“Businesses that grow by development and improvement do not die. But when a business ceases to be creative, when it believes it has reached perfection and needs to do nothing but produce—no improvement, no development—it is done.” - Henry Ford, industrialist and automotive manufacturer
It’s 2019, and although Henry Ford has been absent from the world of business for quite some time now, his understanding and approach to conducting business are more relevant than ever.
It’s not enough to maintain an approach that has delivered positive results. To successfully lead your business into the next era of commerce, you must be willing and able to change continually.
That’s where a Business Intelligence Analyst comes in and provides virtually unlimited value. To scale, to move forward, to advance, to remain competitive, you must implement the skill set of a business intelligence analyst, but what does this mean for you and how can you stay ahead of the game when your plate is already full?
Altametrics has long been developing a set of tools that are capable of harnessing the power of an entire team of business intelligence analysts. From time management to cash flow, this suite of tools is aimed at those with a forward-thinking mentality ready to launch their business into the future.
In this article, we’ll discuss how to use the tools offered by Altametrics to become a superstar business intelligence analyst. These are tools that companies around the globe are quickly utilizing to stay ahead of their competition and sooner rather than later will be the very basis of every businesses operation.
Defining this position is nearly impossible as the very framework is in a state of constant change and development. In a nutshell, you or your business analyst will be tasked with the ever so cumbersome feat of constant improvement, fine tweaking and developing systems that will lay the basis for how your business will operate in the future.
Collecting data will be the first and arguably the most important factor when considering the success of a business intelligence analyst. Without concrete evidence of business operations, it’s incredibly difficult to identify areas of improvement. Gathering data has long been the task of entire teams of individuals working every single day on compiling and creating reports that are often overlooked or misunderstood.
Using data after it has been collected to bring about change within the business is by far one of the most overwhelming tasks a business analyst will face in their career. It is in our very nature to continue doing what has brought about positive results in the past, and it’s tough to convince people of various backgrounds they need to change their way of conducting business.
Although difficult, it’s certainly not impossible. By accurately tracking business crucial data such as employee production, cash flow, using forecasting models, and so on, you can build compelling arguments to bring about change and improvement.
There is no better way to build such compelling arguments, though, without the use of accurate and reliable data tracking software and that's where Altametrics shines through.
Many companies hire entire human resources divisions to manage the business’s scheduling. The methods in which schedules are managed vary drastically, and up until now, it has been the responsibility of the HR department to create a system they believe works well for the business.
This lack of a consistent scheduling method leaves a lot of room for human error and often causes more confusion than efficiency. According to a recent study conducted by the Economic Policy Institue, roughly 17% of employees feel confused and/or have little understanding of their workplace scheduling.
For a business intelligence analyst, shortfalls with employees are one of the largest areas to focus on as they are often among the companies highest expenses. Employees that are confused on their schedule are less reliable and provide lower levels of production. Furthermore, managing the companies budget becomes a nightmare and identifying other employee-related problems becomes shadowed in a mess of schedule-related confusion.
With the Altametrics Schedules business scheduling tool, you can easily create and manage schedules that show each and every employees availability. Altametrics Schedules scheduling software greatly increases the effectiveness of your employees by formatting schedules in a way that is easy to read, and by providing your HR department with a solid framework to approach the daunting task of scheduling. Implementing scheduling software solutions allows for a more streamlined process while avoiding costly scheduling mishaps and conflicts.
Similarly to the Altametrics Schedules scheduling software solution, the Altametrics Clock time clock software is equally as powerful. Now that you’ve managed to identify and solve scheduling confusion, it’s time to accurately and controllably track the time employees are spending on afternoon tea time and other activities that may be draining your companies budget without adding any value in return.
Understanding exactly when employees are taking break time is a crucial piece of information that any business intelligence analyst will need to identify. It’s not always as easy as 12 o’clock lunchtime and in many cases employees will need to use discretion on when to punch in and out of an employee time clock.
Outdated, paper-based scheduling methods, like an excel work schedule template or Microsoft employee schedule template, open up your business to a plethora of future conflicts including labor law compliance issues, lawsuits, break violations, inefficient time management, and so on. The Altametrics Clock time clock software solution has simplified and innovated the flawed and outdated punch card method.
When using the Altametrics Clock time clock software, your entire team will have access to an all-inclusive platform which allows everyone to remain within the constraints of their predefined employment terms and labor laws by utilizing a dashboard with employee based countdown timers among many other metrics of time measuring. Better yet, you’ll be able to identify unnecessary overtime and significantly cut down on wasted time. Time is money and time is also one of the most important metrics to analyze for any business to continue moving forward.
It’s no secret that to be a successful business intelligence analyst in the food industry you’ll have to dial in on inventory. Successful inventory tracking is a crucial part of every food service-based business, so much so that businesses fail every day due to the inability of tracking inventory properly.
Sure, you can use the traditional method of having employees count each product that comes in and out of your storage units, or you could implement cutting edge software, like Altametrics Food Management, that takes care of managing your inventory for you so that your employees won’t have to.
According to a study done by the USDA, It is estimated that food waste in the United States is roughly 40% or around $161 billion dollars worth of food. That is a staggering statistic that any professional business analyst should be confronting immediately and will net in savings far exceeding what it costs to implement the leading software offered by Altametrics, such as Altametrics Food Management.
