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Transforming raw data into actionable business intelligence requires hours of going through manual data and formatting. This is where analytics would help play a key role in leveraging the power of data
Organizations are now increasingly implementing various solutions delivered through cloud models such as hosted data warehouses, SaaS, Business intelligence (BI) and social mediaanalytics powered by cloud
HR need not be seen as a function hesitant about numbers but one with strong analytical capabilities and an ability to solve various people and business problems, more importantly with a humane approach. So, if you’re looking at building a strong talent analytics function, begin with establishing a culture where people are encouraged to trust data more thanintuition!
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Only 14% of organizations use analytics
While technology and analytics help to drive businesses by making operations faster and more transparent, organizations are still reluctant to jump into the market. The Deloitte research paper revealed that only 14 per cent of the 435 US and Canadian companies surveyed are using data to help business leaders to solve talent challenges and forecast talent outcomes. The rest (86 per cent) are still focused primarily on measurement and reporting.
Slow & Steady: Market is growing
IDC has projected that the Advanced and Predictive Analytics market will grow from $2.2B in 2013 to $3.4B in 2018, attaining a 9.9% CAGR in the forecast period. An earlier research by MarketsandMarkets is a global market research and consulting company based in the U.S, showed that the predictive analytics market is estimated to grow from $1.70 billion in 2013 to $5.24 billion in 2018 at a CAGR of 25.2% from 2013 to 2018.
he analytics and Big Data market is expectedto grow into a $27 billion marketby 2017 and this is a validation of therapidly increasing ability of businessesand HR to consume data for strategicdecision making. Organizations have startedlooking at utilizing data analytics to predict talentrequirements, assess skill gaps and identify the besttraining and development methods.
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any professionals accept that they can do a lot of meaningful work provided they have insights on futuretrends and the possible causes of problems. The last decade has seen a transformation with many organizations moving towards different forms of analytics and quantitative decision making. Most decisions are taken with historical data as the basis for future trends and they seem right at the time of theiroccurrence.
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lobal organizations employ people from multifarious backgrounds and require them to be inter-culturallycompetent. Now, that is a developmental process as no one is born interculturally competent and it can’t simply be acquired by living in a multicultural environment.
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ack in 2001, workforce planning and analytics was considered to be the next big thing in HR and now more than a decade later, only a few organizations have the capability and maturity to leverage analytics in full swing. The reason: Organizations, which still lack the ability to measure past data, cannot be equipped to look into predictive analysis.
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he awareness and attraction for technology-enabled solutions has grown tremendously and is a proof that the market is ripe for disruption. The early adopters of technology are showing significant benefits, encouraging other organizations to adopt the same. Recruiting is one function where technology and analytics have brought significant changes in the way it functions. From sourcing to screening, data plays a very crucial role in helping organizations hire the right candidates.
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f late, my Talent Analytics sessions with the HR teams commence with the ‘Emperor’s Clothes Story’ that oneof our clients had told his team at the kick-off meeting on Analytics. It was the story of two fraudulent artists imposing as ‘Royal Tailors’ who trick an Emperor into thinking that they own a superior breed of fabric, which isvisible only to clever people. The ministers, commonpeople and even the Emperor play along for the fear of being seen as ‘not clever’. The emperor realizes the truth only when a child innocently screams, “The Emperor is wearing nothing at all!”
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HR Technology & Analytics Supplement, December 2014
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