Thursday Jul 14, 2011

Oracle Fusion Human Capital Management Application uses Oracle Data Mining for Workforce Predictive Analytics

Oracle's new Fusion Human Capital Management (HCM) Application now embeds predictive analytic models automatically generated by Oracle Data Mining to enrich dashboards and manager's portals with predictions about the likelihood that an employee with voluntarily leave the organization and a prediction about the employee's likely future performance. Armed with this new information that is based on historical patterns and relationships found by Oracle Data Mining, enterprises can more proactively manage their valuable employee assets and better compete. The integrated Oracle Fusion HCM Application requires the Oracle Data Mining Option to the Oracle Database. With custom predictive models generated using the customer's own data, Oracle Fusion HCM enables managers to better understand the employees, understand the key factors for each individual and even perform "What if?" analysis to see the likely impact on an employee by adjusting a critical HR factor e.g. bonus, vacation time, amount of travel, etc.

Excerpting from the Oracle Fusion HCM website and collateral: "Every day organizations struggle to answer essential questions about their workforce. How much money are we losing by not having the right talent in place and how is that impacting current projects? What skills will we need in the next 5 years that we don’t have today? How will business be impacted by impending retirements and are we prepared? Fragmented systems and bolt-on analytics are only some of the barriers that HR faces today. The consequences include missed opportunities, lost productivity, attrition, and uncontrolled operational costs. To address these challenges, Oracle Fusion Human Capital Management (HCM)puts information at your fingertips, helps you predict future trends, and enables you to turn insight into action. You will eliminate unnecessary costs, increase workforce productivity and retention, and gain a strategic advantage over your competition. Oracle Fusion HCM has been designed from the ground up so that you can work naturally and intuitively with analytics woven right into the fabric of your business processes."

 

This exceprt from the Solution Brief http://www.oracle.com/us/products/applications/fusion/fusion-hcm-know-your-people-356192.pdf describes the Predictive Analytics features and benefits: "Every day organizations struggle to answer essential questions about their workforce. How much money are we losing by not having the right talent in place and how is that impacting current projects? What skills will we need in the next 5 years that we don’t have today? How will business be impacted by impending retirements and are we prepared? Fragmented systems and bolt-on analytics are only some of the barriers that HR faces today. The consequences include missed opportunities, lost productivity, attrition, and uncontrolled operational costs. To address these challenges, Oracle Fusion Human Capital Management (HCM) puts information at your fingertips, helps you predict future trends, and enables you to turn insight into action. You will eliminate unnecessary costs, increase workforce productivity and retention, and gain a strategic advantage over your competition. Oracle Fusion HCM has been designed from the ground up so that you can work naturally and intuitively with analytics woven right into the fabric of your business processes." ....

"Predictive Analysis Imagine if you could look ahead and be prepared for upcoming workforce trends. Most organizations do not have the analytic capability to do predictive human capital analysis, yet the worker information needed to make educated forecasts already exists today. Aging populations, shifting demographics, rising and falling economies, and multi-generational issues can have a significant impact on workforce decisions – for employees, managers and HR professionals. Not being able to accurately predict how all the moving parts fit together, and where you really have potential problems, can make or break an organization. Oracle Fusion HCM gives you the ability to finally see into the future, analyzing worker performance potential, risk of attrition, and enabling what-if analysis on ways to improve your workforce. Additionally, modeling capabilities provide you with extra power to bring together information from sources unthinkable in the past. For example, imagine understanding which recruiting agencies are providing the highest-quality recruits by comparing first year performance ratings with sources of hire. Being able to see potential problems before they occur and take immediate action will increase morale, save money, and boost your competitive edge. Result: You are able to look ahead and be prepared for upcoming workforce trends."

There is a great demo of Oracle Fusion HCM Workforce Predictive Analytics that highlights the Oracle Data Mining.  This is one of the latest examples of Applications "powered by Oracle Data Mining".

 

Employee grid

When you change your paradigm and move the algorithms to the data rather than the traditional approach of extracting the data and moving it to the algorithms for analysis, it CHANGES EVERYTHING. Keep watching for additional Applications powered by Oracle's in-database advanced analytics.

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