Companies with data-driven strategies are 5 percent more productive and have 6 percent higher profits
I’m delighted to share the news that BI WORLDWIDE (BIW) is integrating IBM Watson Analytics into their customer offerings to help improve the way existing and potential customers manage and engage their people. Because BIW is combining their solutions with the cognitive powered predictive and prescriptive capabilities of Watson Analytics, BIW clients will be able to easily extract actionable insights from valuable yet disparate data. Not only that, but they can now use engagement, performance and financial data to uncover key insights and enhance their program strategies.
Amazingly (to me, anyway), many companies are not yet using analytics to inform their business strategies, even though a 2016 McKinsey and Company report shows that companies with data-driven strategies are 5 percent more productive and have 6 percent higher profits than their competitors. The collaboration between BI and Watson Analytics is good news for those companies still developing their strategies because not only will it make important inroads into their challenges with analytics, but it will also offer them three key benefits.
1. Quick and easy data and analytics access
Watson Analytics enables you to upload and join datasets for quick and easy aggregation. Or, you have the option of connecting to corporate data and even external databases. After a few clicks of the mouse, you can begin to uncover trends and patterns that might otherwise be hidden or remain below the surface. Then it’s just a matter of dragging and dropping data visualizations into a dashboard for the world to see.
“We know engagement programs that produce the best results rely heavily on a deep understanding of our customers’ current data, and a clear view of who and what they are trying to impact,” says Adam Veazie, BIW’s VP of Strategic Partnerships. “Adding Watson Analytics allows us to guide customers through a robust assessment in a fraction of the time, providing actionable insights for planning and program management.” Adam Veazie has more to say in his own blog post, which you can read here.
2. Engagement-based performance models at the ready
BIW’s extensive experience in behavioral economics and their latest global research into what truly drives team members has enabled them to develop a contemporary approach to employee engagement and motivation. Combining BIW’s proprietary engagement-based performance models with Watson Analytics uncovers a broad set of insights and improvement scenarios that clients can use to develop alternate, more effective strategies.
3. A storybook ROI
A special Watson Analytics template, also known as an Expert Storybook, has been designed by BIW to solidify client business cases, guide program design strategy and track performance. Clients can also optimize talent acquisition programs and investments to drive the highest quality of hire.
Using insights from their experience with operating thousands of recognition platforms, sales promotions and incentive programs, BIW’s engagement ROI Expert Storybooks guide customers through the process of understanding and learning from their data sources. Annotations explain what they are seeing so they can understand the impact. Customers easily uncover patterns and relationships to inform decision making and can quickly solidify a business case for their engagement programs.
It’s only just begun
The three key benefits listed here are just the beginning. Consider these words from Marc Altshuller, General Manager for Business Analytics, IBM: “Whether you are ultimately trying to reduce your cost of turnover, improve productivity or quality, or increase sales, our collaboration with BIW demonstrates how Watson Analytics can help you make more informed decisions, enhance your strategy and help reduce the time and costs of traditional analytics processes.”
Stay tuned for more news about where this collaborative endeavor is headed next.
Get more information on all the Expert Storybooks at www.watsonanalytics.com.