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FREMONT, CA: It has become essential for organizations to walk an extra mile in an extremely competitive global business environment to make effective use of available resources, capture value, and manage risks. Improved decision-making by deft interpretation of data and effective use of human capital emerges as main sources of continuous financial value. From these market requirements, analytics has been evolving continuously, emerging as the primary tool for organizations to make strategic and well-informed choices. With the increased focus on people's capital, the next wave of business evolution is the use of analytics in HR.
Companies recognize that when complementing people, these techniques are most efficient. Specifically, those driven by AI, prescriptive analytics, and decision support instruments are strong when rapidly sifting through huge information volumes. But integrating data into values is just one part of the process; another is transforming values into suggestions.
HR professionals don't have the same experience as a classically trained data scientist in data wrangling or regression analysis. However, HR professionals also need to learn to "question and validate, audit and handle" the flow of human capital information. In other words, HR pros need a basic understanding of mathematics, logic, and even storytelling and visualization to capture what is happening through difficult information on the floor. While the more advanced HR tools can spit numbers or formulate graphs and spreadsheets instantly, relying on them is not sufficient for HR leaders.
Data literacy basics span a range of everyday abilities, from reading a dashboard to distinguishing a correlation from causality. To this end, design thinking, complicated problem solving, optimization techniques, and understanding the fundamentals of AI, such as machine learning and natural language processing. It's about knowing the basics of big data and data mining and how to use that data. And the development of an analytical mindset.
As the company landscape remains dynamic, it is more critical than ever to align human capital with business strategy. Therefore, to use the power of analytics in HR is no longer a question of "why," but rather "when," "where" and "how." Advances in analytics science and art, combined with the advent of real alternatives and suppliers, enable HR organizations to tackle traditional difficulties better and confidently begin their analytics journey.
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