HR predictive analytics empowers a company to anticipate and prepare for the future. There is a continuous growth in the use of predictive analytics for the last few years. Studies have shown that predictive analytics act as a decision support system, enabling managers to take best decisions, resulting in an average of 5-6% higher gains than competitor companies.
Predictive Analytics
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Nowadays businesses are adopting cloud computing technology to enhance customer satisfaction in call centers. This technology helps the employees by providing updated information about the customers which allow them to easily manage customer needs. A cloud based call center also offers better return on investment. The employees can access the cloud from anywhere with an internet connection which helps in reducing costly on-site installations.
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https://www.fonality.com/industry-news/what-are-benefits-moving-call-center-cloud
In USA, approx. 8o% of hospitals are using electronic health records, due to which it is possible to gather useful information for research & development. Now healthcare industries are actively looking for transformation of its major areas by meaningful use of analytics.
To know about its challenges and impact, please go through the link: http://ehrintelligence.com/2014/03/17/for-healthcare-analytics-you-need-to-have-goals-in-sight/
The main cause of 2007-2009 recession was bursting of real estate bubble. But it was the banking crisis which led the U.S. economy to a far worst situation. Now the key question is whether banking industry is able to solve their problems. Losses suffered by banks created a number of fundamental problems in the industry. An article by Michael Sivy, a chartered financial analyst and a former securities analyst for an independent stock research firm, speaks about the needs to be addressed to get financial system back to full strength.
For more information, please go through: http://business.time.com/2013/02/05/has-the-banking-industry-really-been-fixed/
“The future is like a corridor into which we can see only by the light coming from behind”, well said by Edward Weyer Jr.. Like that, to analyze anything, the first step is to collect relevant data and develop predictive score for each element, the second step is to assess these predictive score and then implement it into a model. Finally prediction and conclusion can be made accordingly. The book, Predictive Analytics: The Power to Predict Who Will Click, Buy, Lie, or Die by Eric Siegel explains how predictive and other insights associated with predictive analysis work.
Please go through the link for more details:
http://www.amazon.com/Predictive-Analytics-Power-Predict-Click/dp/1118356853
The international banking and financial sector had gone through a major turmoil in terms of mergers and acquisitions. Deregulation has been the main driver, through three major routes - breakage of interest rate controls, removal of barriers between banks and other financial institutions and lowering of entry barriers. The article by Srinivasan R., an associate professor in the Corporate Strategy and Policy Area at IIM Bangalore, speaks about the benefits and disadvantages of post 2000 mergers and acquisitions in India.
For more information, please go through: http://tejas.iimb.ac.in/articles/01.php
Through a study, Gallup (research organisation) found that two thirds of the Americans are satisfied with the current health care system. People who own insurance schemes are more satisfied with the current health care system compared to others who don’t have insurance schemes. According to Gallup, health care insurance status plays an important role in the life of an American. Researchers also found that most of the young and old people like the present health care system. The article by Laura Matthews, U.S political reporter for the International Business Times, speaks about the Americans’ reaction towards the current health care system.
For more information please visit http://www.ibtimes.com/majority-americans-say-healthcare-system-isnt-crisis-1561795
Recently, Harvard Business Professor Mikołaj Jan Piskorski, spoke about marketing strategy implementation through social media during a conversation with marketing guru & author Mr. Steve Olenski.
Drawing on his analysis of proprietary data from social media sites, Piskorski argues that the secret behind every successful organization is that they allow people to fulfil social needs that either can’t be met offline or can be met only at a much higher cost. This insight provides logic about how companies can leverage social platforms to create a sustainable competitive advantage. Companies need to help people interact with each other, before they promote products to their friends. If all goes fine and right steps are followed, a company’s social media should benefit its customers as well as the firm. Piskorski calls this ‘a social strategy’.
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SigmaWay Consulting Services offer various solutions to help you align your social media efforts to your business goals, from brand awareness to targeting customer base to increase customer satisfaction. For more information, please visit http://www.gosigmaway.com/index.php?option=com_content&view=article&id=87&Itemid=555
Max De Marzi, software field engineer with Neo Technology, inspired by Facebook’s graph search, talks about how use of graph search adds value to the enterprise by making practical use of big data. He also indicated how this technology can be applied to solve business problems.
