7 September 2018 - When does business information become a business disadvantage? Using today's Business Intelligence (BI) tools can be a bit like trying to
drink from a fire hydrant - too much information, from all directions, with no control. Far too often the very business driver a company sets out to find and monitor gets lost in
And then there's the promise of the art of the possible where you can build just about any report given enough time and an army of experts on hand to help. By the
time you get to measuring what you set out to measure, it could all just be yesterday's information. And the more data, the worse it gets. Each attempt to achieve insight takes
longer, and the potential business benefits - from increased employee engagement and ROI to an increased competitive advantage - appear ever further away.
What's needed now is a rethink on BI to turn it into business advantage. As Robert Dagge, Managing Director,
Dynistics, explains, no recruitment company is unique,
just different and the use of pre-defined charts that are industry honed by experts can deliver those desired business insights within hours, not days, weeks or months!
Drowning in Data
Companies are awash with data - and under ever increasing pressure to leverage that data to drive business advantage. Yet while the pundits tout the amazing potential
of Artificial Intelligence (AI) to transform data into unimaginable benefits, the sad reality is in most recruitment companies just 5%-10% of this data is used in any way at all -
let alone effectively. Given the maturity of the BI marketplace and toolsets, why are so many agencies still reliant on Excel? Why are they still lacking any real-time access to data
that delivers actionable insight? Why, essentially, is BI still failing to deliver?
In many ways it is the sheer scale of the opportunity that is BI's Achilles heel. Companies have so much data and so many options for capturing, analysing and
presenting that data, so many ways to use data to drive business operations that data fatigue and paralysis become the dominant responses to any BI initiative.
A recruitment company, for example, can immediately see the benefits of tracking the end to end process, from the placing of job ads, through the number of CVs
received, to interview and successful placement. But BI opens the door to gain phenomenal insight into every one of those areas: which job board delivers the best value, in which
vertical markets and roles? Are more expensive specialist sites offering better ROI in terms of placement ratios? The art of the possible may be incredibly compelling, but once a
company starts to fall down the possibilities rabbit hole it can be incredibly tough to emerge. The result? Months have been spent with expensive consultants. Nothing has been
achieved. The data is still underused and the business has failed to attain the insight required to drive performance. It doesn't have to be this way.
BI's simple and compelling visualisation tools too often mask the essential complexity of knowing how to use data to achieve business objectives. Many BI vendors
promise the world - because they can. BI tools are incredibly powerful. But the bigger the promise, the longer the process; implementation can take weeks, months or even years
and getting users up to speed can take just as long.
It is not the data or the BI tools that are the problem, or the root cause of data paralysis. It is the difficulty companies have in both understanding how a data
driven business could operate and making that a reality without being led astray by the sheer breadth and depth of data opportunities. The two issues together can become a toxic
combination because the business never achieves the quick wins required to prove the value of BI or reinforce the correct data culture and attitude across the organisation.
A different approach is now essential. The data deluge is only going to increase and those recruitment companies unable to turn this to their advantage are going to
drown at the data fire hydrant. What is required is an effective hose - a way to harness specific data sets quickly that are totally relevant to the business need.
Fast and Focused
What is the difference between those companies paralysed by data and those achieving tangible business advantage from BI? The key is to get started; to step away from
the extraordinary possibilities and focus on the immediate. Of course, every business has its specific challenges but, be realistic, there are a set of common issues that will
resonate with companies in a vertical market. For candidate engagement in recruitment, carefully crafted pre-built charts and dashboards designed by industry experts can provide
immediate access to the information required to make a massive difference.
The combination of tighter budgets and reductions in hiring time means that competition in recruitment is greater than ever; simply giving staff access to candidate
information and monitoring their activity KPIs is not enough. Recruitment agencies need to take a pre-emptive action faster to gain competitive advantage and real insight - from
an individual, divisional and company-wide view to candidate sourcing, client needs, recruiter performance and candidate information.
Done well, BI is transformative - from the CEO who has reduced his reporting time by 40%, releasing 100 days a year to spend making great decisions rather than
searching for information, to the recruitment company that has used real-time business insight to reduce its time to bill by 50%. The key is to start small. There is no need to
boil the ocean: the companies that use BI to make smart decisions take bite sized pieces, they keep it simple and focused to deliver immediate benefit and, critically,
demonstrate the value of data driven decision making to the rest of the business.
And they understand why they are using BI. The power of data visualisation is a call to arms - it delivers that immediate view of performance that enables agencies
and HR organisations to prioritise activity, remaining competitive and continuing to grow. If all the lights are green, no need to intervene; if it's red - time to step in and
find out what is going on.
Of course, BI still offers the art of the possible - there is always the option to expand and explore, to customise and be creative. But that should not be the
Expert crafted dashboards provide organisations with the chance to get immediately up and running with relevant insight and priorities to achieve instant wins and
create the foundation for data driven decision making across the business.