Today is anointed as Groundhog Day, and the country waits on Punxsutawney Phil to see if winter will continue for six more weeks or not. If it’s cloudy when Phil makes an appearance from his burrow, the spring season is expected to arrive early; if it’s sunny and he sees his shadow and retreats back into his den, the winter weather is expected to persist for six more weeks.
That’s the attraction and power of predictions.
Ever wondered how useful predictions could be in other areas of your life and especially in managing your business? Let’s talk about how predictions and predictive analytics affect the contingent workforce industry.
Managing contingent workforces is highly challenging to managers who constantly work to meet their talent requirements by working efficiently to find, engage and retain high quality talent in a timely manner. The industry offers fluctuating conditions and expects them to manage every aspect of their program smoothly. To achieve this objective, they need to have an efficient team of suppliers whose performance needs to be evaluated on parameters such as service/participation, submittal quality, contingent worker quality, responsiveness and compliance. The evaluation process must be robust, using ideal weightages to each of the important performance parameters to track and measure the relative performance of the suppliers against each other as well as track an individual supplier’s performance to mark improvements (or deterioration) over time, on the given range of parameters.
Everyone swears by the use of big data, which translates to process efficiency, speed and improved greater visibility into workforce sourcing and management. Strategic analytics and big data have become a part of HR operations and of HR technologies, enabling business decisions based on quantitative data, instead of qualitative or subjective feelings. A Vendor Management System (VMS) such as Smart Track has the ability to track such information from data collected over time. It then analyzes the data to derive insights to enable you to make informed decisions in real time, guaranteed to ensure business success.
Smart Track does not stop with offering just an embedded reporting and analytics feature, but also brings you a predictive (forecasts trends) and prescriptive (recommends the best course of action for you) model using diagnostic capabilities, which are further supported by machine learning.
Our VMS offers the ability to drill down into structured and unstructured data to mine for statistical patterns, correlations and insights. It mines your data and generates reports that tell you what’s working and what’s not – a highly valuable insight that can drive your decision-making and business strategy.
Smart Track’s various reports dive deep into all aspects of individual and collective supplier performance across significant parameters, and provides insightful analytics covering the market, spend, cycle time, diversity spend and business transactions. The reports also drill down for information on requisition status, specific data pertaining to each worker, expenses and time sheets, reports on compliance status, audit reports, client reports and tracking Statement of Work (SOW) projects.
These reports help to reduce or completely eliminate the pressures of doing business by providing a user with insights which tie the performance metrics to business goals in an objective and comprehensive way.
They also offer predictive approach forecasts of what might happen and the prescriptive analytic tools of Smart Track to advise the users on what should be done if there are gaps detected. Prescriptive analytics is especially useful to proactively manage your processes in a number of ways. Smart Track’s prescriptive analytic tools use cognitive technologies to provide data-driven metrics with built-in Natural Language Processing (NLP), and a sophisticated in-memory database and algorithm that offers candidate selection matching with our proprietary Match Index Intelligence, so you can quickly and easily choose the right candidate for a role.
The capabilities built into Smart Track are constantly upgraded thanks to its machine-learning capabilities, which learn by analyzing job requirements, candidate qualifications and historical hiring manager selections. It’s capable of predicting trends and uncovering insights that keep getting more precise and reliable over time, as it keeps collecting and analyzing more data.
Whether or not the groundhog’s predictions held true over the years, this custom of watching for his shadow to predict future weather outcomes continues. Between 1887 (when the practice was initiated) and now, Phil’s predictions were correct less than 50% of the time! But that doesn’t detract any from our enthusiastic celebration of the day.
Relying on the predictive powers of our VMS technology, however, will give you better results. Smart Track is based on real-time data using built-in Natural Language Processing and it far outstrips the predictive powers of Punxsutawney Phil, and proves itself far more dependable.
Ask for a demo at email@example.com to see how you can put Smart Track’s predictive and prescriptive analytics to work for you.
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