self-sufficiency no longer guarantees effectiveness. Employees need tools that allow them to connect across the organization, leverage intellectual property, and gain insight from one another. The digital workplace delivers on these goals by fostering a stronger sense of culture and community within the workplace.
What does it mean for your organization?
Big data and analytics have climbed to the top of the corporate agenda – with ample reason. Together, they promise to transform the way many companies do business, delivering performance improvements not seen since the redesign of core processes in the 1990s. As such, these tools and techniques will open new avenues of competitive advantage.
- Increase revenue – Provide applications that help employees identify cross-sell and up-sell opportunities
- Enhance innovation – Foster two-way communication to drive discussions and build communities of interest and practice to drive the innovation agenda.
- Improve the customer experience – Enable employees to find the information they need more quickly and serve their customers more efficiently.
- Increase agility and flexibility – Provide the tools that mimic organization and business changes and reflect employee behaviors.
- Raise productivity and efficiency – Provide tools and technologies that help employees execute business processes and functions as currently designed.
- Strengthen talent recruitment and retention – Develop a brand of exceptional work environments.
- Improve employee experience – Provide the right tools at the right time for their employees to their jobs.
The chart below illustrates the range of data initiatives that are underway at leading Fortune 100 corporations:
(source)
Although many problems might seem pressing, you are not the only one faced with them. Competitors can adopt best practices rapidly, and competitive advantages are difficult to sustain. So don’t get left behind, and start using your valuable data to your advantage today.