Business leaders have long struggled to unlock the power of data and seek to create truly “data-driven” organizations that use analytics and insights to improve performance. They already have a lot of data at their fingertips and will have a lot more soon. Analysts predict that by 2025 the amount of data in the world will double every 12 hours1, thanks to the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning technology.
Collecting the data is the easy part. Accessing, sorting, and analyzing for meaningful, actionable information is much more challenging, and many organizations struggle to do this successfully, hampered by legacy systems, integration issues, lack of skills and resources, and the scale and complexity of the task. Getting this process right is very important because the potential for data to have a positive impact on organizations is great. Whether measuring, evaluating and optimizing employee experiences or improving operational performance, across all areas of the employee lifecycle. HR professionals can and should use data to attract high-value organizational skills, engage, motivate and retain existing talent, and drive performance, learning and productivity.
This is possible because the reach and depth of data they hold are evolving rapidly. By extracting this valuable data, employers provide a complete picture of their team, with a much better understanding of people’s circumstances, motivations, needs, and aspirations, which in turn helps them create a relevant and engaging environment.
With great power comes great responsibilities, and organizations must act ethically and transparently; must access, protect and share data appropriately, based on a strict code of conduct, legal compliance, and employee consent. They are at great risk if they don’t handle data well.