Big Data and Big Success

10/6/2015

What’s one of the biggest trends among CEOs today? Leveraging data to help inform strategy. But while many executives are trying to monetize Big Data, they do not always recognize the full potential of analytics.

There are 3 main forms of analytics companies can perform:

  1. Gathering efficiency and reactions metrics about leadership programs
  2. Benchmarking leaders against their peers within a company
  3. Using data to forecast future leadership talent needs

However, as Development Dimensions International detailed in its 2015 Global Leadership Forecast, 47 percent of organizations don’t do any form of leadership analytics well, and only 1 in 20 does all forms well. Also, the report shows, for almost every form, more companies have failed than succeeded. But the bigger issue is that what organizations do rarely produces value for the business.

What are some steps leaders can take to increase the effective use of analytics in their companies?

  • Include HR in the Big Data strategy to apply structure, data qualification and logic to analytics.
  • Make sure leaders, business partners and senior executives at all levels of the company have the same perception of the analytics being used.
  • Focus on future- and business-centric analytics that anticipate talent gaps and align talent management and strategic goals. This is another area where HR can play a great supporting role.

Big Data isn’t just a trend – it’s a great strategic tool. But how a company harnesses analytics, and whom they partner with, makes a big difference in being able to turn those numbers into strategic results.