The proliferation of big data has changed the way businesses and the world work. I see it all the time with some of my clients — innovators who have tapped into this phenomenon to generate higher revenues and increase production. These groups embody the expression “work smarter, not harder,” and data-driven decision-making processes are the key.
So how do we leverage this idea and these technologies to make our retirement plans smarter? It all starts with measurables — that is, the metrics and statistics that detail your plan, such as average savings rates, participant age breakdowns, investment allocation by various demographic groups, match rates and so on. These measurables give plan sponsors a snapshot in time of their plan.
