What is the impact of BI on HR management? The combination is perfect. Business Intelligence and Human Resources go hand in hand.
How do Business Intelligence and Human Resources relate?
Human-resources departments from different companies all around the world have the same issue, no matter how big or small they are. And that is the huge responsibility of hiring and keeping the right people in order to make a business grow. A minimal misjudgement could represent a big and unnecessary loss for a company. That’s why Business Intelligence (BI) has become so important, if not essential, for HR professionals. But how does this work?
The BI global market is growing and it’s growing fast. According to Stratistics MRC, its growth was of $15.64 billion in 2016 and it’s expected to double that number by 2022. That translates into more than 11% of Compound Annual Growth Rate (CAGR), a percentage figure that will definitely keep going up. Considering that, it’s easy to see how and why the BI market conquered the Human Resources Management (HRM) world. Now it’s only a matter of finding the most suited tool in order to gather and analyze all that HR information in an intuitive user interface.
The importance of real time information
A strong contender in the field of real time data collection and analysis is RetailApp™, an innovative platform that combines BI, Artificial Intelligence (AI) and other tools specially developed to help achieve a company’s full potential. Specifically, in regard of HRM, RetailApp™ offers a wide set of Key Performance Indicators (KPIs) that can measure every single aspect of it. Among them, for example: training costs, cost per hire, turnover rate, absenteeism rate, overtime hours, employee productivity, job satisfaction rate, length of service, and so on.
This kind of information gives an accurate real time picture of what’s really happening with the employees, whether they are satisfied or not, their commitment to the job, their efficiency and performance. It’s also possible to calculate the best financial compensation model for each member of a company, as well as identify the most appropriate time to increase or cut down costs. To put it simply, with a platform like this one companies will automatize (both in speed and in a bigger scale) tasks that are already being carried on, getting the same job done in much less time and with way better results.
The right insight at hand
Furthermore, BI applied to HR can help professionals analyze different situations by department, division, region and many other levels. In the face of the big challenge that the HR market represents today, a tool like RetailApp™ is the key to own and elaborate upon specific and detailed insight regarding performance management, training, hiring and mentoring employees, and last but not least, optimizing the business resources.
And all that, as amazing as it may sound, it’s possible to display it on a computer or smartphone. Undoubtedly, valuable support for HR professionals is more at hand than ever, something that proves to be of high importance in such a competitive environment as we all know HR can be.