Big data will transform the way businesses develop the talent in their workforce over the next five years, according to analysts. Data analytics has the potential to help businesses make dramatic returns by managing their workforce more effectively, said human resources (HR) technology analyst Josh Bersin.
“This is the next big thing that is going to happen in HR,” he told delegates at the HR Tech Europe conference. Data analytics technologies have the potential to offer businesses insights into their employees that could have a real impact on company profits, the HR conference heard.
One insurance company, for example, had a policy of only hiring graduates from top schools, in the belief that this would help it maximise profits from the sales team.
Trends and numbers are always around us, but for many business owners vital information often goes unnoticed because most professionals simply don’t know how to fully use the data they have. Business intelligence is a relatively new field which allows businesses to collect, maintain, and organize knowledge pertaining to virtually any field imaginable. Samples of data commonly collected by businesses are: browsing history, purchasing history of customers, statistics on website visitor activity on websites, and pretty much anything where data can be logged and tallied. Although some types of tracking raise ethical concerns, there are many cases where business intelligence is legitimately applied.
Identifying the available types of data is one thing. Applying it in real time to drive outcomes is another. Companies must apply a simple yet powerful, three-step framework to describe the philosophy behind this application of data analytics to customer interactions.
Most of the companies now have realized that there is a huge competitive advantage in analyzing the humongous data quickly &effectively for future insights.
Big data analytics is the disruptive technology bringing the 4th aspect of Value to the already published TDWI’s 3Vs – Volume, Velocity &Variety.
• It enables business users to process every granular bit of data in quicker way removing the traditional need for sampling & then applying the models
• It encourages an investigative approach in users for data analysis since they get access to whole data
• It can reveal insights hidden in the data, which were previously too costly due to large data movements
• As per Gartner report, Big data is priority of SMB & it will drive $232 billion in spending through 2016.
What’s true in the rest of the world is true for security software, as well: more data means more intelligence. Thanks to the emergence of new techniques for storing, collecting and analyzing data, there’s a new wave of security companies looking smarter than ever.
The advent of big data hasn’t changed the ideas behind most enterprise security practices, but it has made them better. While network security and endpoint security have always relied on the processing of files or traffic against threat databases to determine whether they’re dangerous, big data lets them gather, store and analyze much more data. The result, in theory, are products that are more intelligent than their predecessors and that make the guys tasked with keeping a company secure that are much better at their jobs.
Here are seven big data-inspired approaches to security :
Letting admins play C.S.I
Stopping crime in its tracks
Keeping BYOD in check
Opening the data — lots of it
Playing petri dish
The talk about BigData is getting louder by the minute. As companies shift their core systems to the cloud, more and more people-related data becomes available. This, coupled with the tremendous focus on BigData in the technology sector, has created a huge focus on data driven decision-making.
Why Analytics is Coming to HR?
If you think about the history of analytics in other business areas, the evolution looks like the chart below. When companies started industrializing their manufacturing, they eventually purchased ERP software and developed supply chain and financial analytics.
When it comes to content marketing, nothing compares to a stunning data visualization. For one thing, an attractive image catches the viewer’s eye and gives the rest of your content a second or two to sink in. In the highly competitive environment of the 21st century Internet, that second or two can be critical.
Big data for retail means a chance to see why a sale didn’t occur. Is it product selection? Pricing? Store display? Ineffective promotional material?
Before, this information was hard to track, but with the advent of big data and in-memory computing, two products ideally suited to collecting and analyzing unstructured data types like that of retail, are poised to play a significant role in sales.