Garbage to Gold: How Improving Your Data Boosts Your Business

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Garbage to Gold: How Improving Your Data Boosts Your Business

  1. 1. Garbage to GoldHow improving your data boostsyour business
  2. 2. Webinar Host Fred Shilmover CEO & CoFounder InsightSquared 2
  3. 3. About InsightSquared •  Business Intelligence software for SMBsWhat we do •  Leading BI for Staffing and Recruiting firms •  Pioneer in connecting multi-data sources •  Based in Cambridge, MAWho we are •  Founded 1.5 years ago •  40+ person team (and growing) •  Raised $5.5 million in VC funding •  150+ customersOur customers •  Range from 1 – 300 salespeople / recruiters •  Located in 7 countries •  Contract and perm; multiple industries •  Drive revenueValue prop •  Reduce costs •  Get more from your data 3
  4. 4. Stat: Business analyticsapplications return $10.66 forevery $1 spent. Analytics pays off. BusinessWire via MarketWatch, 12/6/11. From a Nucleus Research analytics study. 4
  5. 5. Stat: Only 21% of small &midsized businesses havedeployed BI technology. Analytics is an edge. ComputerWorld, 7/6/11. From March 2010 Forrester report. 921 North American & European IT software decision-makers surveyed. Organizations with up to 999 employees. 5
  6. 6. “We live in a data-driven world…. Makingsense of big data is a combination oforganizations having the tools, skills and…themindset to see data as the new ‘oil’ fueling acompany.” -Andreas Weigend, Ph.D Stanford, Head of the Social Data Lab at Stanford, former Chief Scientist Amazon.com Analytics is vital. 6
  7. 7. Garbage in, Garbage out 7
  8. 8. Garbage in, Garbage out Stat: The cost of bad data exceeds $600 billion annually. Fun Fact: This is roughly the total spending on primary and secondary education in the US each year. InsideARM.com, 10/30/2008. From a Data Warehousing Institute estimate. 8
  9. 9. Garbage in, Garbage out 50% of a recent Forrester survey of customer analytics executives stated that ensuring data quality was an issue, inhibiting their ability to develop better customer analytics. Forrester.com, “The State of Customer Analytics 2012” August 8, 2012 9
  10. 10. Garbage in, Garbage out Stat: Our new clients start at 40% clean data quality, on average. InsightSquared screenshot 10
  11. 11. Garbage in, Garbage out Data Quality Score tell you: Is my Job Order & Placements data in line with our history for trailing 90 days? 11
  12. 12. Garbage in, Garbage out Data Quality 100 80 60 Data Quality 40 20 0 1 2 3 4 5 6 Declining Data Quality Human Error Inaccurate Analytics/Decisions 12
  13. 13. Garbage to Gold 13
  14. 14. Data Quality as KPIDQ is not an insurmountableproblem.DQ is as important asinterview or send outs. 14
  15. 15. Case Study: Wavelength•  60+ recruiting & staffing firm in Sydney, Australia.•  Multiple Recruitment Excellence Awards winner.•  2011 winner of the Recommended Employer, Australian Business Awards.•  Two-time Top 50 best places to work in Australia, Business Review Weekly. 15
  16. 16. “It’s like suddenly the lights comeon and you see you’re flying 50ft off the water. You take evasive action! It galvanized us into fixing the problems.” -Dr. John Bethell, Director & Co-Founder 16
  17. 17. Case Study: Wavelength start date 17
  18. 18. Pick your battles Tackle the high priority errors. 18
  19. 19. Pick your battles Tackle the errors that drive your analysis 19
  20. 20. From the Ground Up 20
  21. 21. Immediate Value Propositions 1. Get data ready for analysis 2. Perform robust, difficult analysis 21
  22. 22. Case Study: Bayside Solutions•  Staffing firm based in California•  Founded in 2001•  Perm recruiting and contract staffing for the technical, constructing, and scientific industries 22
  23. 23. Case Study: Bayside Solutions “We had no data to identify performance metrics for employees. We needed to see our business for what it was and assess where were at.” -Ed Williams, President, Industrial Staffing Division 23
  24. 24. Case Study: Bayside SolutionsData management problems:•  Zero visibility into activities.•  Zero knowledge of data errors.•  Zero forecasting ability. 24
  25. 25. Case Study: Bayside Solutions Dashboards provided aspiration for visibility into data. 25
  26. 26. Drive ComplianceEmployee Scorecards Nightly Activity Emails 26
  27. 27. Drive ComplianceCreate a culture of transparency. Employee Dashboards 27
  28. 28. Case Study: Bayside SolutionsResults:•  # of calls doubled over 6 months•  Connects up 29%•  Interviews up 4x•  Submissions up 100%•  Data errors down 68% 28
  29. 29. What can data do? 29
  30. 30. Visibility Answers: What are my employees focused on? Which clients are most profitable? Where are the holes in my data? 30
  31. 31. Case Study: HireMinds•  Recruiting firm in Cambridge, MA & San Francisco, CA•  Founded 1998•  Serves Marketing, Technology, & Scientific industries 31
  32. 32. Case Study: HireMinds “It was impossible to predict the productivity of employees… Even when I could get data, it wasnt reliable and I had to have it reorganized and fact checked.” -David Hayes, CEO 32
  33. 33. Case Study: HireMindsRatios provide actionable information
  34. 34. Types of Analytics 34
  35. 35. Historic Analysis 35
  36. 36. Real-Time Analysis 36
  37. 37. Predictive Analysis 37
  38. 38. Case Study: HireMinds• Presentations up 90%• Sendouts up 79%• Invites (Interviews) up 139%• Revenue up 45% 38
  39. 39. Summary: •  Get and give visibility to get everyone marching to the beat of the same drum •  Focus on only what drives the business (Data Errors, KPIs you measure) •  Use the data you have. Get it in the system to drive analysis. 39
  40. 40. Love yourdata, it will love you back. 40
  41. 41. Q&Awww.insightsquared.com/blog/support.insightsquared.comsupport@insightsquared.comtwitter: @insightsquared
  42. 42. Thank you!www.insightsquared.com/blog/support.insightsquared.comsupport@insightsquared.comtwitter: @insightsquared
  43. 43. References•  http://www.marketwatch.com/story/business-analytics-applications-return-1066-for-every-dollar-invested- nucleus-research-analysis-finds-2011-12-06•  http://www.computerworld.com/s/article/9217996/ Business_intelligence_goes_small_It_s_not_just_for_the_biggest_shops_anymore•  http://www.marketwatch.com/story/new-global-study-only-one-third-of-companies-making-effective-use-of- data-2011-12-05•  http://www.forrester.com/search?N=10001+52679&range=504001&tmtxt=+best+practice#/The+State+Of +Customer+Analytics+2012/quickscan/-/E-RES61433 http://www.insidearm.com/daily/collection-technologies/collection-technology/the-cost-of-dirty-data-to- accounts-receivable-managers/ 43

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