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These findings signaled that the relocation both improved collaboration among employees and increased operational efficiency.įor Microsoft, the insights gleaned from this analysis underscored the importance of in-person interactions and helped the company understand how thoughtful planning of employee workspaces could lead to significant time and cost savings. In addition, the average duration of meetings slightly declined, from 0.85 hours to 0.77 hours. The results also showed that teams were meeting more often due to being in closer proximity, with the average number of weekly meetings per person increasing from 14 to 18. This translated into a combined 100 hours saved per week across all relocated staff members and an estimated savings of $520,000 per year in employee time. Through looking at metadata attached to employee calendars, the team found that the move resulted in a 46 percent decrease in meeting travel time.
In an article for the Harvard Business Review, the company’s analytics team shared the outcomes they observed as a result of the relocation. This assumption was partially based on an earlier study by Microsoft, which found that people are more likely to collaborate when they’re more closely located to one another. Microsoft’s Workplace Analytics team hypothesized that moving the 1,200-person group from five buildings to four could improve collaboration by cutting down on the number of employees per building and reducing the distance that staff needed to travel for meetings. Following a 2015 move of its engineering group's offices, the company sought to understand how fostering face-to-face interactions among staff could boost employee performance and save money. Improving Productivity and Collaboration at MicrosoftĪt technology giant Microsoft, collaboration is key to a productive, innovative work environment. Here’s a look at how four companies are aligning with that trend and applying data insights to their decision-making processes. Business Analytics ExamplesĪccording to a recent survey by McKinsey, an increasing share of organizations report using analytics to generate growth. Here are four examples of how organizations are using business analytics to their benefit. While they consist of different functions and processes, business analytics and data science are both vital to today’s organizations. Business analysts participate in tasks such as budgeting, forecasting, and product development, while data scientists focus on data wrangling, programming, and statistical modeling. The main goal of business analytics is to extract meaningful insights from data to guide organizational decisions, while data science is focused on turning raw data into meaningful conclusions through using algorithms and statistical models. While Both processes use big data to solve business problems they’re separate fields. It’s important to highlight the difference between business analytics and data science. In the case of prescriptive analytics, testing and other techniques are employed to determine which outcome will yield the best result in a given scenario.Īcross industries, these data-driven approaches have been employed by professionals to make informed business decisions and attain organizational success. Diagnostic analytics can be used to identify the root cause of a problem. Descriptive analytics is the interpretation of historical data to identify trends and patterns, while predictive analytics centers on taking that information and using it to forecast future outcomes. There are four key types of business analytics: descriptive, predictive, diagnostic, and prescriptive.
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DOWNLOAD NOWĪs described in the Harvard Business Review video below, business analytics is “the use of math and statistics to derive meaning from data in order to make better business decisions.”
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“It’s the way the world is going.”īefore taking a look at how some companies are harnessing the power of data, it’s important to have a baseline understanding of what the term “business analytics” means.įree E-Book: A Beginner's Guide to Data & AnalyticsĪccess your free e-book today. “The ability to bring data-driven insights into decision-making is extremely powerful-all the more so given all the companies that can’t hire enough people who have these capabilities,” says Harvard Business School Professor Jan Hammond, who teaches the online course Business Analytics.
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For business professionals, knowing how to interpret and communicate data is an indispensable skill that can inform sound decision-making.
Data is a valuable resource in today’s ever-changing marketplace.
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