Business Intelligence (BI) tools are irreplaceable within the business world in today’s hyper-connected market. They gather and visualize actionable data in a clear format that allows business leaders to align company goals with worker performance and client strategies. Leaders are using business intelligence and analytics to improve their bottom line and significantly boost worker productivity.
As a company manager, you have a responsibility to guide and support your employees to ensure their success (and ultimately, the success of your business). Several decades ago, organizations used time cards and quotas to monitor and review employee productivity; however, we now live in a digital world that requires the use of business intelligence to benefit you, your employees and your business.
Hiring and Recruitment
Where is the best place to get started? You can utilize this BI technology to recruit potential employees and set the right tone from the start.Before hiring future employees, you need to identify what needs your business stands to improve upon by looking at past performance.
Look for areas where goal achievement is lacking and how your focus can help combat. Could sales numbers be better? Do you want to increase marketing or focus on customer satisfaction?
Once these parameters have been set, you can set realistic and quantifiable goals with set timelines and structured dates for re-evaluation. You can do this with BI software that aims to define goals that are SMART–specific, measurable, achievable, relevant and time bound. Goals can then be translated to KPIs for easy tracking in the future.
Now, you need to relay this information to the right employees to fill in the gaps. This can be the tricky part: Don’t hire employees to complete specific tasks. Hire talent with the skills that branch across multiple company needs and evaluate their intentions. Search for candidates who are curious and eager to learn your business. These types of employees have long-term potential.
Once the employees are hired, you can then discuss the goals of the organization based on customer requirements, another area where your business intelligence strategy can offer an advantage.
The greatest question of any business remains the same: what do my customers need and desire? While all successful businesses gather customer insight data, you can gain an advantage over the competition with data collected in a smarter, more comprehensive way. You can do this by setting up sales performance analytics to determine the types of forward-thinking strategies that need to be implemented now.
The good news is BI tools can detect patterns in customer behavior that would be difficult to see with traditional data mining methods. Analyzing customer behavior can provide clarity to what customers want, how they want it, and the best way to deliver to them.
This allows your company to leverage sales analytics metrics to tailor company strategies and target more profitable customers. Your sales analytics also allow you to evaluate target personas, determine the best options, and create a plan to reach out to them.
By arming your employees with this crucial client data, they are better prepared out in the field. Salesmen can develop pitches that better target paying customers, and marketing departments will optimize their efforts by vetting and targeting the best clients.
Once your staff has the necessary data to lean on, you need to make sure they have clear, attainable expectations. Establish expectations align combine client data with company goals. The objective is to give employees a more detailed description of the company direction and the best approach to achieve individual and company goals.
You can then work with employees to review the skills they have and set up training sessions to educate them on industry strategies and concepts. You can monitor their training using KPIs to track user progress as they move through various skill development programs.
Coach and Mentor Employees
Using BI data, you can assess the strengths and weaknesses of your team for the sole purpose of assigning relevant training modules to employees who need it. Training options can include:
- online classes,
- lunch and learn events,
- and even additional work assignments to ensure employees gain the skills you are seeking
In addition, according to Work Ready, training your employees has been proven to benefit both them and your business by:
- Enhancing employee self-esteem and loyalty
- Putting emplopyees in a better position to move into other positions (including those with the option of better pay) within the organization
- Motivating employees as their daily tasks and responsibilities change
- Improving your reputation as a company that is willing to invest in employees
- Increasing overall employee satisfaction, which improves productivity and reduces turnover, saving your organization money in the long run
Business Intelligence software also allows you to share your KPIs and reports with employees to better convey skills gaps and monitor their performance.
Employee communication encompasses both training and daily work activities. You want to ensure your employees are given the tools they need to be efficient and productive, so it's important to monitor how well they are doing and if there are any areas where they can grow.
You can track the websites employees spend the most time on, or you can monitor the effectiveness of new workplace procedures. Either way, BI technology offers a broader overall perspective to see how these changes are affecting the business as a whole.
For example, sales analytics can offer insights into the performance of your sales channel partners. This allows your sales team to triage top and bottom performers. In addition, they can easily see their data on their sales analytics dashboard. Narrowing your teams’ focus and objectives can save money by slashing customer acquisition costs.
One of the biggest management challenges involves making sure your employers are productive and efficient while on the job. Using BI analytics, you can start to understand how your employees are spending their time each day in the office.
In the event, you discover an abuse of leisure activities taking place at the office, blockers can be placed to prevent employees from accessing various streaming, social media and gaming sites. As a result, the BI serves as a catalyst for cost savings by reducing distractions and improving employee productivity.
Reward Good Work
It goes without saying that many businesses are aware of the significance of employee retention. Recruiting, hiring, and training new employees is a costly venture and involves multiple layers to properly onboard a new employee. In the end, new employee onboarding is more expensive than training a veteran employee.
To keep your employees happy, they do need to feel appreciated. One of the best ways to achieve this is to offer incentives that promote employee engagement. BI tools can automatically recognize positive behavior with badges or special titles for employees, while regularly tracking worker improvement and contributions.
When employees feel their efforts are appreciated, they feel like they are a part of something bigger, and in turn, become more productive and engaged. Moreover, this sense of accomplishment helps to increase the overall morale of your company.
If you are not using business intelligence data to improve the life of your employees and to boost your bottom line, you could be missing out on priceless data insights. By gathering, visualizing, and using this data, you can significantly improve sales, raise customer satisfaction and boost employee morale.