5 Ways Businesses Can Cultivate a Data-Driven Culture | The HR Tech Weekly®

5 Ways Businesses Can Cultivate a Data-Driven Culture

The pressure on organizations to make accurate and timely business decisions has turned data into an important strategic asset for businesses.

In today’s dynamic marketplace, a business’s ability to use data to identify challenges, spot opportunities, and adapt to change with agility is critical to its survival and long-term success. Therefore, it has become an absolute necessity for businesses to establish an objective, data-driven culture that empowers employees with the capabilities and skills they need to analyse data and use the insights extracted from it to facilitate a faster, more accurate decision-making process.

Contrary to what many people think, cultivating a data-driven culture is not just a one-time transformation. Instead, it’s more like a journey that requires efforts from employees and direction from both managers and executives. In this article, I am sharing five different ways businesses can accelerate their transformation into a data-driven enterprise.

1. Establish a Clear Vision

Establishing a clear vision is essential for putting data into the DNA of an organization. An executive, preferably the CIO or CDO, should present the vision to the workforce and provide the rationale for this shift in culture and in benefits. This, in turn, will set stage for the work ahead and provide an opportunity to clear misconceptions.

 2. Ensure Easy and Secure Access to Data

Data can be truly considered an asset when its accuracy is trusted, its provenance is well established, and its complete security is ensured. On the other hand, optimal utilization of data requires governance and openness. To ensure this, you should consider a layered approach to make data available in a manner for which its security, governance and confidentiality is not compromised.

3. Keep Your Data Clean and Up-to-Date

It’s very hard to analyze and extract something valuable from poorly organized, inaccurate, dated information. Therefore, you should develop clear mechanisms regarding the collection, storage, and analysis of data. Make sure all your data inputs are centralized in a single location for easy integration and regular updates. This way, your employees can gather the most recent information from a single place and make more accurate decisions.

4. Create Agile Multi-Disciplinary Teams

People, not tools drive the culture of a company. Therefore, in order to create a fact-driven work environment, businesses should invest in the skills of their people. Make sure that each team contains at least one member who’s well-skilled and experienced at data analytics.

5. Develop Reward Mechanisms

Sharing data successes is important to inspire others and develop a healthy, competitive, data-driven culture. To share the results achieved by a team or an individual, you can use different communication tools, such as videos and blogs, organize special gatherings, or share the results on your company portal. Make sure that you choose initiatives that are in line with your company’s long-term strategy. For example, if your objective is to penetrate new markets or gather more information about your target customers, you should acknowledge and reward the initiatives that help you make progress towards these strategic goals.

Unless communicated across an organization, data remains worthless. To extract the right information and insights from structured and unstructured data, it is important that you focus your efforts on cultivating a data-driven culture that empowers employees with the resources and skills they need to leverage data and obtain the right information at the right time to make more accurate decisions.

About the Author:

Ronald van Loon is Advisory Board Member and Big Data & Analytics course advisor for Simplilearn. He will contribute his expertise towards the rapid growth of Simplilearn’s popular Big Data & Analytics category.

If you would like to read more from Ronald van Loon on the possibilities of Big Data and IoT, please click “Follow” and connect on LinkedIn and Twitter.

This article was originally posted on Simplilearn

Source: 5 Ways Businesses Can Cultivate a Data-Driven Culture | Ronald van Loon | Pulse | LinkedIn

Great Companies Are Built Around Great People

Written by Annie Jordan, VP, Global Head of HR at Finstar Financial Group. Specially for The HR Tech Weekly®.

Annie Jordan, VP, Global Head of HR at Finstar Financial Group

There is a lot of truth in the saying that great companies are built upon great people. However, the reality is, of course, more complicated than that. The world’s leading companies are a powerful blend of people, vision, capability and culture. These things work together like the mechanics of a rocket, generating and maintaining irresistible momentum.

But how do you ignite the rocket?

It starts with the fuel, exceptional people. Without exceptional people, you will struggle to build departments that smash through goals or spark entrepreneurial commitment.

Yet how is it possible to attract top people to an environment that has not already been built into the kind of engaging, highly professional workplace that world class candidates come from and demand?

