Written by Santa Harvett, 27 January 2016
Big data is a term that organisations have been widely discussing around the globe. How businesses chose to handle, analyse and utilise information is quickly becoming a competitive advantage, and possibly a necessity.
According to National Instruments, the amount of data produced on a global scale will be 10 times greater in 2020 than it was in 2014. However, organisations are only able to analyse 5 percent of available information as the remainder is not properly documented.
Through proper data analysis, companies can make more informed decisions, leading to a 5 percent gain in productivity and a 6 percent rise in profits, on average, across all companies. Neil Chandler, research vice president at Gartner, explained the need for both high quality information and analytic capabilities within a company.
"Information (even big data) without insight is an unrealised resource," he said.
"Conversely, analytics without a solid information foundation is likely to lead to poor decisions."
Non-IT departments embrace data analysis
In keeping with worldwide trends, New Zealand businesses are starting to realise the importance of data analytics, even in departments that don't specialise in IT. For example, according to Telsyte, 91 percent of marketing leaders are driving IT purchasing decisions. This includes 39 percent investing in web analytics and 36 percent purchasing big data analytics programs.
For HR departments, data analysis will also become a major part of day-to-day function. However, a recent survey conducted by Advanced Business Solutions revealed that this side of the business still has a long way to go to reach widespread adoption. Despite the fact that 73 percent of HR professionals claim data analysis is key for strategic purposes, only 17 percent are currently using any such program within their organisations.
Selecting the right data analysis platform is becoming a more critical measure, as Managing Director Simon Fowler explained.
"Without the right technology in place, HR departments will struggle to effectively nurture the talent of employees and obtain vital information, which can be transformed into actionable insight to help their company obtain a competitive edge," he said.
How can your business optimise data in remuneration reviews?
This is where Strategic Pay's new tool can offer a number of benefits for firms looking to analyse remuneration data. The PayCalculator will aggregate survey data from purchased reports against a benchmark to help find actionable information for your firm.
By selecting the exact employee role you need to measure, as well as a number of customisable factors, you can access the information quickly and in a form that is best suited for your specific tasks. Rather than spend time searching through reports, the PayCalculator will collate survey data through Rem On-Demand and present it in an easy-to-analyse format.
Firms can take this information and utilise it for a number of key tasks such as reporting, benchmarking and even predictive analysis regarding future remuneration trends.
PayCalculator is particularly useful for larger companies with a number of industry-specific roles. Business within the private and public sector are often short on time and need to quickly collect data across a range of roles. As well as saving time, our tool allows professionals to capture information that is reliable, constantly updated and sourced from multiple parties, improving clarity.
As data analysis becomes a more crucial part of HR, selecting programs and tools that support efficiency and control is becoming key for remaining competitive.