This is why BI should play a key role in your company culture
Research by IBM shows that executives who implement analytics develop a more collaborative, creative, and innovative company culture, and consequently, a more profitable enterprise.
This is because employees will come to use on data in their day-to-day practices and decision-making. Employees will readily use data to develop strategies, grow targets, measure outcomes, and improve business processes. This blog will discuss other significant benefits of fostering a data-driven culture in your enterprise today.
Making factual decisions unites
In most companies, managers conduct employee performance reviews on an annual or bi-annual basis. Employees typically undergo a subjective evaluation by management. When appraisals are subjective, it may appear some employees benefit from favoritism. This can lead to division within the department.
In a data-driven company, managers can perform appraisals using objective metrics aimed at improving performance. Consequently, managers are able to set actionable goals for underperforming employees and provide coaching where needed. When performance reviews are fact-based, they are transparent and leave no room for misconceptions. This promotes a cohesive and mutually respectful team spirit.
A data-driven culture embraces growth
A data-driven company culture clarifies expectations and goals for the company and its employees. Over time, employees can see how their role contributes to the company’s overall success. When employees see that their contributions have an impact they become personally invested. They also understand that every department advances the company’s goals and become more willing to reach out and collaborate. Business Intelligence (BI) solutions facilitate information sharing across departments, saving time and improving productivity.
A data-driven culture enables employees to become more efficient at their jobs by showing them ways to streamline their tasks and save time. This frees them up to pursue new opportunities for increases revenue or decreased costs. By using the company data to find the opportunities, your employees will spend more time on what they are good at, whether that be selling your products, creating inventive marketing campaigns, ensuring your customers get their products on time, or something else altogether. In this environment, work provides a sense of purpose and accomplishment rather than a means to a paycheck.
Business intelligence allows you to remain agile
Business Intelligence minimizes guesswork by providing instant, fact-based answers that can be used to make decisions on the spot. Because BI provides information in near real-time, executives and managers have the ability to identify potential challenges as they are developing. This enables them to take action before challenges become real problems. For example, you may notice that sales for a certain product is in decline. Drilling down into your customer data may reveal this is due to the new rep not being aware of the product, or a particular region being affected by a competitor. You now have the insight needed to develop a pre-emptive campaign to address this change. You must be able to adapt to fluctuating business needs and market conditions if you are going to succeed. BI will give you the agility necessary to do just that.
Managers can use BI to motivate and retain employees
A high employee turnover rate can have serious consequences to your company. Not only is it costly to replace an employee, but it can impact morale and lead to more employee departures. When a company has high turnovers, remaining staff members can begin to feel insecure in their own positions. When employees are in a state of flux it can impact their ability to concentrate, their efficiency and the quality of their work. Frequent turnover also has a serious impact on company revenue. Recruiting and training new staff costs time and money. Some studies suggest that the cost is equivalent to 6 to 9 months of the employee’s salary on average.
By using BI to monitor employee performance, managers can increase motivation and create a winning team spirit. For example, sales managers can use KPIs to identify the top and bottom performing reps. Managers can reward top performers for their hard work and contributions, as well as provide additional support and encouragement those who may be struggling. When employees feel valued they become engaged and loyal employees.
Click here or on the button below to learn more about the KPIs you can measure in BI to steer your company towards success.
Top 7 KPIs and metrics for mid-market executives
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