This chicken and egg scenario ranks as one of the most difficult strategic challenges in HR, and it is especially pertinent to the fast-moving world of HR in the tech industry, where workplace expectations are always growing.

The first thing to understand is that top performers do not avoid challenges. In fact, they seek them, and being open about the challenges that await them is something that will help attract the very best.

Finstar Financial Group is a private equity firm focused on the future of financial services, founded by Oleg Boyko. We believe in our businesses and that we are building the foundational elements of a modern, digitally adept, high-speed world. We have lofty ambitions, and we make these ambitions clear to the people we hope to attract. In fact, our ambitions do not end with revenue and profit targets: they are driven by a vision for the future of financial services.

We aim high when targeting the people we want to join our team, casting our net worldwide in our search for the best possible candidates. This sense of purpose and ambition has allowed us to attract first-rate minds from top tier companies.

We have now built a virtuous circle: by attracting top managerial talent, then constantly challenging them – insisting on the highest standards when doing so – and freeing them to achieve their goals in their own way, we have stoked their entrepreneurial spirit, and they tend to energetically and rigorously attack their targets. This has created a positive, exciting and goal–focused environment for all employees. It also, of course, makes Finstar Financial Group and its portfolio companies evermore attractive places to work, helping us draw in more great talent from around the world. 

“The greatest adrenaline hit for any Marketeer is to make a difference through their contribution. Bringing together knowledge from a past life’s conquest to unifying and motivating the wonderful and enthusiastic minds of a new organization is all part and parcel of that contribution. However, the contribution itself has to have a focus from which it draws its energy. In this case, we look to the Brand in question Finstar. A global titan within its own right, but with the prowess and agility of any new start up. With the help, assistance and guidance from the HR team you begin to understand the organization better, its ambitions and the almost blank canvass with which to mark out your approach. Most well-seasoned individuals and newcomers alike begin scanning the paperwork to find out where they sign! Though only at the initial stage of my journey with the organisation, I foresee it being a long and fruitful one, as well as becoming a key contributor to the well-oiled machine that is Finstar.” – Arun Varma, Chief Marketing Officer.

“I found a unique multi-cultural combination of talents in Finstar Financial Group. The company offers you a challenge of combining the skills and disciplines learned in large international corporations with the high flexibility and agility needed to adapt to rapidly changing technologies and customer expectations, so as to keep our competitive edge.” – Gauthier Van Weddingen, VP, Deputy CEO Operations.

“Creativity and ingenuity in all the aspects aligned with robust and conservative corporate standards and best practices, the possibility to combine the non-combinable while exploring the most elegant and very often, unique recipes in this “fusion cuisine” of innovative IT developments, financial retail services and business effectiveness, all these multiplied by the global scale and multicultural nature of our company – this impresses indeed. The kaleidoscope of different jurisdictions, approaches and mentalities, the possibility to work with extremely qualified professionals from all over the world create the unique experience and knowledge base, together with a desire to use it for the company’s growth and to confirm again and again that we all are real FinSTARs!” – Dmitry Kobzar, Head of Legal Department DFI.

Ultimately, this process of embracing lofty goals, setting our talented hires exacting challenges and stoking their entrepreneurial instincts has allowed Finstar to solve the HR conundrum of attracting the type of executives who create the attractive working environment which such exceptional people are attracted to. We now have a virtuous circle in place that has sparked the stellar growth that sets Finstar Financial Group apart as a high-flyer in the FinTech world, delivers value to our stakeholders, and makes each of our offices a cutting edge, innovative and challenging place to work.


If you want to share this article the reference to Annie Jordan and The HR Tech Weekly® is obligatory.

People you hire will be pivotal in shaping business culture and maintaining success!

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Today our guest is Mr. Sabby Gill, Executive Vice President (EVP) International at Epicor Software.

Sabby Gill brings more than 20 years of international sales, operations and enterprise software industry experience to Epicor. In his role, Gill is responsible for operations including sales and professional services with a focus on accelerating company growth throughout Europe, Middle East & Africa (EMEA) and Asia Pacific (APAC).

Prior to Epicor, Gill was Senior Vice President of International Sales for IGT. He has also held executive management roles with leading technology companies including HP, CA Technologies, Oracle, PeopleSoft (acquired by Oracle), and DEC.

