Data is a forever asset. But reaping out a profit from it depends on the way it is being utilized. True leaders use the data to get a better understanding of the workplace and improve the overall management and performance.

What is Data Analytics?

Data analytics is the process of analyzing raw data to get an accurate conclusion in the form of predictions. The technical and processing of data analytics are automated into the mechanical process and algorithms that work over raw data for human conceptions.

Data analytics is a new mindset and language rather than another tool that the tech world has gifted us. Companies should focus on how data analytics could better business planning by getting an accurate demand forecast and understand customers behaviour. Slowly, workspaces are opting data analytics as a part of their everyday professionalism.

People are very important when it comes to a working environment. But so is data analytics. People's analytics are not compulsorily accurate and quick. When data analytics play the same role, it is exact and fast. This doesn't make the technologically advanced companies shut the door on employees face, because they cannot operate without people.

The way companies chose to give their fullest to employees and at the same time get enough from data analytics is by adding the input of employees' health, safety and engagement to the database. The employees' database is the new emergence that Covid-19 has brought in.

Companies are worried about the employees' health more than ever as the employees' absence will directly impact in the downfall of work and profit. Feeding the employees' database also helps companies keep a note on their daily work even when they are far away.

The world is obsessed with the misconception on data analytics. People imagine that data analytics can do everything without the involvement of humans. This is a false view. Even to program data, companies need data scientists or someone who can code well to work for them. Humans need to work with data to get success.

Data insights are possible with the use of visualization and dashboard. For example, the company can get the analytics on optimized labour cost through the input of time and attendance of its employees.

Engagement surveys are a very important task to accomplish when a company sticks to analytics. Conducting engagement surveys with questions related to the potential area of the company will help managers get a clear view of their field of improvement. Managers should direct the employees to work according to the outcome of data to get a handful of profit.

Data analytics can help companies listen to their employees and their views. Companies can conduct a survey, virtual focus groups, and question and answer type of data analytics to understand their working style and pressure if there is any. Routine monitor on employees will boost the company's working status.

A survey suggests that fewer than 50% of the companies were ready to work remotely before the pandemic. But now, a lot of organizations including banks, industries and factories are trying their hand on remote working. Data analytics aids them in coping with the futuristic analysis and accurate answers.

Organisations know that data analytics is important. But at the same time, they are struggling to maximize the use of it. PricewaterhouseCoopers' global survey of more than 1,200 business and human resources (HR) leaders from 79 countries, produced in collaboration with London Business School Professor Lynda Gratton, investigated the question 'How can organizations prepare for future?' Remarkably, 41% of the organizations said that making workplace decisions using analytics is important, but people hesitate to do it. This brings us to the conclusion that data analytics are important but often ignored.

Some strategies to help organizations adapt data analytics and make full use of it

Baseline data is important: Maintain the proactivity of talent planning and performance management through building data analytics and investing in digital tools. Employees can work on the skills but for building a good organization it also takes some baseline accurate data. So having a data analytics source to work on is a good way towards development.

Customized employee data: Create a personalized experience for the workplace through building employee data. Employees prefer to work in places where their interest suits. Make sure that they are aware and fine in collecting personal data.

The recent tragedy of Covid-19 did not bring business to a standstill rather opened the door for creativity and new technology. By utilizing data analytics at the workspace, companies get to know their employees better and maintain a chart to keep track of their everyday life with their permission.