A survey done by IBM shows that the executives who have implemented analytics; acquire more creative, innovative and collaborative company culture. Also, it makes the enterprise more profitable.
The real power of data can be only observed through the advanced BI tools developed to manage the critical business works. Usually, the employee uses the data for improving business processes, growth targets, develop strategies, and for measuring outcomes. How did they found this accurate information?
Well, this data is collected from the various available sources- through social media, customer survey, historical business information etc., lying in the unstructured format. Big data powered solutions such as Hadoop or Spark process and analyze this million of information and provide valuable insights which assist organizations in achieving their goals.
Modern businesses are leveraging Big Data Hadoop technology to process the millions of data files emerged from the various sources. It may contain customer data, deals, bank details, services, operations, documentation etc. On analysis, these datasets provide valuable insights to drive business growth.
The blog further shows the discussion about the important role of implementing the data-driven culture within the enterprise.
Making Accurate Decisions Unites
Almost in every company, executives organize review for employees performance on a yearly or bi-yearly basis. Even, management conducts a subjective evaluation for the employees.
So, in some situation when appraisals are subjective, it has seen that employee get benefited due to favoritism; it further causes division within the department.
However, the company enables with data-driven culture; helps managers to provide appraisals by considering objective metrics; that aimed for the improvement in performance.
In the end, managers can easily establish actionable goals for underperforming employees. Also, provide them additional supports like coaching for there weak spots.
If the performance reviews are done by using the fact-based information; then there will be no chances of misconception. Also, the performance review process becomes Transparent, and it promotes the mutual and cohesive respectful team
Growth by embracing the Data-driven culture
The company culture of data-driven helps in clarifying goals and expectation for the organization and its employee. Even, employees can also understand their contribution to the overall success of the company.
It also helps employees to get personally invested, once they know about their contributions impact on the overall success of the company. Even, employees also understand that every department promotes the company’s goals and this makes them more flexible to interact and collaborate with other departments.
Moreover, utilization of BI solution assist in sharing information with all the departments, and it results in saving time and increasing productivity.
Business intelligence allows you to remain agile
Business Intelligence improves decision making by introducing instant and fact-based answers; it will be done by implementing real-time decision making over guesswork.
By allowing real-time, it helps managers and executives to gain the ability to identify the potential challenges. The ability to identify further helps them to take required action before the challenge becomes the problem.
BI helps Manager to motivate and retain employees
If your company have a high employee turnover rate than it will have very serious consequences for your organization; it is costly to replace an employee. But more importantly, it impacts the morale and causes more employee departures.
If the company have high employee turnover, then it brings a feeling of insecurity among the remaining staff members; regarding there position in the company
It may arise the state of flux among the employees who directly impact employees concentration ability and work quality. Even, the company’s revenue also gets affected by frequent turnovers.
The training and hiring costs of new staff involve certain money and time. Even, some studies show that the hiring and training cost of the new employee is equivalent to 6 to 9 month average of the employee salary.
By using BI to monitor employee performance, managers can increase motivation and create a winning team spirit. BI makes it easier to monitor employees performance. Not only performance but also helps managers to increase motivation and to bring winning team spirit among the employee.
Let take an example:
By implementing BI, a sales manager use the KPIs to identify the top and bottom performer in the company.
It helps managers to analyze the top performers and reward them for their contribution and hard work. Moreover, it also allows managers to encourage and to provide additional support to the struggling employees.
Such steps toward employee improvement will make employees feel valued. This feel makes employees more engaged and loyal.