Garbage to Gold: How Improving Your Data Boosts Your Business
Transcript of Garbage to Gold: How Improving Your Data Boosts Your Business
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Garbage to Gold How improving your data boosts your business
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Webinar Host
Fred Shilmover CEO & CoFounder InsightSquared
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What we do • Business Intelligence software for SMBs • Leading BI for Staffing and Recruiting firms • Pioneer in connecting multi-data sources
Who we are • Based in Cambridge, MA • Founded 1.5 years ago • 40+ person team (and growing) • Raised $5.5 million in VC funding
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Our customers • 150+ customers • Range from 1 – 300 salespeople / recruiters • Located in 7 countries • Contract and perm; multiple industries
About InsightSquared
Value prop • Drive revenue • Reduce costs • Get more from your data
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Stat: Business analytics applications return $10.66 for every $1 spent.
Analytics pays off. BusinessWire via MarketWatch, 12/6/11. From a Nucleus Research analytics study.
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Stat: Only 21% of small & midsized businesses have deployed BI technology.
Analytics is an edge. ComputerWorld, 7/6/11. From March 2010 Forrester report. 921 North American & European IT software decision-makers surveyed. Organizations with up to 999 employees.
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“We live in a data-driven world…. Making sense of big data is a combination of organizations having the tools, skills and…the mindset to see data as the new ‘oil’ fueling a company.”
-Andreas Weigend, Ph.D Stanford, Head of the Social Data Lab at
Stanford, former Chief Scientist Amazon.com
Analytics is vital.
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Garbage in, Garbage out
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Garbage in, Garbage out
Stat: The cost of bad data exceeds $600 billion annually.
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Fun Fact: This is roughly the total spending on primary and
secondary education in the US each year.
InsideARM.com, 10/30/2008. From a Data Warehousing Institute estimate.
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Garbage in, Garbage out
50% of a recent Forrester survey of customer analytics executives stated that ensuring data quality was an issue, inhibiting their ability to develop better customer analytics.
9 Forrester.com, “The State of Customer Analytics 2012” August 8, 2012
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Garbage in, Garbage out
Stat: Our new clients start at 40% clean data quality, on average.
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InsightSquared screenshot
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Garbage in, Garbage out
Data Quality Score tell you: Is my Job Order & Placements data in line with our history for trailing 90 days?
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Garbage in, Garbage out
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Human Error
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1 2 3 4 5 6
Data Quality
Data Quality
Declining Data Quality
Inaccurate Analytics/Decisions
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Garbage to Gold
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Data Quality as KPI
DQ is not an insurmountable problem.
DQ is as important as interview or send outs.
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Case Study: Wavelength
• 60+ recruiting & staffing firm in Sydney, Australia. • Multiple Recruitment Excellence Awards winner. • 2011 winner of the Recommended Employer,
Australian Business Awards. • Two-time Top 50 best places to work in Australia,
Business Review Weekly.
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“It’s like suddenly the lights come on and you see you’re flying 50ft off
the water. You take evasive action! It galvanized us into fixing the
problems.” -Dr. John Bethell, Director & Co-Founder
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Case Study: Wavelength
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start date
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Pick your battles
Tackle the high priority errors.
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Pick your battles
Tackle the errors that drive your analysis
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From the Ground Up
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1. Get data ready for analysis
Immediate Value Propositions
2. Perform robust, difficult analysis
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Case Study: Bayside Solutions
• Staffing firm based in California • Founded in 2001 • Perm recruiting and contract staffing for the technical,
constructing, and scientific industries
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Case Study: Bayside Solutions
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“We had no data to identify performance metrics for
employees. We needed to see our business for what it was and
assess where we're at.” -Ed Williams, President, Industrial Staffing Division
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Case Study: Bayside Solutions
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Data management problems: • Zero visibility into activities. • Zero knowledge of data errors. • Zero forecasting ability.
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Case Study: Bayside Solutions
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Dashboards provided aspiration for visibility into
data.
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Drive Compliance
Employee Scorecards
Nightly Activity Emails
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Drive Compliance Create a culture of transparency.
Employee Dashboards
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Case Study: Bayside Solutions
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Results: • # of calls doubled over 6 months • Connects up 29% • Interviews up 4x • Submissions up 100% • Data errors down 68%
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What can data do?
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Visibility Answers: What are my employees focused on?
Which clients are most profitable? Where are the holes in my data?
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Case Study: HireMinds
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• Recruiting firm in Cambridge, MA & San Francisco, CA
• Founded 1998 • Serves Marketing, Technology, & Scientific industries
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Case Study: HireMinds
“It was impossible to predict the productivity of employees…
Even when I could get data, it wasn't reliable and I had to have
it reorganized and fact checked.” -David Hayes, CEO
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Case Study: HireMinds
Ratios provide actionable information
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Types of Analytics
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Historic Analysis
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Real-Time Analysis
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Predictive Analysis
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Case Study: HireMinds
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• Presentations up 90% • Sendouts up 79% • Invites (Interviews) up 139% • Revenue up 45%
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Summary: • Get and give visibility to get everyone marching to the
beat of the same drum • Focus on only what drives the business (Data Errors,
KPIs you measure) • Use the data you have. Get it in the system to drive
analysis.
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Love your data, it will love
you back.
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Q&A www.insightsquared.com/blog/ support.insightsquared.com [email protected] twitter: @insightsquared
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Thank you! www.insightsquared.com/blog/ support.insightsquared.com [email protected] twitter: @insightsquared
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References
• http://www.marketwatch.com/story/business-analytics-applications-return-1066-for-every-dollar-invested-nucleus-research-analysis-finds-2011-12-06
• http://www.computerworld.com/s/article/9217996/Business_intelligence_goes_small_It_s_not_just_for_the_biggest_shops_anymore
• http://www.marketwatch.com/story/new-global-study-only-one-third-of-companies-making-effective-use-of-data-2011-12-05
• http://www.forrester.com/search?N=10001+52679&range=504001&tmtxt=+best+practice#/The+State+Of+Customer+Analytics+2012/quickscan/-/E-RES61433http://www.insidearm.com/daily/collection-technologies/collection-technology/the-cost-of-dirty-data-to-accounts-receivable-managers/
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