November 17.2015, 3.57pm
We Love Data: 5 Ways Real-Time HR Analytics Can Revolutionise Your Business
There’s more data crossing the internet every second than there was on the entire internet 20 years ago. But in the age of Big Data, the volume of information isn’t just exploding on the World Wide Web. Across every type of business, a mountain of data is being created every day, from customer transactions to payroll and rostering.
Walmart alone reportedly collects more than 2.5 petabytes of data every hour from its customer transactions – that’s the same as roughly 20 million filing cabinets’ worth of information.
But, Big Data isn’t just about storing lots of data – it’s about accessing and analysing it quickly. As management guru Peter Drucker said: “You can’t manage what you don’t measure.”
If you don’t measure, then how can you benchmark performance?
In Data We Trust
Companies that measure their data perform better. Fact.
Earnings per share and customer retention rates grow faster in companies where managers can find the information they require fast, a recent study by the Aberdeen Group shows.
“The ability of managers to find the information they need in time to affect their decisions can have a powerful business effect,” the report says.
“Basing decisions on data instead of instinct can help to deliver consistent performance improvements.”
Those with most to gain are the so-called Big Data companies with five terabytes of active business data (a definition that will soon include most major firms).
This isn’t exactly a secret. As the Aberdeen study shows, most companies are already moving ahead with data integration.
Data Saves Time and Money
Almost 50% of companies require information within one hour of a business event. Much of this critical data is about the most important asset in any company – the people.
Payroll managers also save a lot of time and hassle by having the information that need in real time and at their fingertips,
“For starters, over 50% of time spent on creating schedules can be saved with an integrated solution.” says Mark Sexton of CoreHR.
“This, along with automating other key elements of payroll processes can cut a manager’s workload by at least 8 days a year.”
Real-Time Data Improves Efficiency
Managers want to know everything they can about what’s going on in their organisations. They want to know it now. And they want it analysed quickly.
Real-time data with lightning-fast pre-programmed analytics can flag problems instantly – as well as providing a solution.
CoreHR’s integrated HR solution, for example, has the potential to auto-roster across several stores to ensure there are employees available in an emergency, or just make things easier, on a daily basis.
When someone calls in sick, finding a replacement isn’t so hard, especially when you also have mobile access available to suitable staff as part of the system.
Automated collection of time and attendance data also enables real-time analysis – which is when it really counts.
Data, Data Everywhere
A fully integrated payroll system with mobile and desktop based self-service allows for applications and approvals on-the-go.
For example, an employee can request holidays from their mobile and have them approved by managers. Overtime can also be approved.
Payroll software can be configured so that employees can view and print online payslips and P60s, with the security of an online PIN.
All of this frees up managers, who can then put their time and energy into more productive tasks rather than trotting to and from the printer!
Data Simplifies Processes
Integrating payroll solutions can automate complex calculations and eliminate manual inputs and calculations.
Managers no longer have to spend countless hours calculating pay rewards or filing statutory returns. Neither do they have to spend time working out holiday management, compliance, overtime limits and annual hours!
Advanced HR technology gives leaders in the organisation the time they need to focus on being the best at their jobs and the data required to make smarter decisions.
By Deirdre Pluck