A couple of years ago data became a really big deal. You’ve heard ‘big data’ touted around, right? It’s massive now – in fact, it became an $18.3 billion industry last year. Not small.
It refers to the huge volume of data that every business collects, providing a lot of great potential insight into audience and customer behaviour. It helps to guide decisions about future approaches and marketing strategies, increases ROI and conversion and even spots those customer advocates which can be consequently nurtured.
According to McKinsey, companies using big data can increase their operating margin by 60% and can reduce expenditure by 8%.
L&D = Leveraging Data for Bottom Line Results
Those valuable improvements, iterations and insights which other business functions are using every day could certainly be leveraged more by L&D, who would benefit greatly from better using and understanding data already at their disposal. Subsequently, the business could reap improved bottom line results. How?
Here’s just an example of some of the positive influence data could have on L&D:
- Better insights into audience behaviour: Wouldn’t it be great to know how your learners behave, both when learning and when in their LMS? Wouldn’t it be nice to know their behaviour, to help you guide the way you design things in future, where you put it on the LMS or indeed how you serve it to them?
- Guide decisions about future approaches: By understanding your learners through data, you will be able to better inform your wider L&D strategy by letting go of approaches that aren’t working in favour of more of those that are. This ultimately helps to increase learner engagement; you’re giving them more of what they want.
- Spot customer advocates: In the world of user-generated content and greater ownership of learning being placed in individual hands, it’s important to have advocates. You know the people I’m talking about. The folks who share, engage and positively talk about your brand and business (you have them, trust me). Those people are your promoters within the business and with 37% of businesses reporting learner reluctance to engage, these people will help your learning become much more popular, when in the right hands. You just need to unearth them using behavioural data.
- Increase ROI: For the reasons stated above, you should be able to better improve your ways of working in L&D and spot opportunities for efficiencies within your department. And therefore realise greater ROI.
Do you have these things? No? But you want these things, right? I’ve harped on about how L&D needs to better leverage the big data they collect for years – but many businesses still aren’t doing it. Which is a problem – and I began to wonder why?