Grow your Small Business with Workforce Intelligence
By Veriato - November 20, 2020
Did you know that collecting data regarding employee behaviors and patterns can help business owners create accurate, efficient business plans? Companies are using workforce intelligence to accurately and objectively build stronger internal organizations using big data.
Workforce intelligence uses a combination of artificial intelligence, SaaS tools, analytics, and visual reporting to help employers oversee and manage employees more effectively.
Read on to learn more about how you can use workforce intelligence to grow your small business.
What is Workforce Intelligence?
Workforce intelligence is a practical application of digital data that takes one of three forms.
Structured data is able to be read by machines, such as code that is already optimized for search engines. Essentially, this information is read as a digital record by the computer or mobile system.
Using software and devices that can process this data automatically removes the need for a human to manually manage data. Instead, machine learning allows users to better understand:
- Workers’ online habits
- Browser history
- Peaks/slumps in activity
- External device input
- Network risk
All of these factors can have a significant impact on how your business operates on a day-to-day basis. Processing structured data is the easiest way to save money by reducing man-hours, optimizing tasks for higher productivity, and extending your budget.
When you combine the computing efficiency of quantitative information and variable human input, you get semi-structured data.
Employee surveys, for example, are an effective way to collect semi-structured data. By providing them with set choices for each response, a machine can easily compare the answers and draw valuable conclusions. But, human involvement is needed to create data that can be applied toward business goals and objectives.
Semi-structured data is also used to describe information that is not already being categorized by an active database management system.
Using a monitoring system to organize semi-structured data adds more protections against cyber fraud and data theft. This software applies encryption, enhanced verification, and built-in defenses to safeguard personal and private information.
While structured data is based on quantitative figures that could easily be imputed into a spreadsheet or code reader, unstructured data is more variable. This form of data management uses qualitative factors to measure user activity and performance.
This type of information can be generated by machines or human innovation, and common examples of unstructured data include:
- Multimedia files
- Embedded videos and images
- Social media
Unstructured data isn’t as easy for machines to process into easy-to-read graphs and diagrams. This is largely due to the high level of variability in each response, data point, or command.
How Can Businesses Use Workforce Intelligence Planning?
Using data regarding your employees’ online activity is important for building an accurate and efficient business plan that minimizes risk and maximizes spending power in the corporate budget.
Growing businesses can use workforce intelligence planning to improve their organization by:
- Reducing time card theft
- Boosting productivity by identifying peak production times
- Eliminating redundant or remedial tasks with automation software
- Streamline project management by playing on individual worker strengths
- Prevent authorized web activity on company time (and devices)
By making the most out of every minute your workers are on the clock, companies spend less and get better results in a much shorter timeline than with manual monitoring methods. Machine-based data management adds an extra layer of surveillance, to ensure that nothing slips through the cracks.
What are the Benefits of Workforce Planning?
There’s more to effective workforce intelligence than simply using the right monitoring system. Keep employee morale high without compromising the effectiveness of the solution you choose by clearly communicating the benefits of workforce planning to your staff.
One of the most influential factors for high employee satisfaction is how the workload is divided up among the team. When employees are working on tasks they enjoy and are good at, they’re far less likely to look for a better opportunity elsewhere. This also ensures that everyone is putting in the necessary effort to move the project along smoothly.
Workforce intelligence helps managers objectively identify worker performance, while also discovering redundancies are areas where labor can be reallocated more effectively.
Using this method, managers and workers are continuously reminded of goals, objectives, and overall progress as needed to drive further innovation.
As managers, it’s much easier to set budgets, project timelines, and other planning initiatives when you’re working with objective and verifiable data. Workforce intelligence systems are always working in the background to track every action, keystroke, and message that’s sent via company platforms and networks.
Uses of Workforce Intelligence in 2020
We’re all continuing to navigate the ongoing pandemic in the best way we can, but workforce intelligence has the potential to make remote work even more accessible over time.
Growing businesses can use this year as a trial run, but workforce intelligence planning software is going to be a necessary stepping stone for companies juggling staff reductions, budget cuts, or downsizing.
By analyzing the data of the current workforce accurately, managers can continue to find ways to combine teams, eliminate unnecessary tasks, and reduce spending on operational costs.
Ultimately, the most practical application of workforce intelligence is enhanced time management and the money businesses can save by making their project lines more efficient company-wide.
Transparency and communication are key when it comes to communicating the benefits of workforce intelligence to onsite managers, staff, and remote teams. The best way to ensure a seamless rollout and product execution is to keep everyone informed and on the same page.
Using employee data with the right benchmarks in mind can help small business owners set the trajectory for their growing enterprise. The current digital landscape is only continuing to grow, and companies need to keep up with industry trends and employee flexibility to make the most out of every workday.