The interview is hosted by Alexey Mitkin, Founder, Publisher and Editor-in-Chief, The HR Tech Weekly® Online Media Co.

  1. In your recent article you have told us about how as companies grow and expand, there is a tendency for employees to be disengaged in the workplace due to heavier workloads, pressures, and deadlines. You explained how investing in the right technology can help companies manage this growth. What other drivers can you point to for ensuring employee satisfaction, engagement and wellbeing?

As your business grows you need your team to be strong, so the people you hire will be pivotal in shaping its culture and maintaining its success. Ensuring that your employees are happy and fully engaged is also vital. Take for example a traditional business that acquires smaller, nimble entrepreneurial entities to gain a competitive advantage but find the newly acquired talent assets that the company paid highly for start leaving the company. This is a common mistake made by many companies that are growing through acquisition but failing to consider the wellbeing of, and engage effectively with the organisation’s new employees.

Another important aspect for companies to consider is the influx of Millennials in the workplace. I would argue that it’s even more paramount for organisations of all types and sizes to create workplace environments that nurture the free-thinker and their entrepreneurial spirit. But where do organisations start? To begin, they need to understand the characteristics of entrepreneurial teams and what motivates them. You can almost forget about traditional incentive plans; when dealing with entrepreneurial types, “challenge” trumps traditional notions of compensation/rewards, because if the work environment isn’t challenging enough, they are likely to leave. They need to understand what the entrepreneur works for (and what they live for): The vision, the dream, the challenge – it’s their oxygen. To fully engage, entrepreneurs must buy into the vision.

As companies grow and with it create entrepreneurial teams, larger organisations may need to rethink placing talent in the constraints of the traditional hierarchical structure. These teams may be more effective when they are free to look at projects holistically: to craft a vision and define how problems will be solved. Remove as much process, structure, and bureaucracy as is feasible; as they prefer working without walls, and that includes traditional “job description” boundaries. 

  1. What do you expect from HR Managers delivering to the change management initiatives?

Employee ‘buy-in’ is the cornerstone of any change initiative and the onus often falls on HR to manage this process. Changing business processes can have an impact on employees’ familiar work routines whether or not they are directly involved in the project, so this process must be managed for the entire workforce. Employees need to be gradually introduced to new processes and job roles over a period of time so that they can accept and familiarize themselves with these developments. Neglecting this aspect or putting it off until later on in the project may result in organisational resistance to the new system, even to the point of operational risk. 

  1. Do you observe any distinctions when people from different industries, functions, and maybe regions, implement new software? For instance, what scares HR professionals more comparing with other business roles?

Change is never easy and most people are averse to change – this is true regardless of culture, industry and job function! HR’s challenge, given where it sits in an organisation, as opposed to other business roles, is helping employees, navigate and embrace any changes made in the organisation. 

  1. What are the core advantages Epicor®Human Capital Management delivers to HR and business when their demands and expectations grow toward self-service, engagement, micro-learning, and people analytics solutions? 

Today’s economy needs HR to adopt a more proactive and strategic role. To add to this, managers and employees are demanding direct access to human resource (HR) systems and information. Epicor Human Capital Management (HCM), delivers this and more, helping HR departments better manage a dispersed workforce, improve human resource processes, and make HR an integral part of an organisation’s strategic planning.

Epicor HCM is an intuitive, functional, and adaptable HCM solution that helps HR departments to spend more time managing talent than data. With Epicor HCM, HR teams have the ideal tool to manage their organisation’s most valuable resource—the workforce, who are pivotal maintaining a company’s success.

Epicor HCM automates everything related to HR in a single software system, enabling the organisation to track, manage, and analyse all data for the employees, from application to retirement. Through automated workflow, Epicor HCM allows organisations to improve efficiency. With powerful reporting and analytical tools, HR teams can gain a complete picture of the company’s workforce to enable better strategic planning.

