Human Capital Analytics

10Predictive Analytics - Next Chapter in Talent Management

Swati Rai¹, Rakesh Kumar Yadav¹* and Rajesh Kumar Dhanaraj²

¹Department of Management Studies, School of Business Management, IFTM University, Moradabad, Uttar Pradesh, India

²Symbiosis International (Deemed University), Pune, Maharashtra, India

Abstract

When the era is so competitive, then survival of the fittest becomes a challenge, and here comes the savior, predictive analytics. Predictive analytics is a branch of advanced analytics that makes predictions about future outcomes using historical data combined with statistical modeling. To survive and grow, one needs to deeply and thoroughly understand and analyze trends and developments, subsequently calculating and forecasting the forthcoming patterns of the resources, such as inventory, human resources, integrated marketing communications, and almost all the further facets of operations management. This is the only secret ingredient that can bring a business advantage. Another lifeline for the success of any organization is its human resources, which effectively handles the other resources. So, identifying and nurturing the top talent in this modern and competitive world of business is a strategic imperative. However, everything cannot be done only on the basis of intuition. Therefore, organizations are nowadays gradually progressing to predictive analytics to gain important acumens about their manpower. This, in turn, facilitates them to make intelligent decisions ...