How to Take Advantage of Big Data in Your Workplace
Guest post by Finnegan Pierson
The big data industry is expected to increase in worth to the tune of $200 billion by the end of 2020. Big data analytics allows a business to get a comprehensive insight of their processes and internal operations. The human resource director of CareersBooster, Herbart Marrow, said that business organizations that will embrace data science in their day-to-day operations would end up spending less resources and time on human resource management. Marrow added that such businesses will minimize their resource use by utilizing data that has always been there, but no one knows how best to take advantage of it.
The global big data analytics revenues are expected to grow from the current $130.1 billion to more than $205 billion within the next three years. Big data will enable companies to collect the vast quantities of data that they generate on a daily basis. Big data analytics, together with artificial intelligence, will be used to analyze the data and identify patterns in consumer behaviour, their tastes and preferences. With such information, businesses will be able to make more informed decisions and adjust their routines to suit the consumer preferences, needs and tastes. In this article, we are going to highlight the benefits of incorporating big data in your workplace.
The acquisition of skills and talents
Business organizations are currently struggling to acquire the most talented and skilled young professionals to work in the different fields of their company. The rate of difficulty of attracting the right skills has grown exponentially because the market has been crowded with hundreds of big companies that are competing for the same share of the market. Talent acquisition is essential as it has been proven that bad recruitment decisions cost about 30% of the first-year potential earnings of an employee. Traditional human resource management cannot handle this dilemma due to the lack of adequate workforce. Traditional HR department also lacks the capacity for the analysis of vast quantities of data simultaneously. This is where big data comes in. Over 40% of the hiring professionals and HR experts that have made lousy recruitment decisions in the past have said that such decisions cost their companies thousands of dollars in financial cost. Companies can use big data analytics and contemporary software to filter through thousands of applications and create a base of the most promising talents and skills.
Evaluation and training
Hiring the best and most qualified candidates is not enough for the success of any business enterprise. The real test comes when introducing the new employees to their new responsibilities and job descriptions and guiding them through programs of professional training. First, these new talents need to adapt to the company procedures and have all the details regarding their new positions at their fingertips. The company also needs to give the new staff information on the software solutions that they are going to work with to deliver the goals and objectives of the organization. When this phase has been completed, continuous training and learning workshops are necessary. This is because most business environments are continuously evolving and it’s therefore important to keep developing the skills and expertise of your workforce. Using big data and human resources software, a company can be able to monitor the training of these new employees on a regular basis. Data science can also be used to evaluate the progress of these unique talents on a regular basis.
The performance of employees
Employee performance analysis is one of the most crucial aspects of big data in human management. Big data analytics enables a company to monitor the fundamental performance indicators on a real-time basis. It also makes it possible for an organization to have an evaluation of each of their employees separately. Big data analytics is also essential in detecting potential flaws and mistakes. With such feedback, the business owners or managers can make informed decisions within a terse notice. Data science has proven its worth in the retail industry through the analysis of consumer behaviour, tastes and preferences.