Besides increasing the speed with which we can obtain information, an analytics platform also brings in added advantages like real time information; giving control to the user since they are no longer required to wait to be furnished with conventional reports.
In the sphere of people management, analytics is the latest buzzword. While data and analysis are hardly new since they have been used in some form or the other, what is changing now is the way usage is moving from pure reporting to insights, prediction, and the ease of doing so with the aid of technology. While these advancements will and should not replace the "people connect", since it adds a lot of value when used correctly.
Analytics in any form is basically a process to support decision making. Usually analytics at the function level is used in isolation - with specific case studies like prediction of attrition, which throw insights on talent retention in the company. However, function specific analysis is a subset of a much larger picture. There is a very real need to integrate this with analytics from other functions, connect multiple data points across an organization, and look at any issue holistically. And, it is this holistic view which will provide the complete insight to a leader during the decision making process.
This does not imply that every company should launch itself into full fledged analytics. Like everything else, a process or a system if prematurely introduced will not generate suitable appreciation or the maximum extent of utility. Sophisticated systems for analytics would not be truly required in smaller companies - lesser volume of data would mean that a fair amount of data churning could be done offline. However, as the company grows in size, the number of systems are also bound to increase, and, hence it would be beneficial to stockpile them together and analyze the data from different perspectives.
Identification of the data repositories
This story is from the October 2016 edition of Human Capital.
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This story is from the October 2016 edition of Human Capital.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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