Descriptive Analytics
Descriptive analytics looks at data and analyzes past events for insight as to how to approach the future. Descriptive analytics looks at past performance and understands that performance by mining historical data to look for the reasons behind past success or failure. Almost all management reporting such as human resources, sales, marketing, operations, and finance, uses this type of post-mortem analysis. Descriptive analytics answers the question “What happened?” (or What is happening?).
What Are The Benefits of Descriptive Analytics?
KY&Y Consulting Reporting gives you a powerful set of tools with descriptive analytics to improve employee engagement and productivity. Organizations know what is really happening with their workforce and optimize their performance through fact-based decision making by having complete control and visibility of their talent data for all types of reporting using our suite of self-serve reporting tools and visually rich executive dashboards. Through our standard report library of more than 250 real-time reports, our fully customizable engine, and intuitive data visualizations, our customers get unprecedented insights across their organization. With KY&Y Consulting Reporting, you can look back retrospectively for compliance reporting and easily conduct day-to-day talent record-keeping.
Big Data in HR
Big data refers to massive and exponentially growing amounts of employee, customer, and transactional data available in organizations. In the case of HR, organizations have huge amounts of talent or people-related data (e.g., skills, performance ratings, age, tenure, safety record, sales performance, educational background, manager, prior roles, etc.) which can be used to better understand the organization's current composition, performance, and risk to improve the development of employees, products, and services. Big Data in HR sets to evaluate and improve practices including talent acquisition, development, retention, and overall organizational performance. This involves integrating and analyzing internal metrics, external benchmarks, social media data, and government data to deliver a more informed solution to the business problem facing your organization
What Are The Benefits of Big Data in HR?
New tools and technology is needed because big data is so big, fast changing and potentially unstructured. With these tools, HR organizations are able to perform analytics and forecasting to make smarter and more accurate decisions, better measure efficiencies and identify management “blind spots” to answer important questions regarding workforce productivity, the impact of training programs on enterprise performance, predictors of workforce attrition, and how to identify potential leaders.
Predictive Analytics
Predictive analytics is a form of advanced analytics which examines data or content to answer the question “What is going to happen?” or more precisely, “What is likely to happen?", and is characterized by techniques such as regression analysis, forecasting, multivariate statistics, pattern matching, predictive modeling, and forecasting. Predictive analytics analyzes historical and current data to forecast future events or actionable outcomes.
What Are The Benefits of Predictive Analytics?
Use predictive analytics to make better workforce decisions with KY&Y Consulting Insights. KY&Y Consulting Insights applies sophisticated predictive analytics to your talent data, enabling business leaders to answer burning questions about how to better hire, manage, retain and reward employees. Insights allows clients to easily visualize their data and take immediate action on recommendations to achieve measurable improvements in business results. Predictive analytics allow you to analyze trends in your historical data and identify what lies ahead for your organization. KY&Y Consulting Insights takes it one step further and provides tools to recommend changes and visualize the impact of those changes. You can get ahead of issues before they become a problem. KY&Y Consulting Planning is an intuitive workforce planning application that helps organizations easily create, manage and execute accurate hiring plans over multiple time horizons.
HR Analytics
HR analytics, also called talent or people analytics, is the application of considerable data mining and business analytics techniques to talent data. Analytics that measure performance and efficiencies that matter to HR only. Examples include: time to fill a job requisition, number of people trained, number of people with certain competencies, last year’s attrition, estimated attrition for next year, estimated number of candidates to have in the pipeline based on estimated attrition, which source provides the best candidates, compliance reporting, diversity reporting.
What Are The Benefits of HR Analytics?
Use predictive analytics to make better workforce decisions with KY&Y Consulting Insights. KY&Y Consulting Insights applies sophisticated predictive analytics to your talent data, enabling business leaders to answer burning questions about how to better hire, manage, retain and reward employees. Insights allows clients to easily visualize their data and take immediate action on recommendations to achieve measurable improvements in business results. Predictive analytics allow you to analyze trends in your historical data and identify what lies ahead for your organization. KY&Y Consulting Insights takes it one step further and provides tools to recommend changes and visualize the impact of those changes. You can get ahead of issues before they become a problem. KY&Y Consulting Planning is an intuitive workforce planning application that helps organizations easily create, manage and execute accurate hiring plans over multiple time horizons.
Data Warehouse for HR
Data warehouse is essentially a database that aggregates and rearranges data, so that it is easy to query and analyze. For HR, a company stores information pertaining to its employees, their salaries, developed products, customer information, sales and invoices. The massive database, typically housed on a cluster of servers, or a mini or mainframe computer, serves as a centralized repository of all data that is generated by all departments and units of a large organization. Advanced data mining software is required to extract meaningful information from a data warehouse to a form suitable for enterprise-wide data analysis and reporting for predefined business needs.
What Are The Benefits of Data Warehouse for HR?
A data warehouse for HR can contain aggregate historical talent data, which may be analyzed to reach critical business decisions related to talent management. Despite associated costs and effort, most major organizations today use data warehouses.
When it comes to making decisions, access to the latest information is crucial. All KY&Y Consulting reports are generated in real-time leveraging our real time data warehouse and give you access to what is going on right now in your business. You get real time access to the right data in the right hands at the right time. Schedule reports to be delivered to key executives at the moment of need. Roll out slick, graphical dashboards from across the talent management suite to your managers and let them access the data they need most. One of the great advantages of an organically built talent management system is the unified data model that lies under the surface. With KY&Y Consulting, you access real time data from all of your people management processes seamlessly and from a single source.
People Analytics
What Are the Benefits of People Analytics?
People analytics helps organizations to make smarter, more strategic and more informed talent decisions. With people analytic, organizations can find better applicants, make smarter hiring decisions, and increase employee performance and retention.
KY&Y Consulting’s suite of people analytics products apply sophisticated data science and machine learning to help organizations more efficiently and effectively manage their people. KY&Y Consulting’s analytics suite give organizations options for viewing, understanding and acting on talent data across the entire employee lifecycle.
People Data
People data, also known employee data, can be defined as datasets describing people in organizations. People data is information and insight that an organization has available on its various pools of people collected from any one of their system such as HRIS, payroll, benefits, workforce management system or talent management system.
What are the Benefits of People Data?
Organizations already hold a vast amount of people data to start analyzing and tying to business metrics. Consistently accurate people data improves cost management, eliminating hidden expenditures and facilitating trustworthy company-wide insights that can drive the business. By simplifying your data and taking charge of the processes around it, you can liberate your organization to do a wealth of things successfully.
Prescriptive Analytics
A form of advanced analytics which examines data or content to answer the question “What should be done?” or “What can we do to make it happen?”, and is characterized by techniques such as graph analysis, simulation, complex event processing, neural networks, recommendation engines, heuristics, and machine learning. Prescriptive analytics automatically synthesizes big data, mathematical sciences, business rules, and machine learning to make predictions and then suggests decision options to take advantage of the predictions. Prescriptive analytics not only anticipates what will happen and when it will happen, but also why it will happen
What Are The Benefits of Prescriptive Analytics?
What Are The Benefits of Prescriptive Analytics?
Predict the future of your talent with KY&Y Consulting Insights. Our predictive, prescriptive analytics solution enables leaders to answer critical workforce questions about how to develop and manage their people. Insights will enable you to address specific business problems within your employee lifecycle with predictive and prescriptive analytics. Prescriptive data analytics are the most valuable type of analytics because it uses available data to recommend specific actions that could increase the likelihood of a particular outcome occurring.
