Sustainable growth is a critical factor to consider for businesses that want to survive. This is especially true in the professional services industry, which is plagued with competition.
Data insights can help you create a better experience for your clients and employees. It can also attract top talent. In a survey of over 1,000 professionals, 69% said they would quit their current job for a role at a company considered a leader in innovation.
Here, we discuss why business intelligence tools are worth the investment and how you can utilize data from coAmplifi to drive growth.
Why Invest in Business Intelligence Tools?
Understanding the needs of your business and how to fulfill them can be challenging – but data can help. Business intelligence tools provide key information to help you:
- Make informed decisions: Data provides a factual basis for decision-making, omitting the guesswork from important business choices.
- Identify and adapt to changes: Data can help you quickly visualize trends, like changes in market demand or client preference.
- Find untapped opportunity gaps: Use data to understand areas needing improvement, such as a better workload distribution.
- Save money: Gain better insight to help you decrease unnecessary costs for inventory and staffing.
- Obtain information faster: Act fast thanks to real-time data presented in easy-to-understand formats like pie charts.
Types of Data Insights You Can Harness for Growth
coAmplifi – a workforce management software with project management tools – makes it easy to access and visualize data related to the most important metrics of your business. Here are a few data types you can collect and organize with coAmplifi’s business analytics tools.
Average Meeting Length
Around 24 billion hours are wasted in unproductive meetings yearly, and contributing to that number certainly won’t benefit your business.
coAmplifi comes packaged with tools that let you see how much time employees spend in meetings and whether that time increases, decreases, or remains consistent. This data can help you implement regulations or change your firm’s meeting culture.
Productivity
coAmplifi enables you to quantify productivity by assigning a numerical value to each employee. The Resource Productivity Index (RPI) feature is based on the time employees track their assigned tasks via their timecards.
Having this data allows you to measure the focus levels and output of your entire workforce so you can ensure current processes are efficient, tasks are properly distributed, and team members are held accountable.
Work-Life Balance
Burnout is a common challenge in the workplace, especially in the professional services sector. According to SHRM, 44% of U.S. employees feel burned out. When employees feel this way, they’re more likely to look for employment elsewhere than those who feel they have a manageable workload.
coAmplifi enables you to view your employees’ work-life balance as a percentage based on their work hours so you can identify individuals who may be at high risk of burnout. For context, full-time employees should work about 21.8% of the year.
Employee Time
Accurate time tracking is vital to a business’s success. coAmplifi simplifies this process by automating time tracking, employee scheduling, and predictions for workload volume with a detailed timecard linked to each employee’s calendar. This tool can also help prevent unapproved overtime via alerts and ensure that time worked is time paid so you can avoid wage and hour lawsuits.
With coAmplifi, you can also track billable vs. non-billable hours and use them to generate pre-bills for review. This automation can help ensure your employees focus more on billable work and areas that further the company’s development than mundane tasks.
Other Business Analytics
coAmplifi’s business analytics features can help your business compare current and previous periods in areas like productivity costs, turnover rates, and the time per role spent on certain tasks.
Comparing your present-day performance to a previous time frame (e.g., year over year or this quarter vs. last quarter) will help you identify trends and understand your business’ successes and opportunity gaps.
Proactively Grow & Sustain Your Business With coAmplifi
Data insights are crucial to optimizing every aspect of your business. coAmplifi’s workforce management system helps you identify areas for improvement in productivity, forecasting, and drawing faster conclusions. It also enables you to customize the best measurements for your business.
Harness the data you already have to improve your growth trajectory. Schedule your demo now!
