Numerical Insights publishes articles on a variety of topics including business analytics, data analysis, data visualizations tools, improving business results, supply chain analytics, HR Analytics, strategic workforce planning, and improving profitability. We aim to make our articles informative and educational.
This list is provided to help you get started in analytics. Examples are from HR-People Analytics, Supply Chain Analytics, Legal, Marketing and general Business Analytics. If you’re only interested in one of these areas, I have identified in each example, the business areas to which the idea applies. You can use that to skip quickly through the list.
Read MoreRegardless of what you do each day, you’ve probably realized that you are surrounded by data. The quantity of data that exists in the world grows substantially with every passing hour and it is said that 95% of it has yet to be analyzed. That’s okay, because success in the data and metrics world is not about analyzing data for the sake of analyzing data. It’s about analyzing data to answer a question. There also has to be value in finding the answer to that question or you risk wasting valuable resources (time and money).
Read MoreThe problem is that companies assume that if a topic is hot, then that topic must be important for everyone. They don’t think about whether that topic, skill or approach actually holds any relevance for their leaders and employees.
Read MoreHow you can reduce the chance of running out of inventory.
Read MoreWith gender and ethnic diversity being such sensitive topics in recent years, it is the responsibility of both Human Resources, Legal teams and math experts to proactively provide statistical back-up to certain workforce decisions. One important application of math to workforce decisions is in avoiding adverse impact.
Read MoreData breaches are in the news every day, especially the large-scale ones that occur at retailers and financial institutions. But did you know that most data breaches are the result of employees accidentally exposing sensitive data? These unintentional actions can have substantial consequences.
Read MoreFor those that attempt completion of workforce plans, the scenarios for these plans are almost always scenarios of growth. But the reality is, it is highly likely that a company will find itself in a reduction scenario at some point in time. It is these reduction scenarios where planning becomes crucial.
Read MoreTo solve your inventory challenges, you went ahead and purchased an inventory management system. The software vendor demonstrated great capabilities to you and you thought your problems were behind you.
You took the time to add all of your part numbers to the system, your list of suppliers and their contracted lead times. The inventory system went live, your employees were all trained in how to use it, but in the end, you’re still experiencing unexpected stock-outs, displeased customers and frustrated customer service reps. Clearly, your new inventory software doesn’t work, right?
Read MoreWhen we think about our workforce, we generally think about employees of our company. These are the full time and / or part-time people who are on the company payroll and whose names exist in HRIS systems. For this group of people, most of their experiences are driven by the activities of HR (training, performance evaluation, recruitment, promotions, etc.)
Read MoreBig data and data analytics are two of the hottest topics out there today. They come with promises of delivering business insights and high returns, but they also come with challenges for those new to the field. As a consultant in analytics, the most popular comment I receive from companies is, “we have so much data but we don’t know what we should be analyzing.” This article will provide business leaders with several tips on where to apply data analytics in order to impact the bottom line. The key thing to remember is that the value of analytics is not in the data. It’s in what you do with that data to make better business decisions or solve business challenges.
Read MoreBanking is an industry ripe for automation and because of these automation possibilities, many people fear a large decrease in the number of banking jobs. But it’s not so much that jobs will vanish through automation. It’s more that certain tasks will disappear freeing up employees to work on improving customer service and investing in new capabilities. Just like the manufacturing industry, the banking industry is seeing the need to “skill up” its employee base. Systematically planning for these needs is a classic application of strategic workforce planning.
Read MoreHarvard Business Review recently published an article entitled, “Success with the Internet of Things Requires More Than Chasing the Cool Factor.”1 For those in HR / People Analytics, this warning of chasing the cool factor should ring through loud and clear… but that’s not the point I shall make today. I’m going to wave my warning arms more in the direction of strategic recruitment, talent strategy and strategic workforce planning. Whether you’re an IoT company or not, you need to see what is coming… Actually, it’s already here.
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