Think Behavioural Analytics Is Only Useful For Customer Insights?

1. THINK BEHAVIOURAL ANALYTICS IS ONLY USEFUL FOR CUSTOMER INSIGHTS?

2. Think Again. Here’s how organisations can leverage this to drive key business metrics. In recent times, the term “Human Error” has been in the news more often than before. Did you know that in certain industries ranging from engineering to data analytics, 80–90 percent of adverse incidents such as accidents or data breaches, can be attributed to human error*? As organisations struggle to understand the root cause and find a way to reduce these incidents, they often neglect the “human”, at the centre of “human error”. While rigorous training, and hiring policies can only go so far, could it be that behavioural analytics holds the key? Let’s dive a little deeper.

3. Any sustainable change that an organisation wants to achieve has to start with the humans at the centre of it. Creating effective, long term change that is steeped in data has the most likely chance of achieving the desired impact and results. Understanding the relevant data points when it comes to the human factor can be the differentiator for success. That’s exactly what behavioural analytics makes possible.

4. What is behavioural analytics? Initially coined to denote the data-driven insights into consumer behaviour, behavioural analytics of people in the workplace is helping shape the future of work. Behavioural analytics uses data derived from employee behaviour, compiles and analyses it to provide actionable insights and predict future trends. Progressive leaders are already leveraging these insights to drive real change in their organisations and you can do so too.

5. 1.Make risk assessment more comprehensive In asset-heavy, high-risk industries such as maritime, oil & gas, mining etc., incidents stemming from human error can occur often if not addressed properly. In maritime alone, statistics claim that 75– 96% of accidents are attributed to human error. While these incidents are sometimes unavoidable, they pose a threat to employee safety and also escalate the cost of doing business significantly On the organisational side of things, they can increase costs by affecting insurance premiums. Repeat instances with human error at the centre can make insurance providers put an organisation under the high-risk category, thereby increasing the premium. Using a behavioural analytics tool can help you monitor employee behaviour and flag warning signs before an incident of human error takes place. The resultant increase in safety and decrease in risk will save costs in terms of reduced insurance premiums.

6. 2. Implement change using behavioural trends The only way to effect change within the organisation is to identify where the problem areas lie. If you’re shooting in the dark, the changes will not be as impactful and your efforts will be wasted. Behavioural analytics can present you with actionable insights into employee behaviour, which can tell you more than you think. In identifying trends and patterns within the organisation, you can address the problem at hand and take preventative action, thereby improving the outcome in a cost-effective manner.

7. 3. Quantify the impact of behaviour in the workplace Understanding the problem and not having the power to fix it can be a frustrating feeling. Sometimes it can be a struggle to package data meaningfully enough to present to the organisational changemakers. That’s where behavioural analytics comes in. The AI-powered software that monitors employees’ mood, performance, and engagement, also visually and statistically represents the impact of all these factors and more on productivity. This can make a large difference in the decisions taken by those with the authority to effect change.

8. 4. Assess an employee’s potential value to the organisation There are many traditional methods used to determine an employee’s potential value in an organisation. For example, the 9-box grid, which measures the growth potential of each employee against their current performance. But these long-used methods are not relevant in today’s day and age. This is because there are multiple factors that influence employee behaviour, and the answer doesn’t simply lie in their visible output or performance. Furthermore, organisational reporting structures can hinder proper visibility into an employee’s actual engagement and performance. The unbiased solution? A behavioural analytics tool.

9. The data you receive on an individual from a behavioural analytics tool can also allow you to quantify specific behaviours that are evident in high-performing individuals, giving you quality benchmarks to which you can train existing employees, and even gives you hiring guidelines while recruiting new ones. A good behavioural analytics tool will also help do the inverse of this by enabling risk assessment even within your people management and hiring process. In addition to identifying positive behaviours to look out for and train towards, it also uses data to spot at- risk behaviours in individuals and teams that can often lead to errors, and raises red flags accordingly. This can potentially reduce costs from errors significantly.

10. The bottom line is, when it comes to the human element, you can’t implement change without knowing where the root of the problem lies. Bigyellowfish’s behavioural analytics tools are here to help you identify the correct root of problems leading to more nuanced improvement solutions and thereby contributing to better business outcomes. Beyond providing individualised insights, our tools are designed to collate them to identify patterns and trends, and flag areas that require immediate intervention. Any sustainable change to your organisation needs to start from the inside. The domino effect is a common phenomenon when it comes to describing industry accidents. Data-driven insights let you see this effect on the positive side, cascading into a chain reaction of improved performance and growth. Placing your employees at the centre of this change and allowing the cumulative data patterns that emerge drive your decisions will enable you to focus on people-driven solutions rather than problems caused by them.

11. THANK YOU