Experts predict that by 2025, 463 exabytes of data will be created each day -- that's a volume that represents a significant goldmine for businesses able to harness it.
The importance of business intelligence (BI) to every professional organization competing in any market, anywhere in the world, is clear: BI combines data into a single picture of company performance, identifying trends and deriving valuable insights for your organization.
In reality, however, most organizations struggle with how to leverage tools to their full potential. In fact, while 86 percent of organizations agree that extracting value and insights from existing data is important, only 30 percent are doing so, according to a
study by Harvard Business Review Analytic Services.
Robust BI can bring immense value to performance management, but for many, there's a disconnect between intelligence and performance. There are three key factors that affect an organization's overall success with BI: speed, access and self-administration.
- Speed and comprehensiveness: With so much data available and so little time in the workday, a robust BI system can efficiently and effectively save time by pulling everything together for you. In many organizations,
- though, managers spend a lot of time building and managing ETL processes and assembling reports for their employees. In fact, a survey by the Digital Analytics Association found that nearly 40 percent of data professionals spend more than 20 hours a week sifting through data and prepping it reports – and that's before they even begin their analyses. A robust BI tool that delivers speed and comprehensiveness saves BI managers time and gives all contact center employees a single, personalized and always-updated centralized report.
- Access and mobility: It's not uncommon for employees to move between departments or change the managers to which they report. And it's often hard to senior leaders to get accurate, up-to-date information about employees, according to a study by market research firm Webster Buchanan Research, because so much reporting is rooted in the HR department. When applied to performance management, BI can automatically adjust reports and dashboards to reflect internal movement, so there's no need to manually update team performance metrics.
- Self-administration: Demand for data scientists is off the charts, according to a workforce report by LinkedIn. Given the shortage of data professionals, managers need to be able to create their own reports – without involving IT. Effective BI tools empower managers to access data and insights without needing IT for most adjustments.
Achieve Business Goals and Motivate Employees With BI
In a
2019 report on cloud business intelligence, 48 percent of leaders said that BI is either critical or very important to their organization. Companies that implement it successfully are able to quickly and accurately assess operational effectiveness, understand where the organization stands and identify where its opportunities and challenges lie.
Bringing data together for reporting is just the beginning. To achieve maximum value with BI, organizations need to know what is required of their employees to improve performance -- and how to make it happen. It requires the ability to:
- Bring together oceans of data from multiple sources to provides a single picture of contact center performance.
- Point to what is required so that employees achieve their goals.
- Drive employee improvement and engagement via personalized SMART programs.
To learn how to achieve corporate goals and motivate employees to perform, download our ebook,
"NICE Performance Management: Bridging the Gap Between Business Intelligence and Real-World Performance" and visit
our webpage.
