How can SAP SuccessFactors Workforce Analytics improve your business strategies?
Some decisions in business have the power to take your organization to the next level. These decisions could be related to recruiting or forecasting important trends. When you base such crucial decisions on guesswork or insufficient data, you’re missing many opportunities.
That’s where SAP SuccessFactors Workforce Analytics comes in to save the day.
With millions of organizations worldwide using these analytics daily to influence business decisions, let’s find out why you shouldn’t miss out on this strategic investment for your business.
What is SuccessFactors Workforce Analytics?
SuccessFactors SAP Workforce Analytics is a cloud-based HR solution that provides data-driven people analytics to accurately answer questions about your workforce and take the correct business decisions.
It helps you confidently answer questions like:
When you know the exact details, you’re in a much better position to direct strategies and suggest improvements. For example, if you come to know that your turnover rate in the past year has increased a lot as compared to the previous years, you can then find out which HR policies changed in the last year and the kind of impact they had on other HR functions as well.
The advantages of SuccessFactors Workforce Analytics
The five major benefits of SuccessFactors Workforce Analytics as one of the best business intelligence solutions are:
Improved profitability
Extensive and mature capabilities enable business leaders to uncover powerful analyses across people and business data. You also get to make use of peer benchmarks and compelling visualizations. All of this helps you identify the leading indicators of organizational effectiveness. You can then formulate strong action plans to achieve corporate goals instead of just relying on your gut to make decisions. The end result is an increase in efficiency and productivity which leads to improved profitability.
You can even get to learn a lot from their customer community that shares insights and best practices that you can adopt in your organization as well.
Uncover hidden trends
You can make use of the SAP analytics cloud’s different metrics and dimensions to analyze and forecast various trends such as headcount, turnover, and hiring. The platform also provides an easy-to-use drag-and-drop interface that allows you to correlate multiple data streams such as core HR, survey data, and talent data with financial.
You can also activate personalized alerts for different managers that the system continually mines from HR and talent data across the organization. These alerts will show the managers specific areas of concern, pain points, and hot spots that are relevant to each manager.
You can even apply fundamental statistical models such as significance tests, scatterplots, regressions, correlations, and multiple comparisons to discover hidden issues that you otherwise may miss out on.
Get access to accurate data
We all know that manual work means inviting a lot of errors. With this platform, you’re saved from that. You get access to accurate HR data analytics and you can even take this one step forward by integrating big data in HR from multiple systems like core HR, talent management, financials, and third party. This helps you have all the data on one platform instead of having it in individual silos.
When your managers have access to the data they need, they’re in a better position to take important decisions and proactively identify areas of concern.
Make use of well-defined metrics
The platform has an extensive catalog of over 2000 HR and talent metrics. You can filter and segment metrics by dimensions such as age, gender, ethnic background, and job characteristics such as tenure, function, and salary. The reason you can trust the platform is that they have over 35 years of experience and leadership in people analytics.
SAP SuccessFactors Workforce Analytics also guides you in selecting those metrics that are relevant to your business and why they matter to you. It also delivers recommended and proven strategies that deliver positive outcomes.
Interactive analysis tools
By using visually interactive analysis tools, you can analyze and forecast trends across metrics such as hiring, headcount, and turnover. Talent-flow analytics works great when it comes to analyzing workforce mobility across locations and business units and understanding how the movements impact career-pathing initiatives, cost models, and succession plans.
With all of these advantages, you’re all set to improve your business strategies and decisions.
If you need some added support, TalenTeam is here to help you out. You can get in touch with us today to know more about SuccessFactors Workforce Analytics.