Running a business is all about efficiency.
Measuring efficiency can be difficult at times, especially if you’re trying to do so with a team that performs a whole array of different tasks.
That being said, business analytics is a game-changer when it comes to collecting and processing efficiency metrics, and today we’ll discuss how you can use these tools to boost your team’s efficiency.
Keeping track of each individual team members’ activity is a good way to gain an insight into how efficient your team really is. Before you start looking into unique performance metrics, it would be a good idea to cover the basics first.
Things such as attendance, your team’s ability to follow deadlines, and preset schedules are imperative. Don’t worry, you don’t need to manually input these things. There are tools like TimeForge that will automate all of these tasks and extrapolate all kinds of useful data. Using the information provided by this type of software allows you to see whether your team meets the norms you’ve set, or whether you need to make any adjustments on your end.
Raw data is just that, data. Until you push it through a prism of different parameters, you won’t necessarily be able to see where and how you can improve the efficiency of your whole office or an individual team.
Depending on the software you’re using, you will most likely be able to run customized reports that target specific data you might find to be important. With a little creativity, you can use one data set to extrapolate a whole range of reports. At the end of the day, the ability to process data with custom variables means that you can recognize both the strengths and the weaknesses of individual employees or entire teams.
Using business analytic software does plenty in terms of automation. However, the pure convenience of not having to input everything by hand, or calculate different variables is secondary to your ability to monitor data in real-time.
Different industries have different workflows. In some, you can get away with making adjustments once every quarter. That being said, there are industries where you’ll need to make snap decisions on a weekly or sometimes even daily basis. The only way you can do this reliably and effectively is if you have the raw data pouring in, and a piece of software that can make sense of it nearly instantly.
The magic of business analytics is that it offers valuable insight into both the interior and exterior variables. Using this powerful tool you can perform all kinds of client analysis, which can give you a hint of how your market responds to different stimuli.
We’re not talking about sales reports here, but rather more nuanced data and feedback. You can go one step further and work on predicting various behavioral patterns through data analysis and surveys. Being successful in this task means that you can cater customized offers for each individual client, thus greatly improving your chances of striking a favorable deal.
Collecting, and analyzing statistical data used to be all you could do. These days, there are tools that allow you to go much further than processing numbers on a piece of paper. Modern business analysis tools are slowly turning more and more towards gauging customer feedback through the use of advanced technologies.
You can record, analyze and extrapolate data about your customer’s intentions through the tone of their voice, general attitude during the recorded interaction and of course, specific keywords that may or may not appear during the call.
Introducing business analytics into your daily operations can be a powerful tool, but it can also be counterproductive. Overanalyzing data, or attempting to extrapolate behavioral models from data sets that are too small can ultimately cause more harm than good.
The best way to introduce business analytics to your organization is by scaling it to match your needs and the size of your team. That way you’ll know that the data you’re gathering is representative of the situation on the ground.
If you’re interested in adding business analysis to your toolbox, start by finding the right software for your needs. Start with the basics and incrementally move up in both scope and complexity of analysis until you hit the sweet spot.