— Aristotle Onassis (really rich guy)
The concept of Business Intelligence (BI) has been around for a long time, but the purpose is still the same, and it’s pretty simple: Gather and analyze information to enlighten business decision-making, and thereby improve your business prospects. Onassis used the concept to help him build a multi-billion dollar shipping empire. But the reality of being able to use BI is much more challenging today, primarily because of the vast amounts of data available. Simply put, it can be overwhelming.
That’s why an entire software segment has grown up based around the potential payoff of BI. The software tools and computing resources needed to analyze huge quantities of data were once the province of big companies with big systems, big IT departments, and big budgets. Your agency probably doesn’t fit in that category. But there’s good news for you.
New BI solutions have emerged to help Small-Medium Businesses (SMB’s) – like most staffing and recruiting agencies – that are easy to use and affordable. These tools, when integrated with staffing and recruiting software, can help agencies access insightful and actionable data within their business. This improves efficiency and business agility in a number of ways:
The benefits of BI to your staffing and recruiting agency are undeniable – and those highlighted above are only the beginning. That said, there remain barriers to the success of BI within any organization. To get the most out of your BI investment, you need to consider three important challenges, then plan and implement your own BI solution accordingly.
First, the commitment by management to actually use BI is paramount. If your staffing and recruiting agency is like most, you already depend on key reports. You may even have hundreds of them. What BI provides is another very meaningful way to look at all the data your business generates. Still, it’s up to you to ask the hard questions, and come up with the answers that are right for your business, such as: What tactical and strategic initiatives will be driven by the BI information? Or, how will you use the newfound BI visibility into your business to control your operational processes?
Next, what are your real business needs that drive the requirement for the data, analysis, and BI reporting? With the business need in mind, you’ll be able to use BI to define the data necessary to discover what you need to know to achieve the results you want. Do you want to gain a competitive advantage or improve organizational oversight? What about sharing information among your team to improve collaboration and efficiency? What insights into client behavior can you derive from BI to improve your sales and recruiting performance?
Finally, you’ll need good data. Accurate and meaningful analysis and presentation of data through a BI solution integrated with your staffing software is completely dependent on the amount and quality of data available. The old saying “garbage in, garbage out” is something that can skew the results of any BI solution. Quite frankly, the more data you have, the more successful your BI solution will be, as it can more easily give you insights into strategic and tactical trends that you can use in your decision-making.
The real power of a BI solution integrated with your staffing software system becomes apparent as you begin to use the data that was once hidden. Your BI solution will help you easily visualize what’s working in your agency – and what’s not. With that clarity, you can plan and act to improve every aspect of your operation: candidate sourcing, sales, recruiting, placements, service, and more.
To find out how AdaptSuite, Bond’s world-class staffing and recruiting software, can help you gain management insights that drive profitability, request an AdaptSuite demo.