Enterprise organizations are finding that a strong business intelligence (BI) strategy is essential to take advantage of big data’s possibilities. As data becomes more available and democratized than ever before, companies that dont figure out how to harness it, analyze it and apply it to their advantage will be left behind.
Thanks to advanced technology, this new reality is almost certainly here to stay. As technology changes the way we do business and communicate, businesses are able to track many new types of analytics. Fortunately, todays technology is also advancing powerful tools capable of capturing, housing, accessing and crunching the vast quantities of data that all this new tracking produces.
This combination serves up much more information for businesses to use in their BI reporting. And within organizations, BI itself is stepping out from behind the curtain. It is no longer the sole domain of executives and functional specialists. People across all disciplines, at all levels, are using BI to answer very different types of questions. To do their jobs more effectively, they want and need to understand the types of stories that BI can tell.
Build BI Strategy with Internal and External Talent
Not surprisingly, the ever-increasing use of BI is driving a surge in the need and demand for BI talent within all types of organizations. Many organizations seek external assistance, as they are unlikely to have all the expertise needed in house, or it may be inefficient to try to keep up with the kinds of new roles continually emerging in light of big data. With the myriad new questions you can now ask, and the various ways of looking at data, gaining truly actionable business insights requires a specialized skill set and aptitude with BI analytics.
However, simply handing off a companys BI responsibility to external players is not the best approach. Internal experts contribute invaluable understanding of the industry, the organization, its business processes, and its biggest challenges. They understand how the company views its customers, its competitors, and its unique proposition. For example, a company might prioritize the need for a clearer picture of its customers, to provide them with the best possible service. Or, if they primarily compete on pricing, they will want to leverage BI to seek opportunities for increased efficiency.
Therefore, companies need to plan for building out certain internal competencies and determine which complementary skills they might draw upon externally. The value that external BI players bring is in their understanding of what is truly possible with BI. They know what advanced technology can deliver, what BI questions to ask, and how to integrate systems to find the answers.
From the outset, this combination of internal and external talent is critical. In thinking through and establishing the organizations BI strategy, internal and external experts can work together to determine how best to connect the BI strategy to key business objectives. Going forward, they can collaborate to interpret the data, determine how to apply it to big-picture strategy, pounce on new opportunities, spot trouble, and execute day-to-day functions in a way that ultimately improves the customer experience.
BI and Effective CW Management
One area in which BI is endlessly applicable is contingent workforce management. BI can be invaluable in helping companies understand and engage a talent pool outside of their core business, and it provides insights that measurably improve the procurement process. Provade sees the ability to report on and analyze contingent workforce spend, performance and resources remaining in high demand by our MSP partners and the enterprise organizations we serve.
Using BI, our large MSP partners with many different categories of spend can understand staffing performance by category. They can also leverage BI to learn more about the hiring managers in order to work with them most efficiently. They might also engage BI to mine backgrounds of potential workers to help forge connections during the interview process.
As we plan for the next generation of VMS, the growing value of BI and demand for BI talent will continue to impact our focus on enhancing technology that leverages big data.
End user organizations can use BI for everything from cost analysis to staffing strategy. BI can tell them whether they are paying competitive rates to the MSP. BI also helps organizations spot an increase in the demand for a particular type of contingent expertise or labor; in fact, BI itself can tell you if your own need for BI resources is expanding.
Contact us to learn more about Provades BI capabilities and the benefits it can bring to your company.
Tom Rumberg, Chief Technology Officer at Provade, leads Provade’s Technology group, overseeing Product Development and Global Cloud Infrastructure. For the past 14 years, Tom has been at the forefront of software innovation driving VMS and Business Intelligence. Tom joined Provade in 2005 and has been instrumental in Application Development, Product Design and SaaS Operations. Connect with him on LinkedIn.