Everyone knows what Business Analytics (BI) is, but do you know what Workforce Analytics is? The term is used on a Deloitte Human Capital Trends 2011 report, but even Wikipedia doesn’t define what it means. SuccessFactors, an SAP company, says: Drive fact-based business decisions with reliable workforce insights. Deloitte report states ‘moving from reactive to proactive’ as a driver. So in summary: using workforce generated data for proactive, rather than reactive, fact-based business decision making.
So where does this workforce data come from? Deloitte mentions ERP and HR systems having collected such data for a decade. Information security logs are a far more richer data source. Infosec logs will slice and dice every event from an application, client and network perspective. Most mature organizations also have decades of infosec logs that have a key stroke by key stroke record of every workforce action event from the data that recording started.
Business Analytics can be classified into the following categories of analytics:
- Marketing Research & Analytics
- Supply Chain Analytics
- Legal research and process analytics
- Services Operations Analytics
- Business and Technical Analysis
- Data Analytics
- Pharma and Healthcare Research
- Financial Services Research
- Human Resources Research
- Intellectual Property (IP) Research
In each case we are examining the business looking from outside within. Workforce analytics provides the same data, but looking outside from within. In the next years we will see a new breed of analytical platforms analyze and provide insights from workforce data. Eventually workforce and business analytics data warehouses will be linked to form a single comprehensive analytics view.
Social Analytics is neither from outside or from within. Social Analytics is a reflection of the companies actions outside their domain. As contextual search and social analytics develops, we will be able add this additional real time dimension to truly agile business decision making.
Business do not sell to businesses. People sell to people. Business is a human endeavor. This is why sentiment analysis adds an additional dimension to business decision making. From work force analytics we know what our people did. From Business Analytics we see how our business performed, as a result. From Social Analytics we see how the world around reacted. Sentiment analysis gives us an indication of why.
We already today have advanced data models for forecasting stock market behavior, weather patterns, etc. This is all statistical based on projecting from historical data points. If we what the people, how business performed, how the world reacted and how everyone felt about it contextually, then run quite advanced predictive models on pretty much any action. Its like being able to look two chess moves into the future. You still would not see the ultimate outcome, but you could predict immediate cause and effect. How will a customer react to this price point? How will consumers react to this marketing campaign? How will my staff react to firing of a certain individual? How would my team be impacted if the team leader switched companies? Which parts of my organization have the most impact on revenue generation and where the optimal resourcing thresholds are?