Having access to industry relevant data helps to streamline many processes, especially when it comes to something as critical as workforce planning. The use of data can generate insights into the market where you’re operating, including current threats, trends, changes and the potential for progress and growth. In turn, this data can be used to inform decision-making that is empowered by a deeper understanding of what your business requires.
Using data-informed decision-making to create a competitive advantage
One of the main reasons why data is so vital to decision-making when it comes to workforce planning is the power that it gives any organization to create a competitive advantage. However, this doesn’t happen automatically and, if this is something that you want to integrate into your business, then it’s going to be necessary to switch to a data-first strategy and ensure that this is adopted business-wide. With this in place you’ll be able to access the data you need, make it meaningful for your organization and start deploying data-driven solutions that can help your organisation to generate better workforce planning outcomes. So, how do you do it?
Switch to a data-first strategy
You may already know that this approach has strategic business value, especially when it comes to workforce planning, but there may be stakeholders who remain unconvinced. Utilizing data and analyzing past performance metrics will help you to develop a strategy that is based on past results, meaning you’ll be able to learn from previous challenges and optimize the decision-making process.
Where is your data going to come from?
If you’re focused on facilitating data-informed decision-making, then you need to be very clear about where the data for this is going to be drawn from. Analytics tools are used by many organizations, and you may already be using some internally that can start to supply most of this data. Other tools out there, such as Microsoft’s Power BI, can provide more sophisticated options when it comes to integrating and mining data from a range of different sources.
Streamline your approach at first
The key to effective data-informed choices is avoiding being overwhelmed by having too many data sources flowing into your planning process. What are the key questions that you, and other stakeholders, want to see answered with respect to workforce planning? Remember to keep an open mind when it comes to the results of the data that you get, and to test and adjust as you go to find the best options for you.
Don’t overcomplicate it
Utilizing data when it comes to workforce planning and decision-making is often fairly streamlined within organizations. However, this can sometimes be overcomplicated by systems that are difficult to access, understand or require extensive training to master. Avoid these barriers by offering training to staff within your organization that will be using these tools, or subsequently look to use data sources that are easy to filter and gain valuable insights from, rather than bombarding you with largely unnecessary information.
Data-informed decision-making is a key tool in obtaining a competitive advantage for your business when it comes to workforce planning.
To find out how the team here at Volt can help your business when it comes to workforce planning, please visit our ‘Services & Solutions’ page on our website for more information.