On Tuesday, 21st of November, we had a chance to host “People Analytics for Business Leaders” event, that we co-organized with our partner IBM Finland at their premises.
Auditorium was filled with business leaders from different industries. Guests had a chance to hear 3 presentations, all from different angles but pointing to one direction- how to use analytics in people operations to boost business results.
Mikko Eerola, Founder & CEO of Apollo Industries and Digital Transformation Leader showed what are 5 things business leaders can learn from customer analytics.
Pauli Dahlbom, co-founder of Peoplegeeks and Sanna Hokkanen, CHRO at Musti Group stirred interest at and after the event by presenting “People Analytics Beyond HR: Case Musti ja Mirri”. Musti ja Mirri have advanced from operational reporting to redesigning processes and co-creating predictive models with business to optimize people and business outcomes.
Finally, IBM’s Global Director of People Analytics Solutions and award-winning writer and speaker, David Green, talked about world’s best companies use People Analytics to gain competitive advantage.
When Analytics Met People
Data and digitalization are currently turning businesses upside down and inside out. Start-ups with great products and services are challenging traditional industries, especially through their innovative business models and open platforms. Companies need to know their customers, and now we don’t mean on a segmentation level but we’re talking personified and individualized content, marketing and analysis.
The development that has happened in the Business to Customer interface during the last years is paving the way for People Analytics also in the Employee Experience and Candidate experience interface.
Our employees start representing a “workforce of one”, and we can start tailoring communications, services and learning for the correct people when they need it and where they need it.
People Analytics is a bit different than industrial or financial analytics. Numbers behave like numbers. A four will not suddenly change into a five because it feels tired today. A machine or an engine behaves like a machine, there are certain functionalities that you can follow. A human being on the other hand is a lovely, complex, cognitive and emotional entity that is in constant development, change and interaction with their surroundings. This brings the spice to People Analytics.
We need to be specialists in human behaviour, cognition, social interaction, emotional reactions, psychology, personality science, preference and decision making, feedback and learning, physical and mental wellbein. We need to be real “people geeks” to do people analytics well and in an ethically solid way.
Getting A 13 Times Payback
The market of People Analytics is set to grow immensely within the next few years. No wonder, because the average ROI for analytics projects is 1300%. (For every dollar spent if pays back 13.01 dollar, source Nucleus Research). People Analytics is the “youngest” branch of the analytics development and what business is not about people?!
Peoplegeeks are looking forward to leading the way in the Nordics regarding People Analytics. We are certain that companies that start with developing the business and people analytics will have a huge competitive advantage for years to come. Difficult decision? Start now and you are only a bit late. Start next year, and those who started now already are getting 13 times payback.
Follow us on our journey of co-creating a healthy future of work!
Riina Hellström, Co-Founder and Director of Peoplegeeks