With companies increasingly looking to analytics to uncover opportunities for workforce optimization, it is not surprising that yet another new concept has emerged – Analytics as a Service (AaaS). With so much HR data being created and stored “in the cloud,” it does make sense that hosted workforce analytics tools would be a fast, efficient way to make sense of that information.
AaaS may not be a very appealing acronym, but according to its definition and description on technopedia.com, it is a very attractive solution to many firms and enables them to exploit the potential within the data that already exists. It delivers agility and scalability and can effectively streamline management reporting processes and potentially allow for analysis of larger volumes of data.
There are many benefits to AaaS. It’s a holistic solution hosted on a cloud platform that can be shared with the entire business. There are two types of output, one is to humans and the other is to machines – providing opportunities for both real-time decision making and straight-through processing.
To stay competitive in the war on talent, businesses need to contend with and manage very specific people issues. Each business is different, and using analytics as a service offers great flexibility. Most companies can’t afford to hire a full time data scientist focused solely on workforce issues, so the AaaS model can deliver flexibility with different types of subscription offers.
For human resource departments, the AaaS model offers a faster path to driving greater innovation and more effectively benchmarking workforce performance. No longer will people managers and HR executives have to make decisions based solely on hunches or wait while HR analysts struggle with extracting and cleaning data from the variety of HR, talent, recruiting, and business systems. By using analytics as a service, useful insights are presented quickly, enabling more informed decisions on everything from tweaking commission structures, to driving engagement, to investing more heavily in training to build new skill sets, to predicting and responding to turnover threats.
Interested in learning more? ZeroedIn Technologies has the tools to help you put your own AaaS program in place and make better use of the workforce data you already have. Contact ZeroedIn today to explore the potential benefits of workforce analytics for your business.