Workforce intelligence solutions are invaluable for modern companies. HR managers and executives must make strategic decisions for their labor force and organization.
Investing in workforce intelligence can provide insights to help you create a harmonious workplace that empowers your employees to achieve set goals. Here are four things to know about workforce intelligence software:
1. Relies on Data
Workforce intelligence is data driven and relies heavily on records and data metrics to understand a company’s workforce. Leading software works with three main types of data: structured, semi-structured, and unstructured.
Structured data conforms to known codes and formats and is easier to understand for machines. Examples include employee browser history and activities, habits, and use of external storage devices.
Semi-structured data, such as surveys, combines machine-learning quantitative information with variable human inputs. Unstructured data is qualitative and variable, such as data extracted from emails and social media conversations.
While unconventional for machine learning, unstructured data accurately represents the company’s labor force. Workforce software collects, analyzes, and reports on various types of employee and company data.
2. Involves Automation
Workforce intelligence leverages modern artificial intelligence to automate data collection and analysis. Companies have a growing need for insight from data analytics and have massive amounts of information to sort through.
Automated platforms help manage various tasks and track the analysis of data. Workforce intelligence software can help organizations identify skill gaps, hotspots, and occupational landscape transformations.
Modern labs and workforce management platforms use sophisticated algorithms to fetch data from companies, government resources, public records, and other sources. You can generate reports automatically and pull up specific information at any time.
Automation reduces the effort required to track different companies and industries. You can track talent intelligence capabilities, compensation changes, and other dynamics with minimal effort.
3. Requires Interpretation
Workforce intelligence programs absorb and standardize data. The intelligence comes from analyzing data, trends, developments, performances, and other metrics.
Leading workforce management labs can analyze information and generate insightful reports and recommendations. You can also customize your systems to deliver specific results that help your company.
Thoroughly evaluate the software you choose to make sure it fits your needs. Understanding how the software works and analyzes data allows you to use its reports more efficiently.
You can also configure the software for your organizational goals. Learning to interpret workforce intelligence programs enables you to devise a comprehensive strategy for maximizing its benefits.
4. Offers Varied Solutions
Some labor force intelligence software focuses on specific aspects of the workforce, such as hiring, attrition, and business continuity. Others offer a spectrum of analytical tools for benchmarking, automation, prediction, and strategy formulation.
Before you invest in any software, analyze your company to understand all requirements. This will help you identify the best software solution for your problems.
Adopting software solutions requires flexibility and business planning. The best labs offer demonstration opportunities, so you can try out the solution before investing.
Consider training your personnel to help you get the most from the data and analytics potential. You can use workforce software to access a universal HR database with current company compositions and trends. Investors, HR teams, corporate strategists, and governments need unique tools, and some labs offer a single solution for everyone.
Selecting Workforce Intelligence Software
Finding the right solution is the key to maximizing the benefits of workforce intelligence software. You can find comprehensive labs that absorb and standardize hundreds of millions of workforce data from different sources.
Find out what the solution accomplishes and how it can help your organization. Start by analyzing your company to understand what you need. You can also find ways to customize workforce solutions to help accomplish your goals.