Business Intelligence (BI)

    What is business intelligence?

    The term business intelligence (BI) comes from a publication written by Hans Luhn in 1958, describing how the dissemination of information across all sectors of an organisation can help improve business operations.

    Today, it has come to describe the action of analysing data to make more informed, strategic decisions. There are now dedicated BI software solutions and business intelligence vendors for recruitment agencies that can be integrated into your recruitment agency software solution.

    How does business intelligence work in a recruitment agency?

    Business intelligence is an effective tool to use with a recruitment agency. Not only does it help to streamline the recruitment process, but it can improve business decision making skills, and enhance the efficacy of the recruiting team and provide a competitive advantage. Integrating business intelligence tools with recruitment software involves:

    Data analysis & reporting

    Traditional business intelligence tools can create data analytics reports based using all the data from applicant tracking systems and candidate databases, so you can get valuable insights into your business operations. These reports include key metrics from your recruitment process, like time to fill, cost per hire, source efficacy, and demographics from applicants.

    Within the Eclipse recruitment software, BI tools create reports and dashboards that help to visualise data. Recruiters can then quickly see trends and patterns in the business data such as the number of applicants, source effectiveness and time to hire metrics. Collected data can then be used to make informed decisions and improve performance metrics.

    Performance tracking

    Business intelligence technology allows recruitment agencies and HR departments to track and monitor key performance indicators (KPIs) such as employee productivity, employee turnover, candidate engagement, conversion rates, and evaluating the effectiveness of recruitment channels.

    Predictive analytics

    Business intelligence solutions use predictive analytics algorithms and machine learning to estimate recruitment trends, help find talent gaps or shortages within your talent pool, and helps you to make data driven business decisions that help optimise your business operations. BI tools utilise historical data and patterns to help predict recruitment challenges and tackle them before they become a problem.

    Candidate pipeline management

    Business intelligence software provides data analysis on candidate engagement and data to help recruiters find high potential candidates and track their progress throughout the hiring process. The valuable insight provided by business intelligence tools helps business users to strategically engage with candidates to build and nurture the relationship and find the right employment for them.

    Optimising talent acquisition

    BI tools help recruiting agencies optimise talent management and acquisition by looking at the business analytics and providing actionable insights that help refine sourcing, optimise the business processes through effective allocation of the resources of the business and enhance the return on investment for recruitment.

    Real-time dashboarding

    The biggest benefit of BI tools comes from the real time dashboarding of both raw data and insights from that data that help recruiters understand their performance. These dashboards are fully customisable so performance management and the tracking of key metrics can be done quickly and efficiently, allowing agencies and recruiters to make data-driven decisions on the fly.

    How do I benefit from BI with recruitment software?

    A recruitment agency can benefit from Business Intelligence tools, the data analytics you get from the tools help to encourage data driven decision making and the business information is invaluable.

    Within our recruitment CRM, our Management Reporting and Analysis Suite provides management reporting and analysis tools enabling you to have visibility across your business including:

    • Client, candidate, vacancy, timesheet and invoice activity

    • Vacancies by status, predicted revenue, actual revenue and lost revenue

    • Vacancy fill rates and revenue by consultant, client, industry/discipline and geographical regions

    • Recruitment Consultant KPI and recruitment activity

    • AWR clock assignment

    • Temporary worker compliance and right to work document expiry and management

    • Interaction log activity