Mark Flaherty: All right so let’s talk about some analytical challenges. You have got the analytical fever. You believe this is where you want to take your organization, where you want to evolve your BI platform. There are many challenges in becoming an analytically driven organization.
First and foremost is the culture of analytics cannot thrive in a culture that is not conducive to it. And by that I mean the culture has to be fact-based decision making driven from the top. Where executives understand the value of information, they use information to validate their decisions, validate their instinct. Or vice-versa, they go with their instinct or use the data to make decisions, and use their instinct to validate those decisions. There is a lot to be said there but we are not going to dwell on that today.
We are going to focus on the people, the analyst who performed the analytics. They are quite a unique set of individuals who are required to do this work. They need to know the business, the processes, the drive of the business, and the data and the tools to make sense of what's going on in the data. You also need very high quality data and perhaps unique data, if you are going to use analytics for competitive advantage. The data has to be integrated, consistent, and trustworthy, or analysts are going to have a difficult time making hide or hair out of what’s in the data.
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And finally, those analysts need proper tools. Typically they have used spreadsheets and desktop databases and ad hoc reporting tools to do most of their work, but that’s like giving an architect or a skilled carpenter only a screwdriver with which to build a house. So the good news is that there are a lot more tools for analysts that have come on to the market in the last couple of years. And we should be open to allowing them to use whatever tool best suits their needs.
InetSoft Viewpoint
"I think what we’ve seen with our customers is that they approach this from two different angles. They either have a BI strategy in place, and we’ve worked with many customers that use Cognos, Business Objects, Hyperion, etc. They have this business intelligence platform in place whereby they’re gathering the data across their enterprise and across their systems.It spans applications and databases where all the information comes from. They are looking to, as I said before, put the processes in context. The second approach we find is that they are putting a BPM, a process strategy in place. The follow-on to that is sometimes the business intelligence strategy. So we find them coming from each side of the coin.
Now the important thing that we have seen with our customers is that the reality for them is that the process improvement aspect – whether they are coming at it from the process improvement side to begin with, or they already have the BI solution in place, and now they’re trying to put them in context – is that a lot of those projects are stalled by the legacy of past failed projects, the lack of concrete requirements, especially from business owners. There is a lack of collaboration between IT and business to get accurate requirements in place in a quick manner to adjust to changing business conditions." - Luke Liang, CEO, InetSoft
Case Study: Boosting Efficiency and Success at Eagle Legal Recruiters with Analytics Software
Legal Recruiters Inc. is a specialized recruitment firm that connects legal professionals with top law firms and corporate legal departments. Established in 2005, the firm had built a strong reputation in the industry but faced increasing challenges in managing their growing database of candidates and job placements. To maintain their competitive edge and enhance their operations, Legal Recruiters Inc. decided to implement a sophisticated analytics software solution.
Challenges
- Data Management: With thousands of candidates and job listings, managing and analyzing data was becoming increasingly complex and time-consuming.
- Matching Accuracy: The firm needed to improve its matching accuracy to ensure candidates were well-suited to the roles, which required deeper insights into both candidate qualifications and job requirements.
- Performance Metrics: Tracking key performance indicators (KPIs) such as placement rates, time-to-fill, and candidate satisfaction was difficult with their existing systems.
- Market Insights: Legal Recruiters Inc. lacked comprehensive market insights to identify trends and adapt their strategies accordingly.
- Client Reporting: Providing detailed and timely reports to clients was a manual process, leading to delays and inconsistencies.
Solution
Legal Recruiters Inc. chose to implement a leading analytics software solution to address these challenges. The software offered robust data integration, advanced analytics, and customizable reporting features, making it an ideal fit for their needs.
Implementation
The implementation of the analytics software was carried out in several key phases:
- Data Integration: The first step involved integrating data from various sources, including candidate databases, job listings, and client information, into the analytics platform. This ensured a unified view of all data.
- Dashboard Creation: Customized dashboards were developed to provide real-time insights into key metrics such as candidate placements, job listings, and recruiter performance. These dashboards were tailored to meet the needs of different stakeholders within the firm.
- Training and Onboarding: Staff were trained on how to use the new analytics software, including data entry, report generation, and interpreting analytics results. This ensured a smooth transition and effective use of the new system.
- Advanced Analytics: The software's advanced analytics capabilities were utilized to analyze candidate profiles and job listings more deeply, improving matching accuracy and providing valuable market insights.
- Client Reporting: Automated reporting features were set up to generate detailed reports for clients, ensuring timely and accurate delivery of information.
Benefits
The implementation of the analytics software brought about significant improvements for Legal Recruiters Inc.:
- Enhanced Data Management: The integrated platform provided a centralized repository for all data, simplifying data management and reducing the time spent on administrative tasks.
- Improved Matching Accuracy: Advanced analytics enabled the firm to better match candidates with job listings, resulting in higher placement success rates and improved client satisfaction.
- Real-Time Performance Tracking: Customizable dashboards allowed for real-time tracking of key performance metrics, helping the firm to monitor and improve recruiter performance and operational efficiency.
- Informed Decision-Making: Access to comprehensive market insights enabled Legal Recruiters Inc. to identify industry trends, adjust their strategies, and better serve their clients.
- Efficient Client Reporting: Automated reporting streamlined the client reporting process, reducing delays and ensuring consistency. Clients received timely updates and detailed reports, enhancing their experience.
Results
Within the first year of implementing the analytics software, Legal Recruiters Inc. experienced measurable improvements:
- Placement Rates: Increased by 20%, thanks to improved matching accuracy and more efficient data management.
- Time-to-Fill: Reduced by 25%, as recruiters could quickly identify the best candidates for each role using the advanced analytics tools.
- Client Satisfaction: Client satisfaction scores increased by 15%, due to more accurate placements and timely, detailed reporting.
- Operational Efficiency: The time spent on administrative tasks and manual reporting decreased by 30%, allowing recruiters to focus more on candidate engagement and client relationships.
- Market Adaptability: Enhanced market insights enabled the firm to anticipate industry trends and proactively adjust their recruitment strategies, positioning them as a market leader.