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Companies still aren’t sold on the potential and value of data

(BUSINESS) With the endless amount of data available to companies of all sizes, why are so many still avoiding digging in?

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third party data

Somehow, businesses haven’t fully bought on to potential goldmine that is third party data. While most businesses recognize that data is the new currency, most organizations rely on data they collect (first party data) to drive their business decisions.

What does this mean?

This means that although organizations recognize that data driven decisions are important, they are mostly using data they collect themselves. This tells them a lot about what they are doing, but not about what’s going on outside. Third party data is how you get data from other sources, and it can tell you a lot about the outside environment.

For example, a business may partner with a credit bureau like Experian to collect demographic and income levels of different areas, which can be useful for advertising and promotion. You can collect data on everything from demographics to browsing history to transaction history. That data then is collected and packaged and can be purchased by you, the user, to help make decisions.

Sounds awesome right?

Well, it seems that despite how powerful third party data is, some companies aren’t sold on its value.

#whutthedata?

Pitney Bowes commissioned a study that was conducted by Forrester Consulting and based on those 800 participants they noted the following observations about why companies aren’t using third party data.

Primarily there is some hesitancy to using third party data – business are concerned about accuracy, the fact that data isn’t’ always current, and being able to identify how data changes (i.e what’s the trend).

Data is also difficult to acquire with reliable data coming from expensive data sets, open data sets being less reliable, and issues finding the right data products.

Ultimately, data providers are burdened with helping make third party data more attractive, and they can do so by maintaining the quality of data as it changes in the fast changing world, it can improve the quality and accuracy of data (by expanding the collection strategy, the type of data, and the accuracy of that data), and expand the ways they source data from other third parties. This will help make the case for those who haven’t caught on that third party data is a powerful tool.

Simple truth: Data not only makes the world go around, it can help keep your business afloat. Utilizing first- and third-party data can help jumpstart your efforts.

Kam has a Master's degree in Industrial/Organizational Psychology, and is an HR professional. Obsessed with food, but writing about virtually anything, he has a passion for LGBT issues, business, technology, and cats.

Business News

Skilled workers can live in any city they wish and still get work [study]

(BUSINESS NEWS) A 2018 study reveals that remote work is on the rise, and the ultra skilled workers can work from any city they wish.

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skilled workers

A 2018 study that surveyed 1,005 hiring decision makers commissioned by Upwork sheds some interesting insights on the attitudes around remote workers and the challenges hiring managers are experiencing finding talent. The remote workforce is the future after all and this study offers both insight into challenges and solutions.

It was noted that talent is becoming harder and harder to find (up to three times more difficult than in past years). Meanwhile, remote work is on the rise, according to 55 percent of managers.

The overarching attitude toward offices becoming temporary anchor points is increasing, indicating that commutes are becoming less common (albeit slightly). Companies are increasingly embracing remote work, and according to 38 percent of those surveyed, it will become the predominant workforce.

A major challenge remains that company policies aren’t caught up to remote work – they are lagging behind or non-existent according to 57 percent of organizations.

Over half of all companies surveyed are using more temporary, contract, or freelance workers and the majority of hiring managers believe agile teams will become the norm in the near future.

Perhaps the juiciest tidbit, the fact that skills are viewed as more important than location suggests that at the end of the day…

remote workforce

If you have the skills, you can live basically anywhere. Remote and freelance work offers a variety of opportunities and means you don’t have to be synchronously local to a team to get work done. This means that you don’t need to be in a big city like New York or Los Angeles to get the big work and have access to opportunity.

Companies are struggling to find talent, and despite a lack of policy support, are opening up to remote work. Adding to this challenge is that more and more Americans are less mobile, due to concerns about cost of living (or other things in our lives), hiring managers are having a harder time finding the right talent to fill their own vacancy.

Skilled workers (those who have the abilities that are in demand and desired by their industry) have the ability to pick and choose where they want to live and it looks like now and the future, companies are coming to meet them. This is good news, and offers more and more opportunities, as well as flexibility for hiring managers.

