Four For Friday: Big Data and Analytics Beyond Talent Acquisition
No matter how much you want it to be just another “buzzword,” big data is here to stay. While we have focused on the impacts it brings to HR, big data is causing much larger changes to the business world as a whole. Now these changes are beginning to trickle into HR and recruiting. The overall impacts of big data in the business world are looked at more closely in this week’s Four For Friday.
A recent survey of 316 executives conducted by Forbes Insights provided an in-depth look at the state of big data implementations. Some of the key findings include:
- 90% of organizations report a medium to high level of big data analytics investment.
- 59% of executives consider big data and analytics as either a top 5 issue or the single most important way to achieve a competitive advantage.
- 51% of organizations where big data is the single most important way to gain a competitive advantage are led by CEOs who focus on data initiatives.
- Big data is driving innovation opportunities in 3 key areas: creating new business models, discovering new product offers, and monetizing data to external companies.
Check out Gil Press’ article for more highlights from the survey.
“Recruiting is the perfect shop window for analytics as not only is hiring great people of utmost importance for all organizations, but hiring is high-volume, comprised of repeatable processes and for too long has been primarily based on intuition and unconscious bias.” David Green, Director at Cielo, explains that getting a hire wrong can be costly to organizations and can ultimately lead to more attrition. One way to overcome this problem is to rely more on predictive analytics and less on the gut instinct of recruiters and hiring managers.
“A key differentiator in HR analytics is moving from collecting data to producing knowledge that brings insight and informs action,” says Dominique Jones, Vice President, Human Resources, Halogen Software. While many organizations collect HR data, most do not end up using that data to answer important business questions. When it comes to being practical with HR metrics, Dominique says there are three things to keep in mind:
- Maintain a link between correlation and causation
- Align the data
- Keep it simple
Learn more about performance management best practices in Dominique’s post.
4 Ways Big Data Will Change Every Business (Bernard Marr)
There is no denying that big data is changing the business world. According to Bernard Marr, if you are still ignoring data you are missing out. “I firmly believe that big data and its implications will affect every single business — from Fortune 500 enterprises to mom and pop companies— and change how we do business, inside and out.” He goes on to say that it does not matter what business function you are in because as data collection and analysis become more readily available, every field will feel the impact. He provides four specific examples of how big data will change every business:
- Data will become an asset to every business.
- Big data will enable companies to collect better market and customer intelligence.
- It will improve internal efficiency and operations
- And data will allow companies to improve the customer experience and build big data into their product offering.
Read more about each example in Bernard’s post.
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