Entrepreneurial leaders have traditionally relied not only on data analytics, but a heavy dose of good old-fashioned intuition, when making critical organizational decisions. In today’s world of big data and rapid technology advancement, it is now possible for leaders to rely less on their expert hunches, and more on data analysis. In fact, many are seeing the accuracy of their intuition proven in real-time data analysis, improving both decision-making and overall performance.
Despite the numbers supporting the use of analytics in the decision-making strategy, many executives are still hesitant to jump on board and invest in the tools to effectively gather and present business data. Statistics from a survey performed by Deloitte revealed the top two reasons for not using analytics to support organizational strategy as 1) lack of centralized approach to gathering and analyzing company data (32%) and 2) lack of proper technology and infrastructure to capture and use the data (23%).
“If you can’t measure it, you can’t manage it.” -Peter Drucker
The good news is, however, that these two driving issues are easily resolved through the use of one, centralized management system, such as an Integrated Workplace Management System. A solution that is robust enough to handle the complexities of a dynamic business, yet an affordable investment for companies of all sizes.
It is not enough, however, to simply implement a software tool. Management must also develop a thought-out, yet flexible strategy regarding what data is critical to their success, the most effective form of delivery, and how the information should be used. Your software investment should have the ability to adapt and grow with that strategy, offering the tools to arrange and store your information. This is where dashboards come into your strategy. Customizable dashboards store and display your real-time business intelligence, ensuring you ease of access and viewing, so you are always armed with the information you need, when you need it.
So, how can you devise a data-driven strategy and how can you ensure your dashboard analytics delivers fast, accurate, and meaningful information to fuel such a strategy?
Harness the Power of Yesterday’s Results to Yield Tomorrow’s Success
Data by itself is nothing but a bunch of words and numbers. The real value comes from putting that information to use in a manner that yields predictable end results. This requires developing the mindset of what worked yesterday might not work today, and then putting that mindset to work constructively. It means adopting a more prescriptive analytics approach and implementing strategies that allow for fast, high quality decisions about the future. To do so, you must understand the impact past decisions have had on organizational progress, as well as what goals you’re actually trying to achieve.
Acknowledging your strategy:
- Requires top-level support, which sets the tone for achieving longer-term organizational goals
- Must offer initiatives that convey those goals are, as well as provide the framework for management’s vision
- Should consider that EVERY decision, from all level of employees, impacts the outcome
If you are new to the data-driven approach or do not currently have a Workplace Management System in place, this is the time to truly reflect on enterprise goals, the culture you wish to convey, and how current organizational processes fit into the equation. Details should be shared with the workforce to ensure everyone is on the same page, as well as to gather any valuable input those in the front line might have to contribute. Our ebook Work Order Workout: Your 30 Days to a Healthier Work Order Process offers some great tips that can be applied regardless of which organizational procedures you’re analyzing, and offers details on which analytics you might want to start with.
Customizing Your Reporting Capabilities to Fit Your Needs
As the Workplace Manager, your overall responsibility is to ensure the facility (and its assets) has what is needs to function at its fullest potential and that the workforce has what they need to maintain productivity. And the C-suite expects this to happen on or below budget. This means that a constant flow of real-time information must be at your fingertips so you can quickly make decisions, and offer the data to back them up. The quickest, most effective way to access the information you need is through your iOffice dashboard - a centralized platform to gather all disparate data and display in a way that is fast and easy to understand.
When it comes to understanding and interpreting data, our minds all work differently. With that in mind, we have designed our reporting capabilities to include dashboards and ad-hoc reports; all user-friendly and customizable. If you need a table report for that upcoming meeting, yet a chart works best for analyzing another set of data, the options are right there under your control. Have recurrent reporting needs already in mind? Your system can be set up to access and export these “ready-made” reports at a moments notice, saving valuable time for those busy days. You can even schedule reports to be distributed via email to the recipients of your choosing. Your only limitation is your enterprise’s ability to act on the new wealth of information you now have at your disposal.
There is a wealth of information floating around in your differing business software solutions; the key to successful decision-making lies in how you put it all together. Our reports module provides accurate and real-time reporting information about your facility and its usage, offering a new level of visibility into where you have been and what it will take to get to the next level.
There’s no denying how far we’ve come, and can still travel, because of technology. Computers, software, and mobile devices are a large part of why companies are able to conduct business on a global scale, reaching customers and colleagues several time zones away. There’s no substitution, however, for the human spirit. With the combined influence of your intuition based on past professional experience and robust reporting capabilities, you can utilize prescriptive analytics to capitalize on the power of human intelligence to yield clear, accurate decisions. Your analytics strategy should target specific data, allowing management to build models and transform the organizational culture. This allows for a consistent level of flexibility, an essential component to the health and success of every business.