How much data do you bench(mark)?
Here’s a question for you, what is the fastest growing under utilised resource in today’s modern society?
According to Bernard Marr, we are creating data at an unprecedented rate, the likes of which have never been seen before in human history. So why then are we surprised to find that less than 0.5% of all data is ever analysed? Can you even imagine what could be possible if we started to analyse even just a portion of it?
For businesses, the ability to analyse data, particularly their own data, is crucial in ensuring their survival. Benchmarking is one of the most common forms of business data analytics, as it conveys information around market segmentation, competitor analysis and one’s own business’ performance. Despite its obvious benefits many businesses still struggle to benchmark effectively and efficiently.
According to Baseline, increasing data accessibility by just 10% could result in an additional $65 million in net income for an average Fortune 1000 company. Bernard Marr argues that analysing big data goes further than just filling your annual report. If analysed properly it can lead to improvements in internal efficiencies and operations, improved customer experience, as well as market research.
Now, you may say that you already benchmark and analyse your data, in fact you may have a whole team dedicated to this explicit purpose. But the question is, how are you using this data? Are you using it daily across teams and locations to gauge your performance and make improvements? Who is using this data, is it just your analysts and Leadership team, or is it applicable company wide?
The current method for benchmarking, involves compiling numerous silos of information such as revenue, labour spend, and inventory to judge performance. However, for the data to be usable it requires a team of analysts and specialists to synthesize the information. From there they translate it into comprehensible action items.The analytics may prove useful for the Leadership team in their decision making process, yet they can be difficult for the store managers to interpret and implement into actionable items.
There is a better way to do this.
Implementing integrated cloud solutions, not only allows for benchmarking data to be compiled quickly, but does so in a way that makes it a resource that can be used by the entire company. The best example is workforce management benchmarking data, which when done well, can lead to higher productivity, profitability and staff engagement.
Tanda provides a comprehensive and clear snapshot of the entire business from one single location. It allows for Leadership and Executive teams to monitor the workforce and gauge the impact of future business decisions. It empowers management teams at all levels with actionable intelligence on core workforce metrics specific to their daily activities, such as rostering and labour costs.
As a cloud solution Tanda offers unparalleled insight into your workforce. Data is automatically collected and reported on instantaneously within the system, which reduces the time spent collecting and analysing the data. This allows time for higher level analysis to further the business’ strategic goals. Benchmarking labour performance in such an accessible way assists management to immediately identify performance issues and successes across the business.
With this approach you can remedy poor performance quickly, and recognise and reward good performance. Where previously managers may have had lagging or outdated performance indicators, they now have instant and tailored information. This assists them to make the best decisions on every occasion, whether it’s a last minute roster change or a future staff hire.
Better Data Leads to Better Decisions
Benchmarking in Tanda results in better performance, stronger teams and greater insight into the entire organisation. Managers have the tools they need to improve store performance and profitability, as well as insights for Leadership to further develop their workforce.
Managers can view live reports into wage costs, revenue, and staff attendance to better track their labour spend throughout the day or week. This makes it easier to meet financial objectives and KPIs as set by head office.
Insight and Clarity Into Your Team
Benchmarking your workforce management data in one system improves the governance and oversight within the business, while also reinforcing positive compliance practice. Managers can access live staff attendance and labour cost data, giving them greater oversight over the workforce. As a result, the Leadership team has access to sophisticated reporting for the entire company, as well as remote oversight across the entire organisation.
Happier Staff = Happier Customers
Providing managers with actionable intelligence to make better in store labour decisions results in improved staff performance, increased staff satisfaction and a better customer experience. Including store managers in important business decisions around staffing encourages them to take pride and ownership in meeting the business’ objectives. This results in more engaged staff delivering an improved customer service experience.
As the business landscape continues to evolve at a rapid pace, it is crucial that businesses are able to quickly adapt in order to succeed. Capturing and utilising data for benchmarking, allows businesses to make fast and accurate decisions so that they can emerge as a market leader. Through an effective workforce management system, businesses can harness the power of big data in a resource that enables smart decision making, so they can get the most from their workforce.
