There is no doubt that our world is changing, and technology is leading that change. You’ve heard the buzz surrounding data analytics and their impact on many aspects of everyday life. You might even be curious about the application of analytics and dashboards on your business. Unfortunately, you’re also likely worried about the uncertainties caused by the COVID-19 crisis.
Many organizations are conscious of these uncertainties and conserving resources and cutting discretional spend as a result. Generally, this is good business practice, but consider using the crisis as an opportunity to emerge even stronger – i.e. become proactive instead of reactive to allow for faster decision-making and business resilience. Consider whether now is the time to strengthen your finance function using data analytics to keep a better pulse on your business. Creating customized dashboards can identify trends and provide early warning signs of financial stress. More than ever now is the time to unlock these powerful tools.
Here are the top three things to consider in order to be more proactive with data analytics:
- Support Your Employees – We all know that the cost of employee turnover is high and stressed and burned-out employees don’t always communicate their frustrations. Businesses can use predictive analytics to identify employees who might be on the verge of quitting as certain characteristics are tied to higher rates of attrition. For example, employees might be more apt to quit when they put in excessive overtime, travel far distances to work, receive below-average compensation within their peer group, or lack a promotion in recent years. The characteristics are different for each business, but history can predict the future. Businesses can intervene before that beloved employee resigns.
- Engage Your Customers – Go beyond listening and responding to feedback and proactively engage your customers by using big data. Using your historical customer activity data sets can identify correlations in products and service offerings (if they buy this, they are likely to buy that). Use this data to suggest or recommend related products and services. This not only boost revenues but can enhance the overall customer experience.
- Inform All Aspects of Your Business – Data analytics and dashboards shouldn’t be reserved for the C-suite. All employees should have access to the right information to improve operational efficiencies and hold themselves accountable for their job performance. Developing a self-service platform that produces real-time relevant information can not only drive better behavior, but it can also create enthusiasm for the insights provided by the data.
Data, tools, and dashboards are rapidly changing the accounting and finance industry. At The Bonadio Group, we’re constantly reimagining our service offerings through the power of technology. As a part of our consulting services arm, we have invested in data analytics platforms, hired subject matter experts, and upskilled our traditional finance and accounting teams. This strong infrastructure allows us to harness the power of data analytics – and help our clients do the same.
Our Bonadio Strategic Advisory (BSA) team has experts who are skilled in using big data to create powerful solutions to help companies. Visit our webpage today to learn more.
The information and advice we are providing for this matter relates to COVID-19 legislative relief measures. Because legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that could modify some of the advice and information provided to you, after the conclusion of our engagement. We, therefore, make no warranties, expressed or implied, on the services provided hereunder.