Innovation is key for any organization to be successful and stay ahead of the competition. But to innovate effectively, you need to base your business strategy on sound information and insights, connect your business strategy with your people strategy, and actively measure what’s working and what’s not so you can course correct.
Many organizations are talking about Big Data, artificial intelligence (AI), and bots, yet few know how to utilize these technologies to create meaningful insights and stimulate innovation. According to a report from Forrester, 81 percent of enterprises want to extract more value from Big Data and 80 percent want to become more advanced in their ability to perform analytics.
The challenge for these organizations is bridging significant gaps between insights and actions caused by too much meaningless data. To spark innovative behavior and make smarter decisions, data-driven insights are needed.
SAP SuccessFactors People Analytics provides a single source of truth about a company’s most important business and people metrics. Enabled by SAP Analytics Cloud, you can discover, visualize, plan, and predict all in one place, accessible anywhere and on any device. The machine learning and AI capabilities of SAP Analytics Cloud encourage you to review new insights and act proactively.
By blending data across the enterprise—SAP and third-party sources—and leveraging pre-defined human resources (HR) metrics and benchmarks, you can assess risks faster, identify root causes, and make more informed decisions.
With the feature in SAP Analytics Cloud, you can identify major contributing factors of your data and understand their impact. To demonstrate this feature, let’s look at quality of hire as a factor.
In figure 1, you can view the data in aggregate, see your trended forecast, compare across lines of business, and analyze major allied variables, such as recruitment source effectiveness.
By clicking on the light bulb, the system performs the smart insights analysis, automatically identifying interns as the top applicant source contributing to talent, followed by internal referrals and LinkedIn (figure 3).
This can be a strong indication that the internship program is yielding high-quality employees in North America, helping to validate the investment in that program. This insight may encourage a company to explore the intern program further and see whether it should be expanded.
Data-driven insights available to employees around the world are key to uncovering business issues, solving for those issues, and ultimately establishing an innovation-based approach to HR. We at SAP SuccessFactors believe this wave of innovation is the heart of the Human Revolution, a set of attitudes and principles designed to help tap into our collective humanity and learn how to connect with ourselves and each other in new and innovative ways. This allows organizations to focus their time, talent, and energy on what really matters.
In part two, I will discuss how other smart assist features can foster innovation in an organization.
Vrinda Raniga is a product management intern for Analytics at SAP SuccessFactors.