For business growth and competitive
advantages, Business Intelligence (BI)
solutions offer big benefits to those who breathe new life into their
business strategies and tactical business decisions. In order to take strategic
and agile business decision, BI solutions transform data into actionable
intelligence.
Reaping benefits from BI requires more
than implementing the technology that enables to improved customer relations,
increased employee productivity, revenue growth. BI support a wide range of
business decisions ranging from operational to strategic includes, analytics,
data mining, process mining, complex event processing, business performance
management, benchmarking, text mining, predictive analytics and prescriptive
analytics and much more.
As employees are the major asset of
any business, Employee performance plays an important role in meeting company
goals. Without the performance management, the company would not know how an
employee was performing or would not be possible to set target or strategy. Business Intelligence solutions enable
managers and executives to identify and focus on specific areas in order to
meet targets. Effective performance
management is said to be structured and continuous. Each step should inform the
next and the last step again feeds into the first. This way it is a repeatable
process.
1.
Set Smart Goal and Recruit Right source
Using business intelligence solution,
you can identify points of improvement by looking at the past performance of
your department. Set smart goal that is discrete, quantifiable, practical,
relevant, and time-bound. Moreover, they should align with the company culture
and ensure that an employee is able to work efficiently and effectively to
reach the goal of your company. Make sure to put the right employee on the
right tasks.
2. Structure of Communication
An employee should feel comfortable
while communicating with you. Keep the culture of open dialogue by setting or
outlining the structure of communication such as junior first seek the advice
of their senior before coming to you. Make sure that there are enough support
and training given to both junior as well as a senior employee in order to feel
comfortable with their roles. By recognizing past experiences and skills of the
employee, you can offer them relevant learning resources as well as guidance or
any other advice.
3. Implement or Communicate your Plan Of
Action
Next step, In order to create key
performance indicator (KPI), once after setting structure you need to implement
or communicate your plan of action in clear language using data and visualization
for each junior employee. So every employee will be having a clear idea of what
is expected of them. Using Business Intelligence software you can share KPI
progress report with him/her.
As a Manager, you should be aware of
the different learning styles of your staff and tailor your coaching style
according to them.
4. Real-Time Monitoring and Evaluation
Software like Phocas gives you
complete Business Intelligence Solutions,
you can monitor the progress of an employee in real-time without the need for making
a report each time. Apparently, you can combine relevant data from different
sources to create a comprehensive view of what is happening in your department.
Moreover, you can access software on any device and can show them progress and
opportunities off-site.
Employ each one of your employees in a
decision-making process, once you have a fair idea of their working style and
progress. This gives them the sense of ownership and it can be a great source
of motivation.
5. Hold Them To Be Accountable
Once you understand the performance of
an employee. So you can hold an employee for not performing well, show their
performance and ask them for what can be done to improve the performance of an
employee. They might not understand the value of a product you are
manufacturing or need to learn new tricks. So you may need to fix better
product training for refreshers.
Lastly, Software Phocas offers the Business Intelligence Solutions to you
for your employees for creating key performance indicator (KPI) and identify
the trends so you can act before any problem arises.