With smartphones and data-driven apps gaining traction over the last decade and showing no signs of slowing down, more and more companies are finding that data analytics is becoming an indispensable part of business. Business.com looked at the different ways data is changing the corporate world, and found that it improved everything from marketing to customer service.
There is undeniable evidence that big data is having a positive impact on business. The field of data analytics has even given rise to careers in business intelligence, as more organizations look to hire people that can help turn data into profit.
This is being reflected in how much money is now being invested into data and analytics. In their outlook for the business analytics industry, Maryville University reports that the market is expected to grow to over $95 billion by next year. Given all this, it is no wonder that leaders are using data analytics to improve their performance.
Data allows leaders at all levels to keep a closer eye on the ground and better understand their employees. This is especially useful for leaders who want to retain employees at the company.
A report by Cio believes that employees tend to leave in waves, and data analytics can help predict when and why this will happen, saving the company a considerable amount of money in hiring costs. Pinpointing these root causes can do wonders for retention and overall employee well being. A leader can use employee data to see when individuals, or groups, last got a pay rise or promotion.
Smart Data Collective found that communications within a company see a considerable improvement after using data analytics. Using data from different areas of a company can help leaders make good decisions in how best to use their team. Effective managers harness data to come up with new strategies to make sure their employees stay engaged.
The benefits of data analytics also extend to an increase in workplace diversity and inclusion. The article ‘3 Ways Workforce Analytics Can Help Improve Diversity’ looks at how data can be used to find diversity gaps in the workforce. This means that when you come to hire, you can adjust your process to be more inclusive, and therefore have access to a wider pool of talent.
Data can also help assess which candidates are more qualified for certain positions, which will allow you to hire or promote accordingly. It is also a fairer way to move team members up, as it focuses on performance rather than favoritism.
As the above article shows, data can have a positive impact on making you a better leader..
But how does a leader determine which data is useful?
Here on CMOE we explained how data that is meaningful to people is the best way to boost employee performance. This means showing employees data on how their efforts benefit the company and provide results. Making the data seem personal will help motivate staff, which in turn will make you a more effective leader.
Post was written by Amanda Thomas for CMOE.com.