Do you often find yourself surfing through horoscope sites and sun sign readings just to find out how well your day will go? Are you feeling lucky today? What is the color of your shirt? We all know that these predictions are hogwash. We very well know that no astrologer or psychic sits in the newspaper office and reads crystal balls. They don’t know you! They have no iota of data about you and yet how could they predict what is right or wrong for the thousands of readers.
But, what when data is available? Can someone predict a possible outcome on the basis of it?
“I like this candidate. He is ambitious and is surely a go-getter!”
“We need to build a new team of 100 software engineers in our New Jersey location. Talent is easily available there. Last year, it was very easy to set up the new facility.”
“Now that Cisco has finished the training for our admin team, we will have no more problems in networking with our colleagues in China”.
These are few of the typical lines one hears from the HR personnel. And things go wrong often. Candidates don’t turn out as expected. Communication problems still exist between colleagues across borders and it might just not be possible to find the right talent at the right time for the right position.
All of the above are assumptions which have never proven right for HR. And for a long time, HR industry has been smitten with assumptions and gut feels. Point is, decisions have to be based on data and evidences which reflect hard facts. The biggest gap that HR suffers is in not being able to quantify talent data so as to be able to make the right decisions. And talent is a dynamic force. It is always changing. People – their talent, skills, attitude, dispositions, psyche.
Predictive Analytics is the branch of the advanced analytics which is used to make predictions about unknown future events. The data mining and text analytics along with statistics, allows the business users to create predictive intelligence by uncovering patterns and relationships in both the structured and unstructured data.- predictiveanalyticstoday.com
Here is the catch. Structured and unstructured data!
Most HR data is unstructured in nature, data types and textual data which cannot be easily quantified by traditional systems for the purpose of computation. Yet, unless technology crosses this frontier, much of the data in the world will remain unexplored.
The human mind’s capability to discern data and understand the same word differently in different contexts is in-built in a Contextual Intelligence platform; supplemented with cloud computing and powerful algorithms which ensure that data interpretation is as precise as possible.
Predictive analytics with contextual intelligence empowers HR leaders to assess the value of their existing and future investments in comparison to their talent competence and goals.
Contextual Intelligence helps decision makers to predict results by testing different ‘what-if’ scenarios by way of dashboards in real-time until their assumed inputs are fine-tuned enough to give desired results vis-à-vis detailed analytics on talent (skill and gap) capabilities. This way business leaders could understand risks and plan mitigation in advance.
Predictive analytics is like the red flag blown by station master to indicate any disarranged tracks ahead. Doesn’t your organization need an intelligence which quantifies and measures talent data to the last detail and offers a dashboard of all possible scenarios. for decision making?
From identifying best performers and their leadership styles; planning as per employee capabilities in real-time; robust resource utilization to how much to invest – all of this and much more can be predicted in real-time with predictive analytics and contextual intelligence.
Think again! Where do you wish to go? The astrologer or contextual intelligence?