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In the Six Sigma domain, 5S Program is a valuable continuous process improvement in reducing waste. The process of 5S was started in Japan to engage process teams. The 5S consist of: Sort – Straighten – Scrub – Standardize – Sustain. For an effective 5S program, it is important that all the steps are carried sequentially. Also, it is important that the management must motivate its employees to carry the 5S Program on a regular basis and must review the processes from time to time.
To know more on how a 5S Program helps to add value to the organizations, follow the link http://www.isixsigma.com/tools-templates/5s/a-model-for-implementing-a-5s-program/?type=LINL .
Laura Noonan, Marketing team lead at CallFinder, talks about how important it is to monitor the call center agents for providing customer satisfaction. She also emphasized that the companies must also provide equal priority to employees, ensuring the satisfaction with their role. She also speaks about the different advantages of monitoring calls between the customers and agents.
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Today, technology is an integral part of any business looking for sustainable growth. Banking sector is no different. Handling branches is an important day-to-day operation and hence, banks need to deploy adequate resources for the same. From simplifying payments with person-to-person transfers to eliminating the need for passwords with voice recognition software, technology is revolutionizing how account holders manage their money. The result is that bank branches are looking less crowded.
To read more, visit:
http://www.nasdaq.com/article/4-ways-tech-will-change-your-bank-branch-cm329072
According to the National Association of Professional Employer Organizations (NAPEO), employment growth has increased by 9 percent higher than other small businesses.
The Florida Association of Professional Employer Organizations (FAPEO) identified the reasons behind the growth of PEO industry. These are controlling costs, saving time and paperwork hassles, providing professional compliance ,reducing turnover and attracting better employees, providing claims management compensation, providing better benefits packages, providing professional human resource services , reducing accounting costs.
An article by Mr. George Shen, information strategist and consultant with Deloitte Consulting, explains how analytics has become an inseparable part of any election process nowadays.
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http://www.analytics-magazine.org/january-february-2013/731-big-data-analytics-and-elections
This whitepaper describes how HR Analytics is helping core HR business processes to make right business decisions.
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| https://www.informationweek.com/whitepaper/Business-Intelligence/Analytics/hr-analytics-driving-return-on-human-capital-inv-wp1300214171928?articleID=182900009 |
FICO, a predictive analytics and decision management software company, has done a global survey which revealed that 55% of customers want insurance renewal reminder more frequently through mail and Smartphone.
For more information, please go through: http://online.wsj.com/article/PR-CO-20140312-906735.html
When it comes to delivering software, today’s business climate has three prerequisites for success: speed, agility, and innovation. While multi-year, expensive and bloated software initiatives were once a reality for some companies, today’s expectations for new projects are measured in days, weeks, and months. Today, leaders understand that a faster, iterative approach can result in faster development that is also of a higher quality.
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Advanced analytics is an opportunity to redefine the banking sector. Some banks will seize that opportunity and will be able to explore the market & gain significant market share. Just like, some banks had initiated providing ATMs & internet services to customers, in order to truly create a differentiated position for themselves, enabling them to achieve competitive advantage over the rest.
Innovators are using big data and analytics to sharpen risk assessment and drive revenue. Banks who are implementing data analytics will be in an advantageous position for some period of time, while other banks playing catch up. So there’s an opportunity to make some smart, targeted investments. If you want to sustain your banking business in today’s volatile market, Think big, Think innovation! Think analytics!
To Read more, Visit......
http://www.mckinsey.com/insights/business_technology/how_advanced_analytics_are_redefining_banking
Steven Rust, Ph.D., “the Battelle’s Inventor of the Year”, developed and demonstrated a very useful analytical tool which can predict risk associated with a patient in such a way that it can be prevented in an early stage.
Please go through the link for more details:http://www.battelle.org/media/press-releases/rust-is-battelle-inventor-of-the-year
Stuart Rose, global insurance marketing manager at Cary, talks about how Insurance companies gather piles of text based data everyday about customers’ detail. It also addresses the different patterns used to explore unstructured information and analyze them. Text Analytics helps in understanding the details contained in the unstructured sources. The areas where text analytics can positively impact on insurer profitability are – Subrogation, Fraud Detection and Brand Reputation.
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