Gathering data, translating it into information, and generating actionable insights aren’t new initiatives for companies with established analytics programs. However, even companies that are well-practiced in the art of mining data may not realize how far its effects can extend.
When it comes to measuring the ROI of data analytics, many organizations overlook the impact on the people within the company.
The majority of workforces don’t reap the full benefits of data analytics, and it’s because their data tools don’t parallel employees’ everyday consumer lives. When analytics solutions bring self-service features, generate accurate answers quickly, and personalize findings to the user, workforces will thrive.
Collaborate More Effectively
It’s rare for great business ideas and initiatives to develop in a vacuum. Feedback and collaboration are key reasons why. When it comes to analyzing data, it’s important for every user to have easy access to company data and ad hoc data reports. However, knowledge discovery can’t stop here.
Harnessing the real power of data analytics in the workforce comes when information is being shared non-stop throughout an organization. It’s essential for any dashboard, software or tool that you leverage to offer features that make sharing simple, even second nature.
Analytics programs need to enhance collaboration on both real-time and incremental bases. We’ve all been in unproductive meetings that suffer either from a lack of data or lack of uniform truth around data. In both cases, a user-friendly tool that pulls from all of a company data will quickly settle debates and eliminate personal bias from the equation.
Generate Actionable Insights
As mentioned at the top of this article, it’s no secret that B2B lags behind B2C in terms of pace and innovation. People can figure out most anything via text or voice search on their device, but when they get in the office, they’re trapped. Curiosities are a bad thing. They create report requests, emails, and a period of time spent waiting for results. In other words, having questions without the autonomy to find the answers is a stressful experience.
Today’s analytics programs are rapidly improving in the self-service department. Technologies that used to be limited to specific keywords and pre-built reports now allow completely custom, natural language queries and compute results instantly.
If that were all these tools did, though, they’d already be history. That’s why most next-gen tools are using artificial intelligence and machine learning. These tools run insight-detection algorithms and uncover hidden correlations, trends, indicators, anomalies, and other things most non-technical end users would probably gloss over.
For instance, data analytics tools like ThoughtSpot use both AI and in-memory search not only to answer ad hoc questions but deliver answers to questions before users even ask them. Employees won’t have to dig for data to inform their next move, and the analytics team can trust that data is being interpreted correctly.
Companies are full of talented people that can contribute trajectory-changing results. However, being the dynamic creatures we are, certain situational and environmental things could cause us to operate below our true potential. And when we’re not given the resources to succeed, we can disengage or start looking for a new job.
A survey reported by the Wall Street Journal found that nearly two-thirds of respondents said employees want better access to business data. By contrast, over one-third of respondents claim their current IT systems make it difficult or time-consuming for employees to access data without assistance.
This is no surprise. Good employees want to be challenged. They want clarity on their objectives, a relative degree of autonomy in their workflow, and resources to leverage along the way. Access to analytics addresses employee disengagement and morale from a lot of angles, leading to better employee retainment rates and less human resource costs.
In a world of raw information, businesses can’t afford to overlook the state of their data analytics infrastructure. Neglecting to integrate a user-friendly, scalable analytics software not only makes it more challenging to align business performance with objectives, but it also starves the workplace of the essential nutrients that happy, productive employees need to become their best selves.