In the digital age, data has become the cornerstone of effective decision-making, offering unparalleled insights and opportunities, according to Anna Xinistery, general manager of consulting and professional development centre Kesea.

Yet, the question remains. Are metrics and analytics given the prominence they deserve in Cyprus?

According to Xinistery, while global trends point to a growing reliance on data-driven strategies, Cyprus’ adoption of these tools reveals a mixed landscape of opportunities and challenges.

Xinistery mentioned that Cyprus, with its robust financial services sector and burgeoning tech industry, has indeed started to embrace metrics and analytics.

Data, metrics, and analytics are definitely used in some fields, particularly in banks and insurance companies, to manage risks and enhance client services.

Similarly, tourism stakeholders rely on data to predict trends and manage operations more efficiently.

However, the adoption of analytics is not uniform across all industries and fields. Small and medium-sized enterprises (SMEs), which constitute the backbone of the Cypriot economy, often lag behind in embracing these, especially concerning business and human resource data, metrics, and analytics.

Limited budgets, lack of expertise, and a resistance to change are some of the barriers that prevent SMEs from tapping into the full potential of these tools.

When applied effectively, metrics and analytics can revolutionise decision-making in business and human resource management.

Xinistery stated that businesses can track key performance indicators (KPIs) such as revenue growth, customer retention, and operational efficiency, allowing them to identify underperforming areas, allocate resources effectively, and set achievable goals based on data-driven insights.

Additionally, data analytics in human resources enables organisations to improve workforce management by tracking metrics like employee turnover, productivity, and engagement. These insights help in designing targeted training programmes, improving employee satisfaction, and reducing recruitment costs.

Furthermore, using predictive analytics, businesses can forecast market trends, anticipate customer needs, and develop proactive strategies that keep them ahead of competitors.

Despite the evident benefits, several factors hinder the widespread adoption of metrics and analytics in Cyprus across all fields, companies, and industries.

Xinistery noted that many organisations remain unaware of how analytics can transform their operations, while the shortage of professionals skilled in data analysis limits the ability of companies to leverage advanced tools.

Moreover, traditional decision-making processes often rely on intuition rather than data, making it challenging to shift mindsets.

Additionally, investing in analytics tools and training requires resources that smaller organisations may struggle to allocate.

To fully harness the power of metrics and analytics, companies can focus their efforts on various key areas.

Xinistery suggested that investing in training programmes to develop data literacy and analytical skills across all levels of the organisation can significantly bridge the skills gap.

Moreover, fostering a mindset where decisions are consistently backed by data and employees feel empowered to leverage analytics in their roles is essential.

Improving internal data collection, storage, and analysis systems can ensure seamless access to accurate and actionable insights, while promoting cross-departmental sharing of data and analytics provides a holistic view of performance and opportunities.

Furthermore, defining and aligning key performance indicators (KPIs) with organisational goals ensures that every team understands its role in achieving these objectives.

Yet, other efforts can also play a vital role in advancing the adoption of metrics and analytics. Xinistery emphasised that developing educational programmes to upskill the workforce in data analytics can help bridge the existing skills gap, while awareness campaigns highlighting success stories of data-driven decision-making can inspire more organisations to embrace analytics.

While Cyprus has made strides in adopting metrics and analytics, the real transformation lies within companies themselves.

By fostering a data-driven culture, investing in employee development, and optimising internal systems, organisations can unlock their true potential.

Xinistery concluded that “metrics and analytics are not just tools but catalysts for innovation and efficiency, ensuring businesses remain competitive and thrive in an evolving landscape.”