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 creating rotas 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 rota 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.