AI and human capital management

BI Support And HCM Cloud Reports at Your Fingertips

On their HCM trends report for 2019, the HR Federation reported that the global HR venture capital in 2018 stood at $3.1 billion, which was triple the amount that had been invested in the preceding year. The human resources department has been going through dynamic changes throughout the last decade. These changes can be attributed to factors such as the evolution of technologies, which include artificial intelligence and machine learning. These are reshaping the way organizations recruit, onboard, retain, and engage their workforce.

In this post, we look at a few ways through which AI is changing traditional HCM

1. Smart recruitment processes are now possible

The recruitment process starts when your business seeks a potential candidate and ends up with the HR department shortlisting the most likely candidate. With a huge part of the recruitment process becoming automated, you can now shift your focus from operational processes to improving the potential candidate’s experience, boosting employee commitment, and packaging the job in a way that appeals to the candidates. 

2. Analytics enable better and more effective performance management

Performance management is a critical component of the HR function. Thanks to solutions such as HCM Fusion the HR manager can easily monitor performance and collect supervisory feedback promptly. AI has streamlined performance management processes and eliminated lots of unnecessary steps. 

3. There are fewer compliance-related issues

Employee laws and regulations are continually changing, and they often involve vast amounts of paperwork. In the past, staying compliant meant that an organization dedicates huge amounts of IT storage capacity. HCM Cloud solutions have streamlined compliance processes.

4. It is driving workplace inclusion and diversity

Today’s consumers and job seekers are looking for organizations that value diversity. Also, millennials at the workplace are looking for challenging work, whereas previous generation employees are looking for growth. AI tools such as BI support have made it possible to map out a customized experience for each employee. This gives them a sense of inclusion. 

Through AI HCM solutions, your business can thrive in this digital age. However, before choosing and deploying one, you need to:

  • Identify your areas of need and outline how the solution will help streamline them
  • Onboard all stakeholders by coming up with change management strategies
  • Outline your KPIs along with the expected results

Doing this will help you know whether the solution has achieved its purpose. 

Let DataTerrain Help Your Organization Reach New Heights With OBIEE Support

In the modern world, technology is no longer an option but a necessity for businesses. With new technologies coming up constantly, HCM departments need to be extremely agile. For more information about how Advanced Business Intelligence software can improve your organization, contact DataTerrain online today via our online contact form here.