Guest Column: Data from digitized employee benefits can make powerful predictions
There is data everywhere. It is generated with every decision of yours and while a lot of this data may seem unnecessary, the job of the data analyst is quite akin to that of a gold minerâ€”separating the dirt and debris to find the gold hidden within.
The right kind of data supermarkets can ensure that there is no shortfall of stock by receiving minute-to-minute data. They can also ensure that customers stay loyal to them by predicting repeat trips in advance and even sending out timely discount coupons or offer notifications.
Supermarkets aren't the only ones who can benefit from data. Corporates too can understand employee habits and can provide a lot of useful insights to improve overall office policies.
But getting this data is not a simple feat. The good news is that with corporates digitizing their processes, collating data can be made possible.
One simple way of doing this is by tracking employee benefits, particularly tax-saving benefits like meal vouchers, reimbursements for medical or fuel, etc. By administering the distribution and consumption of these benefits digitally, companies can have quick and easy insights into employee behavior, their spends, habits and more. For e.g. simple statistics such as tracking where your employees spend their meal vouchers the most can help you align your health benefits accordingly. If your employees spend significantly on junk or fast food outlets, it may also impact your group insurance policies.
The far-reaching effects of this data could impact everything from employee engagement to addressing shortfalls in the way things work around the office. Google was probably one of the pioneers when it comes to using data to predict viral outbreaks. In 2008, Google launched a service called Flu Trends, which, by tapping into user search queries, could map when outbreaks of influenza were likely to occur.
The benefits of employee-generated data analytics are manifold. Just the fact that it can be an effective decision-making tool is reason enough to take it seriously. The amount of data that can be generated from employees is immense and this data can be used for the benefit of the organisation as well as the employees. However, finding relevance in a sea of data is the challenge. Digitizing employee benefits is an easy and systematic step towards generating data that is relevant and can be put to use for the benefit of the organisation as well as employees, with ease.
Smriti Somani is the Head of Marketing at Zeta, a fintech start-up.
Disclaimer: The views expressed here are solely those of the author and do not in any way represent the views of exchange4media.com.
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