The field of data science and analytics has been rapidly growing. All from new-age tech-driven startups to well established traditional companies have begun employing data analytics in large numbers. With markets getting more competitive and the business environment more unpredictable, data science and analytics present firms with a greater advantage.
Its ability to predict and harmonize decision making by providing valuable insights make data analytics invaluable to any vertical within a firm. But talent consideration becoming an important focus area for companies analytics has begun finding a place within usually subjective nature of employee management. More and more firms today are leveraging data analytics to make their people's decisions robust and in tune with achieving intended results. Heading into 2020, this use of data analytics is only going to rise.
One of the major drivers of change within the analytics landscape in the coming year might just be the rise of augmented analytics. As more and more firms begin using data analytics, innovation in its use and proficiency in making business models more efficient will slip in. With digital transformation becoming more a question of when rather than if, the digital architecture within firms is slowly growing to enable nuanced programs to assist decision making.
Augmented analytics opens up advanced business intelligence to the broadest group of stakeholders. From your IT team to the payroll division, from C-level leaders to third-party employee engagement consultants, virtually anyone can leverage augmented HR analytics to improve processes. This, in turn, eliminates the need to hire experienced data scientists, dramatically reducing the cost component of your analytics function. Augmented analytics has a clear leg up on manually driven analytics systems. Data scientists can take weeks or even months to collect and cleanse the data, not to mention the time spent on building analytics models. Augmented HR analytics automates the first half of this activity, significantly accelerating insight generation. It is even faster than regular analytics because you don't have to spend time converting these insights into action points. The predictive capabilities of augmented analytics will indicate a clear course of action.
Gartner in its most recent report identifies this growing importance of augmented analytics. “By 2020, augmented analytics will be a dominant driver of new purchases of analytics and business intelligence” it noted. Market researches project that the global augmented analytics market size is expected to reach $ 22.4 Bn by 2025. The report also notes that the Asia Pacific region is projected to register the highest CAGR from 2019 to 2025.
Augmented analytics with its potential to merge traditional data analytics with both machine learning and tech like Natural Language Processing will prove to be vital for HR professionals in 2020. With the HR function facing a greater urgency to make the right talent decisions, using augmented analytics helps them bypass the need for in-depth knowledge of analytics to generate insights, thus creating more time for them to make more impactful decisions. Augmented analytics does so by greatly improving the efficacy and usage of the analytics process thus deriving insights becomes easier and more effective for HR professionals. Using aspects such as NLP which enables computers to learn from natural language means that HR professionals don't necessarily need to be data analytics experts to get insights or determine trends. With machine learning, the component of self-learning and development are also present to help companies build a robust mechanism of using analytics.
Enterprises are now eager to adopt AI technology but aren’t always sure of the right utilization. Augmented analytics takes a solution-oriented approach to AI adoption, identifying a measurable HR challenge and using data to solve it. As a result, you can obtain tangible returns from your investment in AI. The coming year will see AI being used in addition to traditional data analytics to make the process of taking people's decisions easier for HR professionals while also improving the accuracy of such decisions.
Today an often a less spoken part of recent changes within the nature of work has been the rise in importance of data. Digital transformation, at its various levels, has put data at the center of an optimally performing company. It today forms the bedrock of organizational change. And with such focus on data, firms have begun streamlining their data collection and processing mechanisms. This holds for a traditional data-intensive vertical like HR as well. Leveraging data analytics has become an important consideration not just for targeting and acquiring customers but also for quality talent. This builds the right need for companies to shift to more impactful and quicker ways of making talent decisions.