Technology is introducing a lot of change in the business world. Companies are struggling with security and cost strategies for mobile applications, deciding which applications and processes to move to the cloud, ensuring effectiveness in business intelligence and Big Data solutions, incorporating social media data for a holistic customer view and implementing a collaborative environment.
Before we start our topic we have to know about what are business intelligent tools? Business Intelligence tools provide companies reliable information and true insights in order to improve decision making and social collaboration and produce better company results. These tools provide the means for efficient reporting, thorough analysis of data, statistics, analytics and dashboards displaying the relevant indicators. By using business intelligent tools on your company data you are able combine, analyze, report and visualize all that data very easily. It helps organizations to better understand how things are going and eventually where things are going wrong. They give employees and managers the possibility to improve their business processes on a daily basis by using correct information. Most of the time, business intelligence tools are standalone tools or suites of tools that are targeted to a specific industry. Business intelligence is basically just getting important business information to decision makers when they need it , in a way that they can actually use it. It’s a matter of figuring out what data you need, collecting it in a way that it’s meaningful, analyzing in a way that’s usable, and storing it in a way that you can keep referring to it in the future. If you’re familiar with business intelligence tools at all, you’ve probably heard of at least one of the main makers of business intelligence tools out there: Oracle, Microsoft, SAS Institute, SAP, or Tableau. But even if you haven’t heard of these business intelligence tools, you’ve probably used one of the most common business intelligence tools around: Microsoft Excel, Open Office Calc, Apple Numbers, or Google Docs Spreadsheets . That’s right: a simple spreadsheet is most definitely a business intelligence tool. And when it comes to using this data, visualizations and infographics are some of the best ways to present the data.
Someone who is interested in increasing the IT-smarts of his organization to help ensure success, we encouraged the CIO to approach the effort in a way that respects that change is driven from psychological, not just logical, forces. With this in mind, we identified eight steps to smarter IT. At this point in the process, the CIO has identified the high-impact opportunities and is ready to translate his strategy into specific tactics by doing the following:
Target people who like change. Accelerate adoption of IT-smart behaviors by targeting people who love new technology and those who are frustrated by the status quo (IT’s most vocal critics) and work with them to implement IT-smart programs, such as the “IT Gate” program discussed in this blog. When surveyed, business leaders say they want to learn more about how to get the most out of the systems in place and what current technology can do and where it is headed, make IT-enabled strategy and invest responsibly, deliver complex solutions, and learn how to work with IT. Define an education approach that communicates the critical concepts as quickly and painlessly as possible, engages business leaders, and promotes the application of the concepts in the real world.
Empower people to fulfill their IT-related needs on their own. IT can help the other parts of the business fulfill many of their day-to-day needs on their own. Provide incentives for the right behavior. Make it easier to do the right thing than to do the wrong thing. This involves taxing undesirable behaviors as well as incenting desired behaviors. For example, establish light governance over projects that align with standards and heavy-handed governance for projects that are breaking the rules. Provide self-sufficiency tools at no cost and charge for services that users continue to delegate to IT (a reader of the previous blog required users who refused to use the business intelligence tools to “pay for the time of the IT people they were jerking around.“) In addition, leverage peer pressure by helping key influencers uplift their IT-smarts and broadly telegraph their accomplishments. As Seth Godin articulately stated in a recent blog, “The only real help is self-help. Anything else is just designed to get you to the point where you can help yourself.” With IT promoting self-sufficiency in all they do and deliver, business leaders will be able to drive IT-enabled innovation without day-to-day support from IT. It may take 10-15 years, but once business leaders can help themselves, the capacity for IT-enabled innovation will increase exponentially.
The Importance of Rewarding Your Team and employers
Although the idea of rewarding workers beyond their pay and benefits package seems obvious, some leaders avoid the practice, perhaps because they feel that showing appreciation undermines their authority, perhaps because they want to avoid stirring up jealousy in other members of the team, perhaps because they feel they don’t have the time to do it, or perhaps because they feel embarrassed praising people openly.
This is a shame, because these attitudes reduce their own performance, and all of these problems can or should be avoided. The most successful leaders are those who recognize and reward their team’s efforts. This not only builds trust, but it strengthens loyalty as well. Turnover is often much lower in teams that have a strong bond with their leader, and this impacts a company’s bottom line.
You should also remember that, for the most part, the world’s talent pool is shrinking – mostly due to declining birth rates, which leads to an aging workforce. This means that it’s becoming harder for organizations to find the people they need. Finding and keeping talented people is a key issue, and the companies that figure out how to do this now will likely be the ones that succeed far into the future. One of the best ways to keep these people is to make sure that their hard work is appreciated. If finding the few minutes needed to recognize people is a problem, just think how much time you’d have to spend replacing them!
Appropriately rewarding team members for something they’ve done takes some effort on your part. If you don’t put much thought into what you’re doing, then you may just upset the people you’re trying to thank. This is why you should sit down with your team and find out how they’d really like to be rewarded. There are a lot of creative ideas to consider for showing appreciation to your team and employers. One of the best and effective an idea is say “Thank you”. Your team members and your employers will likely work much harder if they feel that what they’re doing really makes a difference, and that their efforts are noticed by those with “power”. Thank you gifts don’t have to be extravagant or costly. A punitive program somehow connotes negativity. Motivating the employees through imposing punishments for failing to use business intelligence tools is, personally, an off. It is still much better to adopt a reward system for it exudes a positive attitude and willingness on the part of the concerned employees towards learning and actually espousing these tools.
Importance of Pay
Pay represents by far the most important and contentious element in the employment relationship, and is of equal interest to the employer and employee.
• to the employer because it represents a significant part of his costs, is increasingly important to his employees’ performance and to competitiveness, and affects his ability to recruit and retain a labour force of quality;
• to the employee because it is fundamental to his standard of living and is a measure of the value of his services or performance;
• to the government because it affects aspects of macro-economic stability such as employment, inflation, purchasing power and socio-economic development in general.
While the basic wage or pay is the main component of compensation, fringe benefits and cash and non-cash benefits influence the level of wages or pay because the employer is concerned more about labour costs than wage rates per se. The tendency now is towards an increasing mix of fringe benefits, which therefore have an important impact on pay levels. In industrialized countries, and sometimes in countries with high personal tax rates, the non-pay element of executive compensation has substantially increased in recent years.