MANAGING in the

NEW WORLD

Most organizations these days want to make full use of the data warehousing being done. This is primarily to forecast trends, but also to understand their customers and the markets. That is why the new generation of business analytics makes insights discovery so much more efficient. This branch of analytics comprises of four sub- categories which are- predictive, prescriptive, descriptive and diagnostic. Each have their own sets of advantages. Descriptive is to understand “what happened”, while diagnostic is to assess “why did it happen”. Predictive is to provide foresight, while insights can best be gauged using prescriptive analytics. The greatest power comes from the combo of prescriptive and predictive analytics together.

Source:https://www.govloop.com/community/blog/predictive-analytics-and-insights-discovery-were-made-for-each-other/

Uploaded Date:14 October 2019

The platform economy, that we are all a part of now, requires a different mentality to do work in. There are now a number of companies that are actually fake, and use their reach to fraud customers. To be careful, the area of talent recruitment also needs a change in game plan. As several freelancers and part- time workers are part of many companies now, they need to be sourced, but with caution. For this, Upwork is the best platform. It uses big data to connect recruiters with the potential talent. Uber’s success with drivers can well be replicated by Upwork, when it comes to tech and content professionals. Three kinds of platforms are now in vogue. These are for transaction, innovation and a hybrid model. Upwork falls under the first category. The utility of Upwork is best in that it can work across verticals.

Source:https://hbr.org/podcast/2019/06/in-the-platform-economy-upwork-searches-for-better-matches-in-the-cloud

Uploaded Date:20 July 2019

Tech companies have often borne the brunt of diversity champions. As a result, too often in order to please this lobby, such companies have used data- driven business analytics to ensure a greater diversified talent pool. A number of these initiatives can get awry thanks to the presence of a small sample of numbers to work with. Some steps have been identified which these tech companies must work on, to solve this conundrum. For a start, one needs to make claims with whatever sample sizes are available. One needs to dig deeper within this data set. Managers need to be deeply involved in it. The talent recruitment process must not however fade away, simply to the presence of some numbers. One needs to up the sample sizes eventually.

Source:https://hbr.org/2019/04/the-mistake-companies-make-when-they-use-data-to-plan-diversity-efforts?utm_source=twitter&utm_medium=social&utm_campaign=hbr

Uploaded Date:26 June 2019

There is a growing trend to over- emphasize on the importance of data analytics. A lot of corporate leaders nowadays, instead of taking decisions themselves, like to leave it all to this data- backed business analytics. This is wrong, as instead the analytics must aid business. Too much of time now gets wasted on methodologies, rather than the actual work. First of all data needs to be purpose driven. To get the best out of the data warehousing done, the right questions need to be framed right at the start. One needs to take a strategic look at the bigger picture. But at the same time, intricate details cannot be missed out. Taboos cannot be completely driven out. So, the top team needs to embrace them, and work around their limitations. Once the minute details are out through analysis, the top management needs to connect the dots, to understand the bigger context. Besides merely focusing on the outputs and productivity, one has to concentrate on action. Crucially, the team built for this purpose, too needs to be multi- skilled.

Source:https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/making-data-analytics-work-for-you-instead-of-the-other-way-around

Uploaded Date:26 June 2019

The field of people analytics has now gone mainstream. It refers to the use of advanced business analytics on the field of people management. Individual HR processes are eased up using this. Data warehousing remains among the top challenges, as without the right inputs, insights cannot be extracted. It is also a must for mapping the talent value chain. To do this, the first step is always to define what is top priority. Wherever there exist gaps in the data collection, those need to be filled urgently. Post the selection process, on boarding is the next critical step in the right direction. Daily management processes need to be put in place. The behavior and interactions of key stakeholders, especially of employees needs to be mapped out. A lot of the insights that data delivers us, challenges the conventional wisdom understood. Frontline employees typically fall under four different categories. The first are the socializers, who have a high EQ, are spontaneous, and are generally the higher risk- takers. Potential leaders have several of these skills, plus are good at multitasking. The third category are the- entrepreneurial taskmasters. They are good at planning and execution. The fourth ones are the conservative taskmasters. They aren’t risk seekers, nor are they much adept at multitasking.

Source:https://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/using-people-analytics-to-drive-business-performance-a-case-study

Uploaded Date:15 June 2019

Global geopolitical tensions pose a major threat towards the stability of supply chain networks. As a result, they remain volatile for much of the period. To override such constant challenges, companies in the sector have identified embedded business analytics as the best solution. It helps companies achieve total visibility. This happens due to their ability to track the business intelligence across the chain. Sustainability can also thus be achieved in the business. Supply chain players are now increasingly adopting a more customer- centric approach, both in the B2C as well as in the industrial marketing space. These analytics come with built- in insights. This helps in bringing the supply chain closest to real- time operational processes using analytics.

Source:https://www.forbes.com/sites/sap/2019/05/23/how-embedded-analytics-help-tame-supply-chain-volatility/#61292a674a34

Uploaded Date:04 June 2019

Increasingly, and more than ever before, life is being measured in numbers. Countries measure their economies on the basis of the GDP calculated, while students are graded right from their initial steps. Schools too, get judged on the basis of scores achieved by its students, while universities are ranked as per their quantifiable placement records. Most humans are now under the radar of companies, through the act of data warehousing. This entails the stockpiling of enormous quantities of data, brought in together from all digital data points. Most of the industries today, would come to a standstill, without the basis of this enormous data set.

Source:https://www.economist.com/books-and-arts/2019/02/23/life-and-society-are-increasingly-governed-by-numbers

Uploaded Date:27 February 2019

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