All industries can benefit from using data to improve performance, and the staffing industry is no different. According to Forrester, companies are increasingly focused on implementing business intelligence tools to improve operations. In a global environment, staffing firms need to be as competitive as possible, which means investing in tools and processes that enable them to succeed. Forrester’s data found top business performers were more likely to increase investments in business intelligence than their peers. Here are a few ways to use business intelligence and reporting as key components of a successful staffing agency:
Looking at key performance indicators helps staffing agencies stay on target in their day-to-day activities. What does your staffing agency evaluate now? Are you able to measure activity conversion ratios? According to Staffing Stream, it’s one of the most effective KPIs to increase profits and revenue. This KPI enables agencies to determine how each unique activity leads to conversions. Can you see individual recruiter activity? What about the value of your sales pipeline? All of this data is vital to creating a staffing agency that runs like a well-oiled machine.
Focus on revenue
Reporting tools enable staffing firms to focus their energy where the money is. You can determine which actions contribute to the bottom line and recreate them. Most importantly, you can use data to back up every decision you make and eliminate the guesswork. If a certain activity doesn’t impact revenue consider whether you need it as part of your process. Simply put, reporting tools allow you to quickly separate money-making activities from those that are a waste of time.
One of the greatest benefits of business intelligence and reporting is the ability to see data, analyze it and act quickly. Being able to respond promptly to situations makes you more agile than competitors and more successful. Reporting tools not only collect data but also allow you to make it visual using charts and graphs. This means your stakeholders can quickly ascertain what’s going on in your staffing business and make changes to improve, and you don’t need to go through an IT or data analysis department first.
Use the right tools
Effectively using reporting requires the right tools. Unfortunately, many staffing agencies lack the systems they need to generate thorough and accurate data. This is often because they use a number of different platforms and attempt to integrate the data. Rather than using a separate CRM, applicant tracking software, and business intelligence tool, why not use a system like Jobscience that combines all three? Jobscience is an all-in-one platform that integrates your talent pipeline, customer and sales data.
The staffing industry is getting increasingly competitive. The only way to ensure success is to arm yourself with tools that create distance between you and your competitors. Things move fast in the staffing world, and any insight you can obtain before competitors ensures you make the placement while they spin their wheels.
Jobscience | Beyond the Applicant Tracking System