Whether an established player is looking to maintain its leading position or an upstart is looking to disrupt the market, being a fully integrated intelligent enterprise is the first step toward reaching full potential.
Intelligent enterprises are those that leverage data as a core asset. Data has a measurable impact on the way companies operate – and one of the most powerful examples of this starts with people. In fact, we are seeing organizations now employ digital approaches that provide new potential for employees to engage, innovate and ultimately elevate the business value they bring to the company.
Companies that optimize data to empower their personnel enjoy myriad benefits. Employees are free to innovate in their roles and increase emphasis on meaningful work, they are better equipped to tackle complex tasks related to servicing customers, and they are able to unlock additional opportunities to propel the business forward.
Data as a force-multiplier
The inherent value that data presents to the modern workforce lies in its versatility to help employees across organizations achieve great feats. Data is the fuel for the new digital tools that empower employees and propel companies forward. Basic, time-consuming tasks can be finished in minutes with AI, machine learning and automated tools. This gives employees more freedom to experiment and innovate, providing higher-level value to their companies.
The risk of innovating is mitigated because administrative tasks are finished much faster. Once employees are able to break free from time-consuming tasks such as data entry or invoice and payment matching, they are emboldened to think outside the box and fail fast as they look for new ways to provide value.
The growing access to simplified operational and sentiment data is also helping workforces better understand their customer. As a result, they can supercharge their ability to develop new products, services and offerings to address customers' unique, constantly-changing preferences.
And because maintaining customer relationships is a human endeavor, access to better data and insights augments employees' skills and allows them to spend more time seeking new opportunities for customers, highlighting new products and services and ultimately providing new value to the business.
Building a better employee experience
A manager's dream in the new business landscape is a team where employees identify, create and act upon opportunities at scale discovered through the use of data. With the right processes in place, this creates a workforce of autonomous employees – all highly engaged and able to think outside the traditional confines of their role.
Ultimately, data-driven decision making will also help companies deliver better employee experiences, which is critical as companies continue to attract more millennial and Gen Z talent. By leveraging insights to create better solutions, managers are able respond to employee needs or solve potential issues before they even arise.
Too often, organizations are locked into rigid reviews and are unable to give the kind of effective or timely feedback that allows employees to grow in their roles. In a data-friendly environment, however, managers are able to create two-way loops of constant feedback and coaching rather than rely on static, one-off reviews. If there is a deficiency in skills, managers can prescribe the proper training programs and create efficiencies in communication flow when possible.
This loop also puts managers in a position to better serve their employee base. A data-rich environment, in turn, allows managers to take risks and fail fast when it comes to constructing benefits and programs or providing other resources to employees.
The reality is that data is ushering in a new era of customer relationship management, but perhaps its greatest advantage is to an organization's people, giving them the tools and autonomy to provide unparalleled value to their organizations, and helping them to find greater fulfillment in their careers. That is the power of an intelligent enterprise.