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Data-driven decision-making is the key to strategic business operations

Data-driven decision-making is the key to strategic business operations 

At TrackTika Canadian-grown cloud-based solution that provides real-time security operations and back office management, we’ve helped businesses use data to improve operations and mitigate security threats. Each day we see the powerful result of leveraging data to make better decisions– and better still, there are countless ways data can be used across the organization. 

From operational decisions, to investments, to human resource management, having access to data helps business managers make informed decisions to standardize processes, optimize resources, and improve services. Automated and cloud-based tools have quickly become one of the most functional applications of data-generation and analysis because of the amount of data they can collect, store, and analyze, giving meaningful visibility to decision makers. Businesses can better identify recurring issues and, with the right data, find solutions that solve the challenges they face regularly or unexpectedly. 

Using data to optimize processes

Having access to comprehensive data can allow business managers to look at virtually every piece of information that affects the bottom line. When you use automated tools, this information is collected, recorded, and organized so you can get a clear picture of what the business looks like – across all departments. 

Data can uncover trends and patterns within the daily life of the organization to help standardize and optimize processes. These trends and patterns often yield actionable insights. Financial data may show that businesses make frequent payments to the same vendor, indicating an opportunity to create a more strategic partnership to lower costs. Human resources data may show staff tend to work from home on Friday, which may point to a workplace preference for flexible work arrangements. With our clients, one of the many ways we’ve been able to use security data has been to determine hotspot locations for security incidents and help provide support for the appropriate allocation of resources. 

With data, senior business leaders can make informed decisions to support the overall growth and success of the organization. Day-to-day, having access to data also gives greater visibility and control to business managers who need to make daily decisions to keep general operations going.  

Using data to improve resources

When it comes to workforce management systems, it doesn’t end with just tracking data about your business operations. Having access to comprehensive data can help you optimize your resources throughout your organization.

Tools that track workforce data can help managers schedule staffing efficiently. Having real-time visibility into your employees’ work hours means that you can closely monitor overtime and ensure work gets evenly distributed. This helps the budget and employees by minimizing burnout and subsequent turnover from unbalanced workloads.

Tracking workforce analytics also gives managers powerful business intelligence into budgets. With employee attendance and performance tracked, business managers can remain aware of outstanding costs, missed shifts, and unbilled overtime. Having insight into these added costs is critical for effective budget management. 

Using data to enhance services 

Collecting data can also be a significant driver into business development and product improvement. Leveraging data is a central part of how we regularly improve our service for our clients. In collecting data about how our clients use our platform, we are constantly able to make changes to our platform and tweak aspects to improve performance. Our focus is on transparency and we believe that data-driven decisions can transform operations. This mindset towards innovation helps us stay competitive and continually meet and exceed client expectations, both now and in future.  

 With the right data in place, businesses are better equipped to make strategic decisions, and needed changes or upgrades. By using modern tools that are available to today’s workforce, information is richer, yet actionable, leading to an improved ability to react in real time to business demands and strategically plan for growth. 

By Simon Ferragne, CEO and Founder, TrackTik.

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