Perhaps the most dramatic outcome of the digital transformation during the pandemic is the amount of data that is now collected and analyzed. According to the World Economic Forum figures, there will be 44 ZB collected in 2020. To put that in perspective, if 1 ZB data was put into 1 GB thumb drives that were then laid end to end, it would make a line that could stretch across 92 million football fields. Impressive, right!
Data-driven decision making is a term being constantly used in 2020 and the staffing industry has been following carefully. Data-driven staffing firms are 19 times more likely to be profitable than those whose decisions are driven by instinct. In fact, American Staffing Associations’ keynote address for Staffing World 2020 is all about digital transformation.
On one hand, staffing companies that are aware of the advantages of data-driven decision making are leveraging it to measure, improve current performance, and prepare their teams for a 2021 sales plan. These companies are actively using data to identify new or missed job order opportunities, measure the time-to-fill, cost per hire, quality of hire, average placement fee, candidate retention, and improve their client satisfaction.
This transformation is not only helping these businesses manage the current slump well but also giving them information on how to adapt their game plan for any adversities. Staffing companies with annual revenue anywhere between $3M – $72M are actively using Spotlight Data to strengthen their business.
On the other hand, the companies that do not know or follow data-driven decision making are either asking a lot of questions or reducing operations in hopes of a better 2021.
What about your company? Do you have a 2021 sales goal? Are you prepared to help your team achieve that goal with data-driven, fact-based decisions, and not just your gut instinct?
If you want your business to grow and be prepared for adversities, data-driven decision making is the way forward. It sounds overwhelming, but we can make it easy for you.
Spotlight Data is widely used by staffing companies to recognize the good and non-so-good of their business processes and help their teams perform better based on data and facts.
Book a free consultation with our experts today and give your team the help they need to succeed.