How Can Workforce Intelligence Software Help Me?
If you own a business or have employees, you may want to consider using workforce intelligence software. This software looks at employee patterns and helps businesses make data-driven decisions. In addition, workforce intelligence software also compiles and analyzes information from employee surveys. If your employees and workforce are a crucial part of your business plan, then the importance of this software cannot be overstated.
Most companies know and understand the importance of financial metrics, but they don't measure anything else. However, looking at other metrics can help you improve your business and succeed in other ways. This blog post describes how this software can help you succeed as you manage your business and employees. To learn more, read on.
What is workforce intelligence software?
This software records employee behavior and data. The data sets and information can then be used to help make business decisions as well as manage employees better.
Most software looks at three types of data sources.
Unstructured Data - This data set is also known as qualitative data. It looks at communication and is found through informal conversations, emails, and even social media posts. Because this data is more "human", it can provide a truer representation of the workforce.
Structured - This data set is typically numerical or formulaic. Most employees live fluid, changeable lives, but some parts — like time clocked in — are very structured. Workforce intelligence software can look at this structured source to determine when employees are working. It can also look at online habits and activities as well as their browser history.
Semi-structured - This data set is a mix of the two. It looks at both sets together, typically through survey responses. Surveys tend to combine human inputs with numerical data.
Each of these data sets has value on its own (and can impact your decision-making on its own), but when you look at information from all of these sources, a more complete and useful image emerges.
The problem lies in the gathering and sorting of the data. With data coming in from different sources, putting it into these three categories can take many hours and a lot of manpower. Using a software program can speed up the time it takes to gather all this data.
Another important feature of this software is its ability to sort and analyze information. Once the data is gathered, it is sorted in a way that you can search specific metrics. If you are looking to improve one area of a business, the software can help organize the relevant information. The information is then put into a readable format that is easy to read and utilize.
If you own a business or have employees, this software will help you identify areas you can improve. Looking at these three types of data will help employers like you make actionable decisions about their company and workflows for specific tasks. In the next section, we will dig into who in the company is best suited to working with this data.
Who uses workforce intelligence software?
As we mentioned, most software looks at unstructured, structured, and semi-structured sources. HR departments most frequently use this software. They use the data to look at hiring and attrition, diversity in your workforce, career transitions, employee satisfaction, and more.
Business managers are also key users of workforce intelligence software. They are in charge of making hard decisions for company growth and potential. The software also plays a key part in improving business in strategic ways.
There are many ways that HR departments and business managers can utilize this software to help their businesses succeed. Two of the major ways that our software is being used by companies are through managing business and managing employees.
For those who are looking to acquire another business, knowing what is offered is vital to that decision. There are several ways that workforce intelligence software can help.
Investors and venture capitalists use analytics tools to determine the potential and trajectory of a business. Knowing what trends to watch and how to compare key performance metrics helps give accurate data on a company’s worth.
Creating a powerful portfolio or workforce requires correct data. Every company has specific strengths and weaknesses that have been the power behind their positions. Using workforce data intelligence, business leaders can determine where they improve processes or combine their strengths.
The data provided from Revelio Labs is a great tool for tracking information in real-time. Gathering and analyzing raw data can give advantages in:
- Tracking current and historical growth
- Watching market trends
- Find expansion opportunities into new markets
- View offshoring and outsourcing potential
- Use metrics to understand when and where resources are found
When information is organized in an efficient, easy-to-understand format, it helps make a lot of hard decisions easier. It also saves countless hours from trying to sort and organize the information into readable information.
Using all this information is helpful to compare companies and find the right acquisition leads. This all becomes possible and easier with the ability to understand the data that is collected.
Using workforce intelligence software is a great way to pinpoint areas your business can improve. Some questions this software can help answer include:
- What areas are we falling short in?
- Which processes are slowing us down?
- Where are our areas of greatest growth?
Looking at these three questions can help determine where you should emphasize your business processes that are working. Find ways that you can capitalize on those areas and make them work in other departments or chains.
Another key to being successful is finding areas where processes are not working. Are there specific areas that are taking too long to convert? Taking a closer look at struggling departments or processes can help determine what needs to change.
Using workforce intelligence software can further narrow down issues. Talking to employees, observing actions, and tracking data with software can give a more complete picture of how processes are or are not working.
Refining processes will always be a part of improving a business plan for optimal success. Knowing strengths and weaknesses is an important part of that process. The more information you have as a business owner or manager, the better equipped you are to make the right decisions.
What other applications does this software provide?
Depending on the type of data you are looking for, workforce intelligence software can help manage your employees to be more efficient and improve their performance. There are three key areas that this software thrives in, with the potential for many more ways.
The first way we have seen workforce intelligence software work is in the HR department. HR can look at the data gathered through surveys and analytics to determine who in the company has the most potential to grow. This information can help you pick leaders in your company based on data and evidence, performance, and company standing.
Companies can utilize this software in a second way by finding employees within the processes that lead to efficiency issues. While finding inefficient areas can mean the process is flawed, there are also human factors. For example, the data may show that the workforce is lagging.
Another way the data can improve employee efficiency is by finding confusion in the training. If the processes are not clear, it can lead to slower processes. Improving resources to employees through training, examples, or more detailed information can help them be even faster. Clarifying or improving slow processes can help your employees feel less frustrated at work.
Third, everyone likes to know they are doing a good job, and this is one more way HR or other managers can use workforce intelligence software. By tracking patterns and habits, you can show your employees the things they are doing well and things they can improve. Helping them feel invested in their work is a great way to motivate employees.
Acquisitions are part of doing business well. Whether you are looking to acquire new talent or acquire another business, knowing what you need is an important factor in the acquisition process.
Many companies feel they have a good understanding of how their employees are doing, but they may not understand how to compare their talent to other companies in their industry. It is important to see how you measure up when you consider recruiting; you want your company to be competitive.
In addition, if your company is mainly entry-level positions, you want to know what sort of talent and skills match your company's goals. This helps you determine which people to keep and who is worth promoting.
Understanding which talents you need is not just beneficial for you — this can also help your employees. Once employees understand how their skills impact the company's goals, they will feel more motivated to help the company meet those goals. After all, motivated employees are productive employees.
Revelio Labs can help you compare talent and skills across multiple companies. They are working on standardizing workforce data so that more companies can understand how to allocate and best use their employees. They believe that measuring employee success is the best way to truly understand a company.
After reading all these benefits of using workforce intelligence software, it may feel overwhelming. There is so much information to sort through and utilize in a business setting, but not every business is the same. From different markets to varying priorities, the software must work for a company, not the other way around. This is why customization is such an important feature for any successful software.
Building custom reports is an important feature of any analytical software. The tool is only good as it can be applied. Being able to watch single or multiple company trends and data sets is important to making decisions and improving processes.
For data to truly be useful, it needs to be organized in a way that means something to the user. The intuitive dashboard is built to help search and view data through specific needs. Some ways to use filters is to look specifically at:
- Projected revenue
- Employee salaries
- Geographical distribution of goods or services
- Employee locations
- Efficient or inefficient processes
- Employee qualities such as tenure, skills, education, etc.
Knowing workforce and company data is only helpful if it is useful. Having access to relevant information is what matters, but only you can know what information is needed. The ability to customize reports to your questions is the best way to use technology.
After reading all the possibilities that a great software platform can provide, it may be obvious that you lack the necessary tools to really succeed. To learn more, visit the demo on our website at https://www.reveliolabs.com/demo to see how a workforce intelligence software company can help you. Feel free to contact us anytime with questions.