Our digital world may feel increasingly complex. In many ways, it is. However, fewer secrets exist than ever. Each day data grows, so do the insights that businesses need to refine their operations.
While no single answer exists to turn the abundance of data into positive business outcomes, organizations won’t get far without developing ways to enable knowledge discovery across the company.
Let’s discuss how broader data access can transform your business.
Improved Employee Morale
One of the most commonly overlooked aspects of maintaining a healthy operation is employee engagement. Yes, leading tech companies have introduced both practical and novel perks to address morale, but they are the exception in the current business climate. And while having a kegerator, unlimited snacks and flexible working hours are better than nothing, they can’t make up for workflows that fail to challenge, inspire, and engage employees.
Developing processes and implementing tools that give all employees access to data will go a long way toward heightening spirits in the workplace. It’ll also improve employee retention. This in itself saves considerable time and money compared to continually hiring and training new employees. Per The HR Digest, the total cost of employee turnover can range from tens of thousands of dollars to 1.5–2 times their annual salary.
Before morale can be improved through more accessible data, organizations need to promote data literacy. Self-service tools will really make a difference when employees can interpret data on their own.
Better Customer Interactions
This next one might be obvious, but broader data access should lead to better customer interactions. Perhaps there are more efficient ways to serve your customers, leverage increased revenue or explore portions of the market you have yet to tap.
Productive Internal Collaboration
Internal meetings are non-negotiable in the business world. But all too often they feel like a waste of time when we’re done with them. Why is this? A common reason is that the majority of the discussion is spent trying to get on the same page instead of further each other’s ideas on an agreed-upon baseline.
This is another reason why self-service analytics tools, such as ThoughtSpot, can have a significant impact. Instead of teams fighting through personal biases and disparate datasets they were given via the reports they individually requested, they can tap into an organization’s entire data archive instantly and receive one source of truth. Getting teams on the same page allows true collaboration to occur. Meetings can be twice as productive in half the time. Considering that middle managers spend 35 percent of their time in meetings and upper managers spend up to 50 percent, businesses stand to gain substantial value by introducing processes that democratize data.
More Bandwidth for the Analytics Team
Regardless of the industry a business operates within, the data team comprises some of their most vital team members, and their salaries prove it. But all too often these pivotal employees have to spend their time building reports for various users around the business. This seemed productive when data needed to be filtered through experts, but this is no longer the case.
Self-service tools allow employees to search their every inquiry in an instant and be spoon fed accurate, digestible answers.
Thanks to the advent of artificial intelligence, the depth of insights users receive is often better than a human data scientist could produce in a reasonable amount of time. Data professionals shouldn’t fret, though; AI won’t replace you, either.
In fact, we’re seeing an increased demand for data positions. The reason being that an analytics program is the most important initiative a business can get right. With self-service tools filling the role of tedious report building, the experts can focus their time on more strategic projects that drive long-term business value.
These three benefits are reason enough to broaden data access in your enterprise, but they’re just the start. Give end users the resources they need to do their jobs better, and business value will pour in from all angles.