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Business News

Indeed and Glassdoor are now owned by one Japanese company – what’s next?

(TECHNOLOGY) Now that Glassdoor and Indeed are owned by an international brand, how will their main competitors (and search engines) react?

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glassdoor indeed

This year, Glassdoor, one of the most popular job and recruiting sites, has been acquired by Recruit Holdings Co. Ltd. (RCRRF), a Tokyo-based firm in a $1.2 billion cash transaction to become part of Recruit’s growing Human Resources Technology segment.

Recruit Holdings operates Three areas of business: HR Technology, Media & Solutions, and Staffing. In 2012, they acquired CT-based Indeed, which continues to be the number one job site in the world. Glassdoor will continue to operate independently as a part of Recruit Holdings, which holds companies in North America, Europe, and Asia, but it is noteworthy that a Japanese company owns two of the biggest players in the job search game.

The possibilities from this merger are not yet clear, but given that Recruit holds both Indeed and Glassdoor, the opportunity for integration and grouped pricing could eventually be useful for recruiters and HR/Hiring professionals. Although the company has not formally announced that integration is a possibility, considering the stiff competition from LinkedIn Jobs – it would be a great way to gain some competitive advantage.

The acquisition could help Recruit take on Microsoft (who owns LinkedIn) and Google to keep the two from dominating the online job boards, to which are essential for job seekers and talent seekers.

Of course, nothing is set in stone, but the possibilities are there. Recruiters should consider the possibilities for pricing and plan for how they will use the platforms (and how they will integrate Google for Jobs) to best collect the candidates they need.

Job seekers be prepared for more logins and more search sites for jobs and recognize that the possibility of Google no longer indexing Glassdoor (just as Indeed is not indexing on Google jobs).

The conflict between Indeed/Glassdoor, Microsoft, Google, and maybe even Facebook (look at Facebook.com/Jobs) is going to be an interesting battle to watch. JobBoardDoctor described the conflict of Indeed vs. Google as an old-west shoot out at high noon.

I suspect that with all four players in – it’s going to be a cold war in the recruiting world. Sit tight folks. Let’s see whats next!

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Business News

This fake company weeds out crappy clients

(BUSINESS) The former CEO of Highrise used a fake website to weed out toxic clients. How can you keep problematic customers out of your business?

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weeding out toxic clients

Sorting through your client list to weed out potentially toxic customers isn’t a process which garners the same attention as a company removing problematic employees, but it’s every bit as important — and, in many cases, twice as tricky to accomplish. One innovative journalist’s solution to this problem was to set up a fake website to act as a buffer between unwanted clients and his inbox.

If you’re anything like Nathan Kontny, your inbox is probably brimming with unread emails, product pitches, and pleas from people with whom you’ve never met in person or collaborated; unfortunately, many of these “people” are simply automated bots geared toward generating more press for their services.

Nathan’s response to this phenomenon was to create a website called “Trick a Journalist” in order to see which potential clients would sign up for the service.

Hilariously enough, the trap worked exactly as planned. Anyone signing up for Trick a Journalist was blacklisted and prevented from signing up for Nathan’s CRM software, with Nathan’s justification being that the CRM software in question should never be used for something so egregiously predatory as Trick a Journalist.

By creating a product which sets apart unwanted clients from the rest of the pack, Nathan succeeded in both attracting and quarantining present and future threats to the integrity of his business.

While this model may not be practicable at face value, there’s an important lesson here: determining the lengths to which your clients will go to gain the upper hand BEFORE working for them is an important task, as your clients’ actions will reflect upon your product or services either way.

Ruthlessness in business isn’t unheard of, but you should be aware of your customers’ tendencies well in advance of signing off on their behavior.

Of course, one minor issue with Nathan’s model of operation is that, invariably, someone will connect Trick a Journalist to his brand and miss the joke entirely.

There are less risky routes to weeding out potentially problematic clients than blacklisting them via a satirical website — though one might argue such routes are less fun — but the end result is essentially the same: keeping unsavory clients out of your inbox and off of your product list.

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