IBM states that businesses and consumers create 2.5 quintillion bytes of data on a daily basis, and 90 percent of the world's existing data has come into existence within the last two years. A massive portion of this big data originates from enterprises, making it clear that reliable measures must be put in place on a corporate level to manage all of this information. This has led to the rising prominence of business intelligence software solutions, which have been found particularly applicable to various human resources processes, such as talent acquisition and human capital management, among others. Additionally, BI and analytics can play a valuable role in tasks such as revenue management.
HR improvements can be obtained through analytics
In a guest blog post for VentureBeat, talent acquisition software expert Sandeep Chand of iCIMS claimed that analytics can greatly enhance sourcing, recruitment and onboarding.
"These metrics and analytics allow a deeper-dive analysis into a company's existing data that pertains to key elements, such as best sources for job applicants, time and cost to fill vacant positions, and the measurement of onboarding to productivity," Chand wrote. "Benchmarking a company's performance against other companies of similar size, industry, and region will become a reality in the very near future."
For example, by effectively managing business intelligence to create a centralized database, information about candidates for open positions can be used to identify their potential value to a given organization, based on extant data regarding how they did in their prior roles. This involves the precise measurement of metrics including education, skills-related statistics and much more. Essentially, this use of self-service BI allows companies to find correlations – if any exist – between candidate and employee performance metrics and their bottom-line profits.
Applications in revenue management
A company's employees and its bottom line are two of the most important factors it must keep track of. With regard to the latter, revenue management is a necessary – and continuously evolving – practice. According to HospitalityNet, revenue management professional Ankur Randev explained in a recent interview that analytics and BI would be vital for all stages of this process, including predicting demand and revenue potential based on certain metrics.
"Data is the raison d'etre for revenue management," Randev stated. "Forecasting has become much easier…Overall, the right data helps one price appropriately and not discount unnecessarily."