6 reasons to set up HR analytics [2020 update]

HR analytics has been rising in popularity in the past 5 years

Human Resources experts, well-versed in psychology and organizational development, have been relatively slow to integrate analytics into their operations and decision making. Once HR leaders realized benefits of advanced analytics, interest in the area quickly increased as you can see explosion in google queries above.

HR analytics enables HR managers to improve their operations and decision making with data. HR analytics enables HR personnel to run advanced analytics to enable:

Improved HR performance

  • 1- Improved hiring: Running machine learning algorithms on existing workforce allows companies to identify which traits lead to success. However, this may also formalize existing biases in the company. Therefore HR managers should question machine learning outputs and make sure that irrational past biases based on attributes like gender or race do not get incorporated into the decision making. Once managers know who will be the right fit for the company they can shape their brand building, outreach and candidate engagement efforts accordingly.
  • 2- Improved retention: Running machine learning algorithms on churn data can uncover churn patterns and predict employees who are likely to churn. This can enable HR to manage churn proactively. Such insights can also help improve onboarding, training and performance management systems if they cause issues which can trigger churn.
  • 3- Objective performance management: The dreaded mid-year reviews end up being subjective and demotivating. Granular performance data can be used for objective, frequent and automatic feedback which can support face-t0-face reviews backed by data.

Improved understanding of the company and its progress

  • 4- Better understanding of productivity and motivation: Uncovering what drives motivation and productivity can help shape HR strategy, including training, performance management and other HR policies. For example if productivity of remote workers can be analyzed, then company’s policy of remote working can be fine-tuned.
  • 5- Better understanding of company culture: Sentiment and network analysis of anonimized communication between employees can help HR managers understand company morale and culture in detail. Since this requires analysis of confidential and personal data, care needs to be taken to ensure anonimity.
  • 6- Accurate record of progress: By tracking key HR data over time, companies can compare themselves in different time periods and observe changes.

If your company is not working with an HR analytics solution provider already, this is a good area to investigate. Additionally, you can check out AI applications in marketing, sales, customer service, IT, data or analytics. And If you have a business problem that is not addressed here: Read more

Share

RPA’s benefits to analytics are limited [2020 update]

We had explained RPA extensively in layman’s terms and outlined its benefits. One of the frequently cited benefits is improved analytics and big data analytics has been a priority for executives for the past decade. So how does RPA benefit analytics?

Explore how RPA contributes to analytics

We should consider the analytics funnel above to see where RPA can contribute. Bots have essentially 2 critical functions from a data standpoint:

  1. Create meta data: As they complete tasks, they record their progress and the issues they face for diagnostic purposes. This data can be used for both the client or the RPA provider to identify RPA bugs and improve bot performance.
  2. Enable access to data in legacy systems: Since they overtake tasks that require interfacing with legacy systems, they make previously difficult to access data accessible. This can transform data collection capabilities of enterprises, especially those that depend on legacy systems.
As you can see, bots do not essentially improve analytics capabilities but aid in data collection. Even RPA vendors agree with this, underlining that core benefit of RPA is in data federation: the capability to collect data from many different sources and aggregate it in an easy-to-analyze format.

Explore how data federation can contribute to your company’s performance

Firstly, data federation should not be a major concern for an SME or startup. However for large companies, it is a major concern as legacy systems historically held large companies back in terms of easy access to data. Now with access to granular data about processes, large companies can reap 2 important benefits:

Process optimization thanks to process mining

Granular data about processes can help identify bottlenecks and inefficiencies, enabling corporations to increase both speed and efficiency of the process. Furthermore, it makes dissemination of best practices easier. Since process flows can easily be visualized with the help of data, process flows in different regions can be compared to find the best processes for the whole company. Read more

Share

61 RPA Use Cases / Applications / Examples: In-Depth Guide [2020]

We explained Robotic Process Automation before. RPA has a fancy name and >50 solution providers, however few people I have spoken to could pinpoint exact areas where RPA can be applied.

So we prepared the most complete list of all RPA use cases/application areas and categorized them to in 5 buckets:

  1. Common business processes and activities
  2. Activities in commercial functions
    1. Sales
    2. Customer Relationship Management
    Activities in support functions
    1. Tech Support
    2. Technology
    3. Finance
    4. HR
    5. Operations
    6. Procurement
    Industry specific activities
    1. Banking
    2. Insurance
    3. Telecom
    4. Retail
    RPA applications for personal use such as digital assistants

    Common business processes and activites

    1- Quote-to-cash

    Every business needs to sell to survive. issues in the operations side of selling can result in customer complaints or selling at reduced prices due to clerical errors.

    Automating complete sales operations process eliminates these errors and provides fast service to your customers. Since automation processes sales faster than manual processes, customers will receive invoices earlier, leading to earlier payments and improved cash flow. This can also be simpler process to automate since it mostly relies on company’s structured data to generate invoices to be sent to customers. Read more

Share

15 RPA Benefits Compiled from Top Sources [2020 update]

Benefits of Robotic Process Automation RPA include improvements in analytics, HR, customer satisfaction, compliance

Most RPA companies and consultants are publishing on the benefits of RPA. On top of our findings, we benefited from 2 articles that helped structure our thinking on RPA benefits. Top 15 benefits of RPA from those articles and our insights are below. They cover RPA’s overall benefits as well as its specific benefits to customer satisfaction, analytics, HR, IT and compliance.

On top of these benefits, RPA is one of the fastest to implement yet customizable technology solution. This is why, RPA has achieved phenomenal growth in the past years. Read more

Share