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alternative data in finance

Data analytics and the remote workforce

by Mike Jones in Other Cat 30/11/2021

Before the pandemic hit, senior leaders had a relatively clear vision of how the future workplace should progress for their business. While measures and strategies vary from one to another, the consensus was that action plans would happen primarily in the office environment.

Over the last year, many businesses have firsthand experience of the benefits remote working has compared to the traditional office working environment. These benefits have resulted in the growing development of hybrid working. Due to its recent success, businesses in the finance industry have begun incorporating hybrid working and considering its benefits towards productivity, employee engagement and agility.

Core data is pivotal for the hybrid workforce

Over the last few years, we have experienced advancements in data analysis and improved data capabilities. With the disruption to the working environment, businesses have voiced their concerns about which individuals or positions can remain remote. The rise of new data means businesses can approach this transition with more confidence and ensure they prepare for a more hybrid and remote working environment.

Areas to consider within hybrid workforce data:

Capacity Planning – The first area of hybrid data for finance businesses is measuring its workforce capability and availability for work i.e. who is available to perform particular jobs and whether they work remotely or in the office. This data is critical to minimise the shortage of resources, lack of capacity and a resulting impact on customer experience. It’s not only about availability but also whether people are ready with the necessary tools to operate remotely. The transition to hybrid remote working in finance requires resources, training and additional support.
Time – The next area to consider in terms of data and informed decisions focuses specifically on time. Remote working means people will inevitably be working at different times, balancing childcare or other personal commitments. Finance businesses can make more informed decisions when they understand how working hours translate into productivity and use this information to determine where people work, focusing not on work as a place but more as an activity.

Analysis of work performance

Approaching overall work performance depends on having sufficient information from an employee and manager perspective. Businesses with a good concept of their current workload and future expectations can utilise the skills available to manage their workflows.

Hybrid working creates multiple possibilities

Hybrid working presents a range of opportunities but implementing it incorrectly in the wrong manner can result in massive costs for finance businesses. Getting it right, however, can create multiple possibilities. The difference between getting it right or wrong is very dependent on making decisions based on vital data trends.

Implementing working data trends, regardless of where the work is happening, reveals insights and information for use in the world of hybrid working. The challenges of implementing hybrid remote working resulted in many businesses in finance feeling unprepared for the new normal. Many lacked the required systems or had developed the skills needed to support this workplace shift. Today, finance businesses can potentially capture data, assess it and use it effectively for their employees, customers and the future success and competitiveness of the organisation.