LAB NOTES

Gain an Edge with Data Analytics

Worry Free LabsGain an Edge with Data Analytics
Gain an Edge with Data Analytics
Worry Free LabsGain an Edge with Data Analytics
For most professional service companies, their biggest asset is their workforce. The people who provide value to their clients through their daily tasks, achievements and accomplishments. For, Worry Free Labs, our talented team members of UX designers, Visual designers, iOS developers, Android developers, backend engineers, etc. comprise the majority of our assets. Like most companies, it's important for us to measure, understand and analyze how our team is performing on a weekly, monthly and annual basis. We have a handful Key Performance Indicators (KPIs) that we measure and analyze so that we can make data-driven decisions.  We leverage existing SAAS mobile applications and web applications such as Harvest and 10,000ft to do that. It's really helped improve our decision-making and has made a significant contribution to our overall strategy, planning and profitability. We have also helped a lot of companies build custom analytic tools for their mobile applications and web applications and the feedback has been similarly very positive on how's it helped them with their businesses. Workforce analytics in particular applies software tools and methods to measuring the performance, risk, weaknesses, and strengths of a workforce in order to optimize output. Employing rigorous workforce analytics practices can help a company gain an edge over its competition. Using straightforward data to examine human resources can empower management to make informed decisions about strategy and structure. As workforce analytics expert and author Tim Ringo says in this Harvard Business Review article on the subject, “The goal is simple: put the right people with the right skills in the right work.” Performance metrics, for instance, can shed light on the strengths and weaknesses of your staff members, and remove emotion from the equation. Knowing which roles are inadequately filled or poorly performed lets managers right-size, move the right people to the right positions, and hire smarter. Like replacing just one part in a machine, tweaking individual positions can have an impact on your organization’s total output. An analysis of customer satisfaction is another barometer of workforce performance. The importance of repeat customers or happy customers who make referrals to new customers can’t be overstated. A loyal customer base is crucial to market leadership. Is your customer service prompt and satisfying? Does it deliver delightful experiences, not just responses? Is your team flexible? Does it adapt quickly to market demands and sector trends? Does it utilize internal resources effectively and efficiently? And do your marketing dollars target your most valuable customer base? In a case study shared in that Harvard Business Review article, managers at Sprint used workforce analytics to understand that it was rewarding the wrong behaviors on its customer service team. By drilling down to just a few key metrics that informed some management and training tweaks, the company saw customer satisfaction rates improve by 43 percent. The tools of workforce analytics can help you refine the way you evaluate your staff, fine tune its performance, and propel your business to serving the most valuable market in the most profitable way, enabling your company to edge out your competition.  
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