The revenue from Australia’s big data and business analytics industries more than doubled from the year 2015 to the year 2019, to a staggering $585 million USD*. It’s unsurprising, with even small independent businesses realising the power in their data and their ability to harness it for business improvement and profit increase.
With so many tools on the market to aid you in doing so, it’s largely a no brainer. The three-step process to empowering your business through the data it produces is a simple one, with many intricacies as down the rabbit hole you go. Here’s a quick rundown of what that process should look like, in short:
Step 1: Collect the data
Put tools in place to capture and store business information from all departments. From sales and marketing to production and client success, there’s data waiting to tell you a story – and it’s pretty much infinite. Not to mention ongoing. Collect the data your business produces in every way you can, before working out what’s useful and what isn’t. Which leads me onto how to make it usable…
Step 2: Draw out insights
Once you’ve collected the data, it’s time to work out what it means. What can the information you’ve gathered tell you? Analyse your information using technological tools at your fingertips to decipher the story it has to tell, and how to turn that into positive outcomes. An improvement in A or an increase in B; a reduction in XYZ; a new direction to take or a different area to explore. All of these things – and so many more – are just waiting to be decrypted.
Step 3: Take intentional action; make better decisions
You’ve armed yourself with the insights your data has produced – now it’s time to see it in action. Communicate key stats, info and actionable insight to the teams who needs it, and watch as it trickles down into real results. View the data from all angles and see where it takes you.
Acting on what your business has helped you learn simply makes sense.
BI & data tools: it’s not just about profit – it’s about your people
Growth doesn’t just mean the financial kind. There are some incredible tools out there for helping streamline your hiring processes, resulting in faster outcomes and lowered recruitment costs. Start with a strong ATS, which gives you the ability to spot holes in your process and recruit more efficiently. Have those responsible for recruiting monitor everything from the number of applicants which turn into interviews, to how long it takes to hire, to
Another way to complement your internal hiring process and tech stack? Add ours to your arsenal.
We partner with forward-thinking, progressive employers who want to hire the top talent in the BI and analytics space. We use innovative recruiting methods coupled with cutting-edge hiring technology to strategise and execute effective recruitment campaigns. And we do this with years of combined experience to draw upon.
Are you harnessing BI and data tools to push your business to the next level in one way or another?
*Stats from Statista.com.