Industry Insights |
Keeping up with the Customers: Why feedback matters for every business
Customer service is a constant element in all business transactions. Before, during, and after a sale, your interaction with clients shapes their overall experience. It determines whether they will stay with you, or jump ship to your closest competitor. Customers demand smooth and stress-free support and are willing to pay for it. And the impact of customer retention is undeniable: according to Customology’s Michael Barnard, a 5% increase in returning customers can translate to profit growth of 150%. Barnard also noted that it costs 10 times as much to obtain a new customer as it does to retain an existing customer. In short, by taking good care of the customers you already have, you will be able to secure your business. You can even expand to new markets. Deliver stellar customer service every step of the way, every single time. This gives you have a much higher chance of success. Armed with this knowledge, Tanda uses customer feedback to improve the product. It is also used to increase brand awareness, and foster customer loyalty, as shown below. Read more: Michael Barnard’s Step-by-Step Guide to Creating Customers for Life Product feedback is the most important feedback “The Tanda staff have worked closely with my staff to ensure that the software is capturing all of the complexity of a variety of government awards including construction, transport and administration.” – Corinna P. When your clients know that your support team listens, they become more comfortable with discussing how they feel about the product. They are more likely to make helpful suggestions, and less likely to feel frustrated when things don’t go as planned. This is important, because what customers say when they call the helpline becomes very valuable feedback. As Corinna and her team (featured above) were candid about their needs, Tanda was better able to tailor the service to their business. Remember that the support team is not just there to help clients through existing problems. It is also the best way to find out how you can make your product better. And when you apply their feedback, other clients from their industry will also benefit from the improvements. Word of mouth as the strongest sales pitch “I would definitely recommend Tanda to any business that has staff that work changing shifts and operate under an award. Help is just a phone call away and the staff are patient and knowledgeable.” – Antonina, mas Accountants You’ve heard it said that satisfied clients are the best way to market your product. But less often discussed is how the support team that comes with the product can make a huge difference. Remember that even if the product is good, inadequate support and aloof staff will sour the experience for them. These interactions shape the feedback you get, online and offline. Every call to the helpline is an opportunity to connect with clients, and they can tell whether you’re sincere or not. Feedback from Antonina of mas Accountants (shown above) illustrates this point best. The better the support team, the higher the likelihood of clients to recommend your business. Your support team is the frontline when it comes to taking care of clients, so it’s important to leverage that. Read more: Tapping Into what Customers Value with Customology’s Michael Barnard Your business’ greatest asset: Customer Loyalty “It’s excellent. They are always picking up the phones within five minutes. I haven’t had to wait long for support. It’s a huge help considering I only worked part-time so I don’t have much time here. So it’s been very helpful that they’re always on either on the chat, on the site, or when I prefer to call in.” – Sunita John, Elite Dry Cleaners (Tanda users since 2016) Great customer support has an immense impact on customer loyalty. This point is fairly intuitive – no one would keep coming back for an experience they do not enjoy. The best way to make sure you keep your customers is to develop a collaborative relationship with them through your support team. At the end of the day, great customer service determines how high or low your churn rate is. For a SaaS company like Tanda, customer loyalty is at the heart of what determines success. Maintaining a top-notch support team that goes out of its way to handle issues is a must. Businesses who wish to carve out their name in their respective industry needs to invest in that. For Ivan M. (featured above), the amount of support they’ve received is part of what makes their subscription worth it. Come for the product, stay for the service “The positive thing is that whenever we’ve had a problem, the Tanda support team has been outstanding and really good to work with. And nothing seems to be too much trouble, and they will try to fix the problem.” – Sandra B., Australian Fishing Enterprises Tanda invests in customer service not just for profit growth. It also creates a network of clients and companies that mutually benefit from a product that constantly improves itself. An open line of communication is all the more valuable in increasingly complex business environments. When clients are able to trust you, they are also able to work with you better. Sandra B. (featured above) and many others let us know that customers may come for the product, but they stay for the service. This service isn’t limited to when they have problems that need to be addressed. Great customer support is present at every step of the way and involves clients in making the product more suited to their needs. And above all, it lets them know they are our partner in a shared desire to make more efficient, effective, and successful workforces.