Rise of People Analytics: CXOs Dilemma
CXOs are the key business decision makers in an enterprise to drive long term strategic growth. This decade is on the high rise in the field of People Analytics and there is a thrust on evidence based insights. CXOs are at times compelled to spend their mental bandwidth in fire-fighting and resolving day-to-day trivial issues rather than focusing on long terms strategic growth. Latency in information with subjectivity in data is catastrophic for business decisions and evidence based insights are must for survival in this competitive market.
Researches reveals that enterprises are losing billions of dollars every year due to workplace distractions, inefficient capacity utilization, work life imbalance, employee disengagement and data leakage issues. On an average an organization loses more than 700 man hours (approx. 2.1 hrs daily) per year per employee in terms of productivity and need to face law-suits or losses due to data leakages. CXOs are extremely concerned about their key talent flight risks as they drive the change to achieve business goals as well as data leakage challenges. In the absence of valid analytical data, it is difficult to identify talent flight risk and such unaddressed issues pull back organisations from leveraging their potential talent in turn leading to disengagement and demotivation. Entrepreneurial focus in the field of human resource & people analytics is a fast emerging domain with innovative solutions, which carry a tremendous potential for enterprises to make business decisions on real-time factual data rather than relying on instincts.
With the competitive landscape, leadership is in an urgent need to have real-time insights to understand the company’s healthand fix the problem based on data available through people analytics solutions. Analysis of data based on subjectivity lead organisation to take wrong decisions including delayed information on likelihood risks, inefficient capacity management, biased appraisals & inefficient governance.This at times results in loss of key talent and lowered performance levels. In terms of capacity optimization, it is difficult for senior leaders and CXOs to have real-time visibility in the absence factual data on capacity utilization trends as managers present their teams as over worked and over utilized.
Approach of people analytics was condemned initially with some inspirational statements like “Hire the best employees and keep them motivated so they remain dedicated and committed” but in reality on the other side we all know IT/ITES companies widely accepted IT Security policies and Controls to adhere various compliances and such decisions were not weighed on the scale of ethics as they were compliance requirement. CXOs are in dilemma, whether to adopt such intelligent people analytics solutions or not, as they feel the privacy of employees is not respected in such solutions but the new innovative concepts has balanced the need of employee privacy as well as addressed the epidemic of productivity losses with algorithmic capacity optimization models.
The problem is that most leaders struggle to understand and identify vital management metrics; instead collect and report a vast amount of data that is easy to measure and they end up drowning in data while thirsting for information. Effective managers and decision makers understand the performance of all key dimensions of their business by distilling them down into the critical key performance indicators.
Investors, CXOs and management teams are taking key business decisions based on delayed secondary information, whereas these enterprise solutions are designed to provide real-time dashboards to various stakeholders across functions with their viewpoints for business decisions, Algorithmic Capacity optimization models, data mining capabilities, KPI indicators, automated time tagging, real-time data leakage alerts etc. CXOs roles demands their time in strategic business priorities rather than focusing on trivial activities. Key Performance Indicators(KPI) could be tracked via these people analytics solutions, giving entire organization insights into their current performance. Establishment of automated systems that takeover subjectivity in decision making with the power of innovation through artificial intelligence, machine learning and predictive analytics algorithms on real-time big datais going to define the next decade.
People analytics is vital for the health of the company like security compliances. Measurement and bench-marking are the keywords for any human intensive industry to improve and innovate, valid and real-time data facilitate such tasks. We at Neural Brain are passionate and committed to end this thirst of real-time factual information for strategic decision support and governance with our Cloud Ready Innovative Technology Solution “Panther Analytics” which is targeted for its beta release by early 4Q, 2016 and will be available to early adopters and partners. Panther Analytics will be available On Cloud, On Premise and Panther Community Cloud and will enable organisations with efficient governance, improved productivity (20% -30%) with a major focus towards people analytics and automation. Neural Brain’s Panther includes tons of features with algorithmic models towards solving the challenges of employee disengagement, work place distractions, inefficient capacity utilization, goal setting, data leakage protection etc. The product is targeted to have 50+ stakeholder’s dashboards with various business viewpoints and is advanced enough to auto discover likelihood risks. Neural Brain Technologies is a Hyderabad based Software Product company in the field of Artificial Intelligence and Analytics Domain. Neural brain was founded by Mr Prashant Akhawat, Founder & CEOin July 2015. Prior to this venture, Mr. Akhawat worked in multifaceted roles across domains and successfully implemented complex technology solutions.