  1. What technological trends will influence ERP and particularly HCM vendors in the nearest future, in your opinion?

The Cloud has without a shadow of a doubt been one of the biggest drivers of change in our industry. Organisations across the globe are beginning to realise the benefits of moving to the cloud, specifically:

  • Compelling connectivity — the ability to collaborate in real-time across remote sites, mobile employees, and trading partners
  • Enhanced operational efficiency — seamless operations, unparalleled scalability and flexibility, upgrade management, and business continuity
  • Improved security — higher level of security, network monitoring, and disaster prevention
  • Smart economics — the opportunity to achieve lower total cost of ownership (TCO) and positively affect the bottom line
  • Better resource allocation – improved ability to focus resources on core business activities and applications

These benefits are magnified when it comes to HCM because HCM has always been viewed as a non-critical, labour intensive function. By moving HCM applications to the cloud, organisations can make sure their HR teams focus on more business critical activities, reduce operational costs, and, most importantly, stay connected with an increasingly mobile workforce. 

  1. You have proven C-level experience in business development and managing people within global technological companies in EMEA, Asia Pacific and Latin America. What do you recommend to managers who strive to build their careers at the international markets?

My number one recommendation for managers is to be understanding and respectful of the various cultural differences. There is no ‘one-size-fits-all’ approach when it comes to dealing with people across markets. What works in the US might not be the right tactic for China, but sadly too many C-level executives take this for granted.

Secondly, “Be as good as your word – do what you say you’re going to do.” The idea of following through on commitments and being held accountable for your plans and actions is vital. It helps build trust and comfort with the people you deal with knowing that you bring credibility and will ensure that things get done. You want to be that person who others can rely on. People buy from people and your future is in the hands of what they say and what they do. When you enter a relationship, which is what we do when we implement ERP solutions, you need to care about the job you, and everyone else, does for that customer. Everything reflects on the promise you make to your customers, partners, investors and employees. Whichever way you look at it, their emotions, personal ambitions, etc., all play a part in the business at hand.

Thirdly, be an advocate of change and look for excellence in everything you do. Do not dither. C-level positions demand, as well as offer, respect. People expect answers and directions from those in these positions in a timely and articulate manner. Think about a driver of a high-performance car; with a professional driver behind the wheel you can obtain strong performance and look to break lap records. However if you put a novice behind the wheel, you will struggle to get the same results. You need to grow into the expert that people want to rely on to drive the business forwards.

Finally, I would say, continue “to reflect”. What I mean by this is always take a step back when you find yourself in a difficult or complex situation and reassess what it is that you are trying to achieve. Too many times we get fixated on finer details and can’t see the forest for the trees. Taking a step back can help us see the wider picture and realign our focus.


If you want to share this interview the reference to Sabby Gill and The HR Tech Weekly® blog is is obligatory.

Are CEO’s Missing out on Big Data’s Big Picture?

Big data allows marketing and production strategists to see where their efforts are succeeding and where they need some work. With big data analytics, every move you make for your company can be backed by data and analytics. While every business venture involves some level of risk, with big data, that risk gets infinitesimally small, thanks to information and insights on market trends, customer behaviour, and more.

Unfortunately, however, many CEOs seem to think that big data is available to all of their employees as soon as it’s available to them. In one survey, nearly half of all CEOs polled thought that this information was disseminated quickly and that all of their employees had the information they needed to do their jobs. In the same survey, just a little over a quarter of employees responded in agreement.

Great Leadership Drives Big Data

In entirely too many cases, CEOs look at big data as something that spreads in real-time and that will just magically get to everyone who needs it in their companies. That’s not the case, though. Not all employees have access to the same data collection and analytics tools, and without the right data analysis and data science, all of that data does little to help anyone anyway.

In the same study that we mentioned above, of businesses with high-performing data-driven marketing strategies, 63% had initiatives launched by their own corporate leaders. Plus, over 40% of those companies also had centralized departments for data and analytics. The corporate leadership in these businesses understood that simply introducing a new tool to their companies’ marketing teams wouldn’t do much for them. They also needed to implement the leadership and structure necessary to make those tools effective.

Great leaders see big data for what it is – a tool. If they do not already have a digital strategy – including digital marketing and production teams, as well as a full team for data collection, analytics, data science, and information distribution – then they make the moves to put the right people in the right places with the best tools for the job.

