How we use Business Intelligence at Precision Sourcing
The Precision Sourcing team won the best use of recruitment technology at the Recruitment International awards in Sydney last week. We aren’t trying to show off but instead using this as an opportunity to show how we use technology to stay ahead of the industry alongside aspiring ‘To Be Sydney’s Greatest Technology and Data Staffing Business’.
We don’t just recruit in technology we use it to our best advantage too! We use specialized recruitment Business Intelligence and Analytics tools behind the scenes that are linked to our database. To be more specific one of the tools Precision Sourcing use is called Cube19 (no this is not sponsored) to track data from each consultant of their day-to-day output activity. This includes the number of phone calls made, clients met, and candidates screened which we log in one centralized database called Bullhorn (once again, not sponsored).
I can imagine most who are reading this are aware that business intelligence and analytics techniques are a crucial part for a company to adopt in order to be a success and stay competitive. The tool chosen should help make informed business decisions, assist with achieving sales goals, help understand clients, provide an accurate data source and ensure productivity is at an optimal level.
What we can do with cube19?
Produce a heat map of clients.
This includes tracking the phone calls made, client meetings attended, and jobs worked our database. We can see which clients provide us with the most value. This can be seen by the number of interviews that have happened and placements made. The Precision Sourcing team can use this to target companies who are going through a recruitment drive or for cross-selling across different markets that we recruit in.
Forecasting targets to predict future performance and results.
The data entered in the database by each consultant can be used by the leadership team to analyze and predict what the targets will be for the month and year ahead. This will give them an accurate prediction of the future performance and results for the company. If there are trends hidden in the data, for example, fewer placements being made over the Christmas/New Year period or elections reducing the number of jobs on the market, the targets can be modified for this time period.
Tracking performance of the team.
The historic data logged by each consultant can be drawn upon to understand where there are correlations and inefficiencies. This will enable the consultants to keep doing what is generating outcomes and eliminate what isn’t, this will generate more business value and profit. An example could be the conversion rate of interviews held by the client to the placement made. This can be used in important milestones like promotions or review for the consultants.
One source of truth
We have a rule in the Precision Sourcing team, that is, if the information is not in the database it did not happen! This ensures that the data sets logged in the database are as accurate as possible in order to have a true representation of the consultant’s day to day activity. The decisions made on top of the data can then be a reliable calculation to predict the future and reflect on the past.
The data extracted from the database is presented as it is acquired. We can refresh Cube19 a minute after it has been entered Bullhorn and see the data live. This enables consultants to measure individual and team targets accurately in a short and long term time frame.
We have this data projected onto multiple TV screens around the office in order to motivate the team and ensure we are on track with individual goals set for the week.
The use of Business Intelligence and Analytics tools overall enabled us to hit our yearly team target last year and go on an incentive trip to the Blue Mountains. Also, the team members who hit their individual targets by 110% went to Thailand as part of an incentive initiative run by the company.