www.peoplematters.in

www.peoplematters.in

The God of Big Things

The predictive power of Big Data, when applied to humanbehaviour, is set to revolutionise how business operates

By Vikram Choudhury

As the quantum of business information grows beyond imaginable proportions, business success will depend on the way a business is able to interpret data intelligently

Simply having more data does not aid business decisions

Effective analytics is the bridge between big data and big insights andfour key factors indicate the effectiveness of analytics in an enterprise

•RELEVANCE: Organisations looking to invest in big-data analytics firstneed to have a clear definition of the intended purpose of an analyticsplatform that they are trying to build

•IMPACT: Impact refers to how an organisation, through the effectiveuse of analytics, can increase the odds of positive outcome

•PERSPECTIVE: Perspective implies the breadth of the organisation’sview toward data and business capital measures, such asTalent

•ACTION ORIENTATION: The ultimate objective of big data andanalytics is to have a list of outcomes at the end of the exercise.Any big data and analytics exercise has to be aimed at achieving a setof outcomes intended to raise the odds of business success

Can big data really show where to invest in talent?5 ways by which Big Data analytics can become a game changer:

•Frequency of Use: Big Data analytics enables a company to make information more transparent and usable at a much higher frequency compared to traditional business intelligence

•Spread of analytical possibilities: Big Data analytics can virtually predict behaviours of any and all business processes.

•Product and Service Positioning: Through Big Data analysis, businesses can create micro-segmentation of customers, thereby allowing precision perfect tailoring of products and services

•Board Decision Making: Through Big Data analytics, business indicators such as revenue and business-line performance can be predicted more accurately across short-term and long-term horizons

•Development of Products and Services: Through Big Data analytics, an organisation can predict customer responses to changes and innovationsto existing products and services.

So is big data that one master key to all 0rganisational issues?

Increasing the odds of success with Big Data

Organisations that want to implement big data analysis for positive business outcomes should start with finding answers to the following three questions:

1. How the people get what it takes to be successful in senior positions or the qualities that people need to be successful in executive positions?

2. When these people get there what does it take to be sure that they are effective?

3. When they get there, would they be with you?

“Data should be one of the inputs, one of the considerations for solutions but there are other variables that should influence as well. Over relying on data to provide you with a projection of the future based on the presumption that everything will remain stable and as-is is not realistic and is risky if taken in isolation as a solution.”

Stella Hou, Director HR, C&A, China

“The number of employee referrals might seem like an innocuous thing but reference-ability is perhaps the truest measure of engagement and is that one metric which should be tracked. After all it is at the heart of how we measure success with clients though the Net Promoter Score methodology.”

N.V. ‘Tiger’ Tyagarajan, President & CEO, Genpact

“At present companies evaluate effectivenessof their HR programs with lag measures. Analytics is moving from focus on lag measures to lead measures that will help us predict the future.”

Y.V.L. Pandit, Managing Director, SHL India

“Organisations need to move out of the mindset of growth reliant on productivity and process because productivity gaps still remain even if people put their best efforts in a perfectly adequate process environment.”

Eugene Berke, Chief Science & Analytics Officer, SHL

To read the complete story click here ‘The God of Big Things’

For Further Information Kindly Contact

+91 (124) 4148102info@peoplematters.in

www.peoplematters.in

Connect with us on

Subscribe Now!September 2013