Vision, Data-Driven Strategy, and Leadership Must Fit Together

CEOs should see vision, data-driven strategy, and leadership as a three-legged chair. Without any one of the legs, the chair falls down. Thus, to succeed a company needs a strong corporate vision. The corporate leadership must have this vision in mind at all times when making changes to strategy, implementing new tools and technology, and approaching big data analytics.

At the same time, marketing and production strategies must be data-driven, and that means that the employees who create and apply these strategies must have full access to all of the findings of the data collection and analysis team. They must be able to make their strategic decisions based directly on collected data on the market, customer behaviour, and other factors.

To do all this, leadership has to be in place to organize all of strategic initiatives and to ensure that all employees have everything they need to do their jobs and move new strategies forward.

Have you implemented a digital strategy for your business? What’s changed since you’ve embraced your strategy, and what are your recommendations for strategy and data-driven technology for business owners and executives like yourself?

Let us know what you think and how you’ve used your digital strategy to set your business apart from the the competition.

To learn more about the world of Entrepreneurship & Data Science follow Bob Nieme on Twitter or connect with him on Linkedin

CEO at O2MC I/O Prescriptive Computing

 

Connect with author Ronald van Loon to learn more about the possibilities of Big Data

Co-author, Director at Adversitement

 

 


Source: Are CEO’s Missing out on Big Data’s Big Picture?

How Strategy – Not Technology – Is the Real Driver for Digital Transformation

Business owners and executives today know the power of social media, mobile technology, cloud computing, and analytics. If you pay attention, however, you will notice that truly mature and successful digital businesses do not jump at every new technological tool or platform.

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Ronald van Loon, Director at Adversitement

While they do not sit and wait for months or years to create social media pages or to take advantage of new analytical services, they do approach every piece of technology that they use with a solid strategy. Why? Marketing, production, and brand management require concrete planning to be effective and coherent. Implementing new technology without a set strategy is a recipe for failure – or, at the very least, for ineffective use of an otherwise powerful tool.

The Importance of Digital Strategy and Vision

To make the most use out of the technologies and tools available to your business today, you must have a coherent and cohesive digital strategy. Companies that have good digital strategies are said to be “digitally mature” and are more likely to embrace the most strategic technologies as they are developed, rather than casting about, trying everything, and failing to use most of it to their advantage.

A good digital strategy is born out of a vision for the company. Savvy leaders will understand that they must first envision the form they want their business to take, the presence they want it to have online and in the physical world, and the brand tone and voice they will use to engage with customers across all media. This is the basis for a strong strategy that will carry you through software and hardware updates, new tools, social media platforms, and much more.

Technology Gives You Analytics – Strategy Shows You How to Use Them

Now, we are not saying that technology is unimportant. In fact, without data streams and analytics, you would have a much more difficult time collecting the information you need on your customers, website traffic, and the market in general. Without analytical tools like these, you would have a much harder time finding the data to make your next strategic move.

How Strategy – Not Technology – Is the Real Driver for Digital Transformation

However, you might think of your analytics and data streams as the tools to fix your car and your strategy as your mechanic’s knowledge and experience. You could have all of the tools necessary to change the struts on your wheels, replace the alternator, or do anything else to repair your car, but those tools will do nothing for you if you don’t have the knowledge and experience necessary to perform those jobs.

With a solid strategy, you’ll have a guide for how to use the tools that technology gives you. You’ll see how your business can embrace these tools and platforms, how it will change and evolve, and how to continue to use them in the future as they become a part of your business. Without strategy, you might get lucky and choose the right platform, the right analytics tools, and the right interpretations of the data in front of you…but it’s highly unlikely.

Businesses that put strategy before technology and then use that strategy to embrace and fully utilize that technology show a digital maturity that will drive them into the future and help them to maintain sustainable growth and success.

Have you implemented a digital strategy for your business? What’s changed since you’ve embraced your strategy, and what are your recommendations for strategy and data-driven technology for business owners and executives like yourself?

Let us know what you think and how you’ve used your digital strategy to set your business apart from the competition.

Read more


Source: How Strategy – Not Technology – Is the Real Driver for Digital Transformation | Ronald van Loon | LinkedIn