Human Resources, Making BIG Strides in Business Analytics

One thing is certain, if you want to run a successful business, you need to hire the right people to help you get there. Who is in charge of recruiting and hiring your team members? “DING, DING, DING!” you guessed it, Human Resources. Human Resources is beginning to pull ahead in the Business Analytics world. In a “Big Data” world, HR can use “People Data” to their advantage and help businesses develop strategy when it comes to hiring the best candidates. As David Klobucher writes in his article, “Data-driven confidence will help HR professionals identify behaviors and interview styles that attract better employees, as well as qualities that make effective workers – and lead to faster promotions.”

I agree with Klobucher, this is a great time to be in HR. There are big opportunities that may be presented to anyone working in HR. Executives within businesses are looking to their Human Resources department to help build the strategy to success. Of course this all depends on if HR professionals “welcome” the technology with warm arms. As stated in the article, many individuals working with Human Resources are not completely comfortable using data just yet. In today’s world, Big Data surrounds all of us, but for HR, this can lead to big success from analyzing data of past successes and past failures.

In some HR departments, to take on this scope of technology could be intimidating, however like one of my favorite sayings goes, “I never said it would be easy, I only said it would be worth it.”

Read original article here.

 

Big Data & Using The Right Analytics For The Business Problem

 Big Data

 

Do you agree with the phrase, “less is more?”

We hear that phrase a lot, but what does it actually mean in the Business Intelligence/Big Data world? In the article, Big Data Breakdown: Use the Right Analytics for the Business Problem, the author gives a great example of how that phrase, “less is more,” stands true.  Meta (great name!) S. Brown points out that in today’s business world, many are wrapped up in the thought of, “the more data the better.” But in actuality, to gain the most return on your investment, the key is to have just the “right” amount of data to solve your problem.  Interesting that Brown states that many businesses actually need only between 1%-10% of the amount of data they are currently collecting. Maybe this is something that businesses need to start taking a closer look at, namely, “can collecting too much data be doing more harm than good?”

Check out the original article here.

Advice for CFOs: Invest in New Technology

Top Technology Trends for Today’s CFO’s” is another insightful post from a blogger we frequently feature, Timo Elliott. In it he admits that the CFO relationship with the CEO and other business executives leaves something to be desired.  He recommends that CFOs invest in the latest technology, which will increase productivity with real-time updates and continuous forecasting.

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{Image from Timo’s post, link to http://timoelliott.com/blog/2015/07/top-technology-trends-for-todays-cfos.html}

Elliott mentions a combination of new technology including: in-memory computing, big data, the cloud, and mobile.

He homes in on a key point—that finance staff at large companies are extremely bogged down with just the basics of maintaining their financial reports. As Elliott puts it, “Staff have to spend too much time on basic duties and have no time to improve their understanding of the operational measures that drive and impact financial measures.” This lack of insight or understanding of how the operational measures drive and impact financial measures is the root of the relationship problem between CFOs and other business executives.

Elliott suggests new in-memory computing technology because, “they reduce complexity by combining real-time actuals with budgeting and analysis in a single, integrated system. Financial data is stored just once, making almost every aspect of financial operations faster, simpler, cheaper, and more effective.” We couldn’t agree more, as developers of a new in-memory technology ourselves.

The result of improved systems, improved speed, and better data is ultimately a better working relationship between business executives, and a more productive, effective workplace.

Read Timo Elliott’s post here

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Infographic: Why BI is Key for Competitive Advantage

A great infograhic from the Master of Science in Computer Information Systems program at Boston University.  The BU researchers focused on: growth of business intelligence, management of data, decision-making and budgeting.  Enjoy!

 

BU-BusinessIntelligence-Is-Key

{Originally posted here}

3 Reasons Everything in Business is About to Change

Business technologies today

There are three important patterns happening in the world that will ultimately change business in fundamental ways: where it is done, how it is done, and who does it.  An article from McKinsey Quarterly, Management Intuition for the Next 50 Years, documents these patterns in detail.  The patterns are: the aging of the baby boomer population, the inevitable climb of emerging markets, and the continuing technological changes that disrupt industries.

To give an idea of how big and how fast things are changing we can highlight just a couple of the graphs from this article. First, the estimated amount of computing capacity added in the world  in 2008 was 5 exaflops (more information on the concept of exacomputing here).  By 2012, there were 20 more, and this year it is projected that the number of exaflops will reach about 40.

{Image sourced from McKinsey Article}

The graph illustrates the sheer mass of data and computing capacity that we are heading toward.  Naturally, our ability to digest, manage, and use that information will also need to increase. According to the McKinsey article, new business management intuition must acknowledge that new businesses will start up and gain scale faster and with less money. Additionally, decision-making will need to happen at lightning speed for companies to stay competitive.

Another graph from this article illustrates the population decline that is happening worldwide.  The inevitable implication is that the world will need a major increase in productivity because the workforce will be smaller and more constrained.

{Image sourced from McKinsey Article}

What it comes down to is this: the business leaders who come out on top of this change will be those who recognize it is happening and have the strength to adapt to meet the coming changes. Change is often hard, especially for people or companies or leaders whose intuitions are well-engrained and who have, up to this point, had success.

Read the full article

 

What is Embedded BI?

Business Intelligence Team Work

Embedded reports are a standard requirement of most applications. But users are increasingly demanding more sophisticated reporting from applications – seeking such features as custom report design, ad hoc report creation and analytics. Developers that want to embed business intelligence and reporting features into applications must find a balance among requirements, cost and development time.

Read Full Article: What is Embedded BI?

Source: Dashboard Insight