Using Business Intelligence Software to Uncover Organizational Insights
At this point, everyone knows that business intelligence software can add incredible value for an organization’s leaders. But what value can this add for the Health and Human Services industry and, more importantly, for your organization specifically?
Why Boilerplate Business Intelligence is Not the Answer
Much of the information out there regarding BI speaks of big data and artificial intelligence and using them to measure customer behavior, revenue, profit margins, and the likes. While these large-scale insights might be important details for Fortune 500s, they offer little use for Health and Human Services organizations, many of which are nonprofits, that deal with a much different set of challenges and function in an inherently different manner.
As a CEO, you need business intelligence software that offers full visibility into your organization so that you can easily view key insights and use this information to make important decisions about your staff, programs, and services. What you don’t need are boilerplate reports with lots of unnecessary information that doesn’t pertain to your business. You need business intelligence software that can provide you with:
- Detailed insights into labor costs and funding allocations, performance outcomes broken down by department, turnover trends by program, and daily lost revenue for open positions, just to name a few
- Information that is complete, accurate, and current, based on trustworthy data
- Reports broken down into easy-to-understand charts and graphs so you can quickly identify the information you need
- Custom reporting options that quickly let you drill down and focus on the smaller details
Being Clear on What You Need from Business Intelligence Software
The truth is, most business intelligence software isn’t built with your needs in mind. It’s built as a point solution that can be purchased separately as yet another system to piece together with your existing systems. And that’s the problem. To be truly effective and useful, business intelligence needs to live within your existing systems, so that it shares the same key information and data model. Since labor costs often make up 70-80% of your budget, it makes the most sense for business intelligence to be built into your HR and Payroll system — providing a single source of truth with a holistic solution.
Even modular systems, like a benefits administration software, do a poor job of pulling complete and accurate data from every other module in the system, like recruiting or payroll. So, how can another module for business intelligence help you get the information you need from pieced together systems?
Making high-level decisions that will impact your organization’s future can be stressful, but things get significantly easier when you have the data you need to be confident in your decisions help you use hard numbers to gain support for ongoing and new initiatives. The first step towards getting there is finding business intelligence software that is made for you and will help your organization achieve its mission. It’s also important to be clear on what type of information you’d like to get from it and to make sure ahead of time that the software has those capabilities.