In today's hyperconnected world, decisions often need to be made faster than ever before, CXOs need a new kind of intelligence and decision support technologies. Companies need to nimbly deploy capital and human resources to respond to shifting consumer demand and emerging market opportunities.
There are growing needs for platforms that can synthesize large swaths of data rapidly, analyze the trends and present the relevant information in real-time reports and dashboards. To make decisions in the moment, these platforms need to provide CXOs with the right information to make cogent decisions.
"Big Data and analytics also help organizations make sound decisions around succession planning, career progression and leadership development by tracking performance, success and other metrics."
While decision-making is certainly important in finance, product development, sales and marketing, it is also critical in other areas, most of all in HR simply because people are at the center of any organization and their skills determine performance.
By understanding talent data and trends related to hiring, promotion, employee development, departures and employee satisfaction with analytics, companies can make better decisions and save costs. Instead of using hunches and instincts, CXOs who use contextual analytics give their organizations a significant competitive edge by using insights derived from data analytics.
Contextual analytics is setting a benchmark by enabling HR leaders to translate mere talent data into valuable insights and knowledge for corporate leadership. With better information, CXOs can accelerate the evolution of HR functions. Analytics helps HR to better align with organizational strategies and provide decision support information to better measure return on investment in HR functions.
A 2015 study by Deloitte found workforce analytics as the second-biggest capability gap in HR organizations, trailing only leadership development.
"The need to understand retention trends, improve employee engagement, or profile high-performers has organizations demanding strategic information about their workforce".
- HR Tech Outlook
One of the biggest challenge when trying to derive analytics from HR data is that it is mostly unstructured in nature, in textual form. This makes it difficult to be quantified. Existing automation systems are incapable of making sense from textual data. How then can one convert unstructured HR data into valuable intelligent data?
Contextual intelligence is the key. Contextual technology can harness and decipher any form of data into structured bits and generate meaning out of it. Contextual analytics thereby, is the most accurate and the closest to how human experts make sense from textual data. CXOs get a wide range of talent analytics starting from sourcing, acquisition, planning, deployment and even predicting what-if scenarios related to organizational capacity planning. In short, contextual talent analytics help strategists make informed HR decisions.
Contextual talent analytics is a proven decision support tool for CXOs..