Spooky Parallels: Leveraging Predictive Analytics for Success - From eQuest’s Floating Point Blog
Spooky Parallels – Leveraging Predictive Analytics for Successby DAVID BERNSTEIN on OCTOBER 31, 2012I can’t pass up the timely opportunity to point out some spooky parallels between Marketing and HumanResources (HR), as related to data and analytics. It stems from an event invitation I recently receivedtitled “Analytics with a Purpose: The Human Edge of Big Data” (marketingpower.com).If the topic sounds familiar, it should, as I’ve touched on the human element of Big Data for HR in aprevious post. This particular conference, geared toward Marketing and Research professionals, isdesigned to help decision-makers adapt to the way they compile, assess, and act on data.As the invite says, the conference “will focus on the purpose of analytics—driving better decisions,creating insights, and growing business…” Hmmm. Isn’t this what HR leaders are striving to achievewithin their organizations too?Furthermore, “Analytics is more than a numbers game: people are driving the data that we’re analyzing,and people are taking decisions based on it.” Makes sense, right? Rather than making decisions basedon “gut” decisions or “hunches,” HR can now can better predict outcomes—and act accordingly—basedon data and analysis.Coincidentally, both the Marketing and Talent Acquisition functions are both tasked with a similaroutcome: generating leads – sales leads and candidate leads, respectively. The Marketing function longago realized that data analysis lead to better forecasting, planning and execution, and a betterunderstanding of effectiveness the campaigns they were running. Similarly, HR should be applying thesesame fundamentals to the recruitment campaigns they have responsibility for. The analysis createsinsights, drives better decisions, and enables the function to drive better results for their organization.
It stands to reason that, whether you’re in Marketing, HR, or any other corporate function, data analysisperformed by knowledgeable practitioners who understand the business and the results, will lead to betterdecision-making. Evidence based decision making is a requirement if one aspires to be viewed as astrategic partner in running the business. HR needs to take a lesson from their marketingcounterparts. Just as the art of marketing is supported by the science of data and analytics, so to shouldHR base their planning, recommendations and the measurement of their effectiveness culled from all ofthe data available to them.Trick? Or treat? I’d love to receive your comments.