What Metrics Should We Really Be Measuring? How to Leverage Actionable Data from Your Marketplace Tech Stack.
At the recent EngageX Europe virtual conference, cube19 founder Dan McGuire led a roundtable discussing how Bullhorn customers can use the data generated by their Marketplace Tech Stack to help their people become more effective, efficient and productive.
In short, Dan shared:
- How to get the maximum value from your fully integrated tech stack.
- What you should be measuring and why.
- How to create and use actionable data to drive the best possible ROI in tech.
At cube19 our core belief is that a data-driven culture is the foundation for elite performance.
The most successful recruitment companies are those that derive the most value from their people. Creating the right conditions for people to succeed is key to achieving that. Technology helps us to unlock people’s true potential.
Nowadays there is no part of a process that isn’t impacted or involving technology. However, a lot of the data that recruitment technology produces is not being pushed through to your CRM.
Your tech is helping your people to be more efficient, effective and productive, but if you don’t know how that relates to activity metrics, then you’re missing out on a huge opportunity. Having a fully integrated tech stack will allow for full visibility across every area of your business.
The power in cube19 and all of the other Marketplace Partners remains relative to the fact that the ATA is being written back into Bullhorn through seamless integration. Once the data is being written back in we begin to establish a relationship between our people and our data.
No matter what technology you’re looking at you must understand exactly what the relationship is between what the tech creates and the data you receive. Once this is established you’re on the road to ensuring that your people are more efficient, effective and productive.
So, how do we put that into action?
People want to know what the ROI is for the technology. What is our desired outcome of this tech? Why are we buying this? What is it actually supposed to do?
The value of the tech must outweigh the cost – this may sound obvious, but there are components of technology in which the ROI is dependant on us. i.e. User adoption.
When you’re using new tech, are your consultants adopting or abandoning that tech? You cannot reach a great ROI without great adoption.
The recruiter must believe that the effort they put into adopting the tech will be outweighed by the value they’ll receive. If the effort outweighs the value then they will abandon it or they just won’t adopt it in the first place. If the value outweighs the effort then they will adopt it.
So we as buyers and sellers of technology have a responsibility to make it easy for users to adopt the technology, by following the right process from workflow to ensuring it is fully integrated.
There are two ways you can improve user adoption:
- Increase the value
- Reduce the effort
Ideally, you will do both of those things.
You can’t get great ROI without adoption, equally, you can’t get great adoption without delivering great metrics. Metrics have the ability to see to exactly who, when or how adoption is taking place.
Metrics and Data
Understanding and remaining in control of your data allows for measuring and improving your process.
So first, establish your desired outcome – what exactly is the tech supposed to do? Then, in turn, build metrics to support that and show whether or not it is delivering.
It’s important to understand the past and benchmark it if we want to change something. We need to know exactly what it is we’re changing. So that we can track the metrics and establish whether or not they’re improving.
This links back to the adoption – who is using the tech? When are they using it? What part of the process are they using it with? Is this tech providing value? Have we done everything we can to ensure that we will receive value?
- It’s easy for people to use
- They can see the value easily
- The metrics link to the desired outcome
- We understand what the past looks like so we can establish future change
These 3 components must all be targeted simultaneously in order to maximise your investment into your tech stack and allow for that efficient, effective and productive process.