We are honored to announce the addition of three new members to our Board of Directors: Tim Yates, former CEO of Monster Worldwide; Mark Hamdan, founder of HRsmart; and Joe Otto, former CEO and Chairman of Alpine Data.
Each offers unique, valuable experience and expertise. Our company, our predictive analytics recruiting solution, and our customers will be better as a result. The value these new partners are delivering reminds us of the importance of partnerships for solving HR challenges through big data and predictive analytics. Let’s examine some of these partnerships.
Partnerships Between Organizations and Data Companies
Most business leaders and experts understand the potential of big data and predictive analytics. Realizing that potential, however, has often been problematic.
The problem is gathering the right data, managing the data, and analyzing the data can be difficult—and pretty much impossible without skilled data scientists. Recently, a whopping 90% of respondents to the IDG Enterprise Data & Analytics Survey 2016 said they’d “experienced pain” in one of the following areas: data access and analysis (38%), data transformation (17%), data creation and collection (13%), data migration (13%), and data storage (10%).
It’s one reason we see more and more data companies—companies that help organizations make better use of big data and analytics. These data companies can help organizations generate value throughout the organization, including HR.
Partnerships Between Organizations and Technology Providers
A growing number of technology providers are offering big data- and analytics-powered solutions that help organizations solve HR challenges. It’s important that organizations partner with the right providers, however. Analytics tools can often go underused if they require organizations to have more than modest in-house analytics expertise.
Organizations often benefit most by using predictive technologies that have a low Time to Predictive Value. TtPV—a term coined by HfS Research analyst Steve Goldberg—is the average length of time it takes for a typical organization to consistently experience the predictive capabilities within a technology tool or system, and therefore derive meaningful and incremental business benefits from that solution. In other words, a low TtPV means you don’t have to wait long to see results.
It’s also important that technologies help solve real challenges for organizations. For example, for organizations that don’t have a problem acquiring sufficient, high-quality talent, our ENGAGE recruiting technology probably wouldn’t be the best solution fit.
Meanwhile, it’s also critical for technology providers to think of organizations not just as clients, but also as partners.
Partnerships Among Technology Providers
For organizations to get the most value from big data and predictive technologies, those technologies need to be integrated with other technologies that organizations use. If technologies aren’t integrated, organizations face frustration when trying to incorporate them with other activities, and the big data and predictive technologies can be underused as a result.
We’ve been actively working on new data sources and new integrations. Recently, we’ve integrated with more than 100 ATS, CRM, contact management and campaign management platforms.
Partnerships Between Technology Providers and Experts/Stakeholders
Big data and predictive analytics providers also should work with appropriate experts and stakeholders to continue to develop their solutions—to make technologies more powerful and easier to use, so the organizations that use them get more value, and are better able to solve their HR challenges.
Full circle to our Board of Directors
To return full circle, this is why adding Tim Yates, Mark (Maan) Hamdan and Joe Otto as new members of our Board of Directors is important. Yates offers a complete understanding of the talent acquisition landscape, including the opportunities and challenges for employers, recruiters and candidates. Hamdan offers the expertise gleaned from pioneering full-suite HR systems. And Otto offers his knowledge of analytics, big data, predictive data, machine learning, and data modeling. The three join the other members of our board, Bob Habig, former CFO of Trilliant, and our founder and CEO, Joseph Hanna.
Together with our advisors—who represent academia, practitioners, and respected HR tech industry analysts—we are fortunate to be surrounded by significant knowledge and experience. The insights from these directors and advisors help us develop our predictive analytics technology. The goal is to enable employers and recruiters to not only build robust pipelines of quality passive candidates, but also know when those candidates are likely ready for new opportunities. Doing so, we believe, will help employers and recruiters solve what most experts consider the biggest challenge for organizations today: acquiring quality talent.