Today’s guest blogger is Rick Fetzer, IT Consultant for People 2.0, a full-service Business Process Outsourcing (BPO) company offering a best-in-class universal worker and Employer of Record platform for global contingent workforce deployment. People 2.0 is an NPAworldwide Alliance Partner.
“Go with your gut” and “Follow your instincts” surely have value, especially in the “people business” of staffing. Yet when your company’s future is on the line, you need to complement your instincts with strategy. You require structure, processes, and comprehensive business data to make truly informed, data-driven decisions.
This is the power of Business Intelligence (BI), which Garner describes as “an umbrella term that includes the applications, infrastructure and tools, and best practices that enable access to and analysis of information to improve and optimize decisions and performance.”
Benefits of BI in Staffing
Successful staffing companies are leveraging BI to gain a deeper understanding of the effectiveness of their own company (people, systems, processes, etc.), as well as the behavior of their clients, prospects, contingent workers, the available talent pool, and more. All of this insight can empower optimal recruiting results, better service, improved sales conversion, higher sales value, increased client and market penetration, lower SUTA, lower Workers’ Compensation and other insurance costs, and much more. In total, this leads to greater efficiency, profitability, growth, and valuations.
Especially critical to your core competences, BI can be leveraged to achieve better speed, sales, and service:
- Increase Speed and Efficiency – Gain better awareness and faster reporting to accelerate confident decision-making. You no longer need to pore over facts and figures, or sift through spreadsheets and disparate systems, to aggregate data and write reports. Decrease operating costs and overhead with access to better quality data and information.
- Gain Insights into Client Behavior – Better understand your clients’ trends, performance, and needs, as well as why they engage with you the way they do (or don’t). This information can help you more accurately target your account development efforts to improve profitability of existing clients.
- Identify Sales Opportunities – You may be leaving money on the table and not even know it! Uncover opportunities within your database – from aspects of sales cycle, to providing post-sales services. Where are you best positioned for growth? Expand your geographic market? Serve a new niche? Identify which efforts have been the most profitable, where your team has strengths and weaknesses, where you can find opportunities for growth, where you can tighten costs and control, and more.
Overall Impact on Company Growth
Your Business Intelligence platform will have a demonstrably positive impact on many areas of the business. BI equips you for achievements that drive your company’s success and prosperity:
- Significantly easier to make informed decisions
- Structured method for growing revenue
- Increase your competitive advantage over other players in the industry, including larger businesses
- Improve the efficiency of business operations
- Enhance the quality of customer service
- Eliminate the clumsy, tedious method of using spreadsheets to analyze data
Never Too Small to Get Smarter
Even small organizations can experience important benefits from BI. In fact, businesses of every size should be playing in the BI ballpark, and innovations like a cloud-computing platform make BI systems more affordable. The ability to make better decisions based on real-time data is within reach for all businesses – and perhaps even a bigger competitive advantage for smaller firms!
Check out our eBook, Faster, Strategic Decisions Are Fueled by Business Intelligence.
Hundreds of firms in the Human Capital Services industry rely on People 2.0 for high data literacy and expertise in Business Intelligence. Through this trusted partnership, the business owners we serve are better able to make smarter choices and boost their bottom line. Our comprehensive back office technology provides real-time data, 300+ reports, dashboards, forecasting, and more, as well as financial analysis on cash versus accrual. Learn more about leveraging solutions and counsel from People 2.0 to support your growth strategies. Call 888-270-3579 or visit www.people20.com.