Cutting costs, increasing employee efficiency, increasing ordering accuracy, decreasing product waste, and decreasing environmental impact are all things on the forefront of a business analysts mind, and with the proper tools, these become the norm instead of something you strive for. Successful businesses succeed when they are part of the solution as opposed to the problem, and right now, food service-based businesses are struggling immensely because they fail to utilize the proper inventory tracking software necessary to make intelligent decisions.
It’s not enough to capture the data and present it to your team for consideration. As a business analyst, you’ll need to compile that data, link it all together, and paint a picture of what each and every metric says about the health of your organization.
The future of your business will depend on how intelligently you utilize data in changing methodologies. Altametrics will aid you in your quest of perfection by painting an accurate picture using each part of your business instead of looking at it piece by piece. Often times, problems are easily overlooked when they don’t correlate with a specific business operation, thus leading to silent catastrophe.
Altametrics has created an innovative method to compare and create full-circle data reports that will not only allow to you find opportunity in each sector of your business but the business as a whole. The business intelligence (BI) offered here will compile each and every piece of data from all of its various sources together in one easy-to-manage location in real-time.
The Altametrics Business Intelligence software allows information to be shared across all of your management team, allowing them to make quick and educated assessments of their respective responsibilities. Gone are the days of having your entire management team sit through briefings where only a small portion of the meeting covers vital information for each individual.
The Altametrics Business Intelligence software is a must for anyone aspiring to be a successful business intelligence analyst. On one hand, you’re empowering your employees to make smarter and more accurate decisions on their own, reducing the need for direct oversight and increasing how effective your team is overall.
On the other, you’re able to piece together each portion of your business into one easy-to-read story that can accurately depict the entirety of the situation. Using the Altametrics Business Intelligence software will ultimately lay the base of future advancement and your ability to identify possible pitfalls down the road.
If managing your businesses funds was on the forefront of what you thought a business intelligence analyst does, you’d be correct! Cash is the blood flowing through the veins of your business, and without proper management, the limbs of your business will suffer.
The cash management software offered by Altametrics is pretty straight forward. Finding out where the money is going, how it's getting there, why it has gone where it has, and how to better spend that money in the future is probably the most basic job description of a business intelligence analyst at its core.
Using proper cash management software, such as Altametrics Cash Management, will make or break your companies finances. Creating financial reports is one of the most difficult aspects of conducting business as it takes into account so many variables. Many businesses fail to properly report funds thus leaving them vulnerable to a plethora of issues regarding taxation, budgeting, theft, inventory, etc.
Traditionally, businesses hire or outsource talent to take care of cash management, but is that always the best route? As a business intelligence analyst, we want to ensure we’re innovating and safeguarding our company from future problems.
In a study conducted by CB Insights, 29% of startups fail due to improper cash management. A business intelligence analyst should see this as a major warning to the future of their business and take the proper precautions to avoid adding to that statistic.
By utilizing top-notch cash management software, like Altametrics Cash Management, you’ll know well ahead of time when cash reserves are running low, budgeting needs tweaking, or someone on the inside are partaking in nefarious activities.
Having an oracle capable of predicting the future would be quite handy to your business, wouldn’t it? Unfortunately, the current employment market doesn't seem to have any in stock but never fear you can turn yourself into one!
Forecasting is yet another hefty task to add to the ever growing list of what a business intelligence analyst should focus on and with good reason. Without proper intelligent business forecasting, you’ll have no idea how to budget, staff, or manage your future operations. Creating better forecasts have turned businesses struggling on their last breath into multibillion-dollar companies and lucky for us, Altametrics makes it easy.
With the Altametrics Universal Forecasting software in the Altametrics tool suite, a business intelligence analysts gains an incredibly powerful arsenal of data that will allow for accurate future growth, as well as the identification of major obstacles that lie ahead. From detailed staffing forecasts to how many donuts you’ll need at your next early morning meeting, the universal forecasting software has you covered.
The big HR label scares a lot of business intelligence analysts. A common misconception in business is that employees can be impossible to track and predict, costing businesses a very hefty chunk of their profits each and every year from conception to beyond. These costs aren’t predetermined, though, and since you’re on your way to becoming a professional business analyst, you’ll need the proper software to manage all things HR.
The Altametrics Human Resources software covers everything related to Human Resources, from assigning and specifying job titles, to increasing the effectiveness of talent acquisition. Speaking of talent acquisition, the methods businesses have used to retain, rehire, and manage employees of today are sorely outdated and poorly inefficient.
After you’ve got those young, eager workers in the door and set up at their new work station, there is still a lot of work to be done including the management and understanding of performance, discipline, skill sets, wages, terminations, etc.
Bringing your business up to speed with an all-encompassing HR solution, like Altametrics Human Resources, will be a necessity for any business looking to make smarter choices. Using software to track all of these variables is really to the point where its not an option but an absolute requirement for just about any business.
The businesses who willingly choose to implement more intelligent solutions for their everyday operations will be the businesses that truly succeed, and by carefully fine-tuning your skill set and utilizing the cutting edge of technology, your business will benefit greatly.
To learn more about the Altametrics Enterprise Office solution, which consists of the Altametrics Schedules, Altametrics Clock, Altametrics Food Management, Altametrics Business Intelligence, Altametrics Cash Management, Altametrics Human Resources, Altametrics Universal Forecasting, and Altametrics Timekeeping software solutions, check out our article on the “Eight Business Management Software Products to Increase Company Profits," which is also on the Altametrics Blog.
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