Data is a valuable asset, but only when organizations can use it strategically to make better decisions. Many organizations find this challenging: In fact, only 30% of companies reported having a well-articulated data strategy in the recent Big Data and AI Executive Survey study by New Vantage.
People data, in particular, has the power to help organizations make better and faster staffing decisions, control labor costs, and move with agility. But to truly see the value of your people data, you need to ensure your organization isn’t spending more time centralizing data than analyzing and acting
Many HR leaders will be the first to say they are data rich and information poor. Human capital management (HCM) systems contain a wealth of data, but organizations often struggle to extract insights from that data. A common reason behind these challenges is that many companies use separate systems for various HR functions, which results in siloed data. When data isn’t easily accessible for analysis, using it becomes yet another task that wastes time. It also means organizations may need workers with specialized skill sets to translate it into actionable insights.
In a world where business leaders need to move quickly, having a single HCM solution with one source of truth for people data can give people greater visibility and agility.
