Big data will alter the landscape across every industry. It is a new way of thinking.
—ICGX Advertisement for Big Data
This chapter adds to Chapter 6, providing additional examples of statistical methods. The goal is not to scare away people who don’t have knowledge of statistics. It aims to show the power of this powerful analytics tool and examples of how it can (and we believe will) be used in human resources (HR) management. Once you understand when it is useful to conduct a statistical analysis, you can hire from the outside or borrow the talent from within your company.
The road toward mastering analytics is a long one, and the destination is not the end goal. Being able to survive and thrive along the journey while bringing your team and organization along with you—that’s the interim goal. The end goal is to optimize the value that you can add to your organization. We hope that this book has provided insights that will make your trek a little smoother.
This chapter focuses on the future. We aim to provide insights about what you can expect to face—and prepare for—in regard to human capital analytics in the near future.
WHAT DOES THE FUTURE LOOK LIKE?
In order to look toward the future, it is valuable to look toward four other fields of study for insights that will enhance human capital data. They are:
- Finance: Business standards and valuation of organizations
- Mathematics: Chaos theory
- Information Technology: ...