Tight Job Market? Analytics Can Help. (Part 1)

The unemployment rate is very low.  The employees we are forced to hire today tend to be inexperienced and sometimes unqualified.  We can train many of them, but the benefits of intuition and experience are only gained after years of working in a role.  It is causing some hard times especially for small to mid-sized companies.

Many companies are now using predictive and prescriptive analytics to do a fair share of the day to day work.  These Artificial Intelligence (AI) based systems can help manage inventory, increase sales, support more efficient operations and manage finances.  Systems are now available to help increase profitability while being given the task of making routine decisions and, at the same time, reducing risks.  AI might just be able to help you delay hiring a new employee or at the very least making them more productive faster after they are hired.

There are several things you will want to consider when hiring an analyst or firm to assist you with applying AI formulas and adapting them to your systems.

  • Look for multiple formulas being applied to a single decision. Like a hurricane forecast, the most accurate predictions are based upon multiple theories which are averaged out to create the most likely outcome.  They are more than just a straight-line forecast.
  • Like the positions you are hiring for, rookie analysts are available to help you predict what you want. Their enthusiasm rarely makes up for lack of knowledge of business processes and changes that would benefit anyone in your industry.  Seasoned analysts in your marketplace should be able to tell you what you will want to know and to deliver it without much trial and error.
  • Proper predictions and prescriptions are often influenced by data beyond a single data source. Today’s business solutions are made up of multiple providers specializing in one area of the business.  Experienced modelers will thread data from multiple sources and produce solutions benefiting one or both processes within the enterprise.
  • AI models need to go beyond producing a report or dashboard. Data can be placed back into databases and automatically trigger actions offloading the need for human intervention.  These systems-based, business process robots can be trained to do the work and to engage a human only when certain exceptional situations arise.

To give you an example, we work closely with a solution that helps you hire the right person to fit a specific job role.  After a short survey, the system can tell you which applicant is most likely to succeed in filling the role.  It is based upon sound analytics that has been developed over years of applying AI.   The machine learning has continued to improve over time to the point it now provides stunningly accurate predictions.  We, in turn, thread their data through the ERP and CRM systems to validate the success.  Why not? The data is there, and it is relatable to both systems.

Yes, implementing Artificial Intelligence (AI) can help make your current employee’s more productive and thus analytics can help you during this tight job market.

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