Augmented analytics is the latest software that helps human resource leaders analyse volumes of workforce data. This recently-developed new-age software, equips HR personnel with whatever is required to draw precise and fast conclusions.
That is not all. This new breed of augmented analytics software promises more user-friendly interaction to the analysts.
Augmented analytics combines artificial intelligence (AI) capabilities to go over large, disparate HR datasets to identify trends or track important metrics. Then, using natural-language-processing technology—which communicates key messages in easily-understood ways—the tools deliver prioritised findings in a conversational form.
The use of machine learning and natural language processing gives augmented analytics tools the ability to understand and interact with data organically as well as notice valuable or unusual trends.
How does augmented analytics work?
Augmented analytics improves overall speed and accuracy. Since more data can be analysed, it can potentially reduce data bias. Data discovery and prepration are faster, as algorithms are applied to data to automatically search for patterns, while features, models and codes are auto-selected. Insights are narrated using natural language processes, or visualisations are created to show what’s important.
“the analytical software tool is being used in recruitment, onboarding, learning and development, employee lifecycle management and performance management”
Let us understand augmented analytics with the help of a hypothetical example. The HR of a company suffering from high attrition rate uses augmented analytics software to analyse a large amount of data. The data will assist leaders to Identify patterns in the turnover of employees. The machine builds an algorithm based on those patterns to identify the cause. The algorithm is then tested again and again, and its accuracy improves over time.
Augmented analytics for HR is like fuel for a car. It empowers the function by streamlining talent hiring, engagement, compensation and training. With every passing year, HR is not only becoming more powerful but also a key player in driving transformation in an organisation.
Jindal Stainless has deployed analytical software suites from a leading international company. Talking to HRKatha, Praveer Priyadarshi, chief people officer, Jindal Stainless says, “the analytical software tool is being used in recruitment, onboarding, learning and development, employee lifecycle management and performance management.”
“Once a candidate is selected, data analysis helps us define our future course of action and create a map for hiring, thus optimising cost”
Employee data is captured by the software, through the entire life cycle of an employee — from joining to exiting. Augmented analytics opens the door for people analytics. HR leaders are equipped with data and actionable information that empower them to apply facts for greater organisational decision making, in areas such as diversity, hiring, retention, upskilling and engagement.
“Essential data about a recruit when passed through an augmented analytic software, helps us to understand her/him better with respect to skills, culture and expectations. Moreover, making the hiring process more time and cost effective,” says Priyadarshi.
There are multiple channels available to shortlist candidates for the recruitment process. “Once a candidate is selected, data analysis helps us define our future course of action and create a map for hiring, thus optimising cost,” says Priyadarshi.
Data analysis helps the recruiter to systematically plan by indicating the success rate of using one channel over another. For instance, a company has greater chances of finding the right talent from a recruitment company than by advertising on job portals on social media. “Insightful analytics helps us in making our decisions much more robust and efficient,” says Priyadashi.
Augmented analytics reveals the hidden side of matters
Analytics is absolutely transparent, free from any bias and prejudice. It just throws up what is in the data. If the input data is not tweaked or manipulated, the result can reveal hidden facts about people and systems.
Analytics can unveil or unmask the top leaders of an organisation. When surveys are done and employees are not obliged to give their names, valuable data is collected that can lead to alarming revelations.
Limitations of algorithm
The quality of data determines the efficiency and accuracy of analysis. If the quality of data is good, then there is no limit to logic. The logic is absolutely defined by the user basis the functional depth that individuals possess, the contextual information they have and the understanding of the ecosystem in which the company is operating.