The HCM technology market is hot. Our 2014 research shows that 20 percent of HCM software buyers will replace their current standalone talent applications with an integrated talent management suite over the next 12 to 18 months.
What’s driving the purchase of HCM systems? A top reason is the need for better analytics capabilities, cited by 53 percent of our survey respondents. (See Figure 1.) Many organizations are frustrated by their inability to access, integrate, and analyze talent data to make better decisions. And many are willing to dump their existing systems and purchase an integrated talent management suite to get these capabilities.
To court these buyers, a host of vendors will be trotting out their analytics solutions at this week’s HR Tech conference in Las Vegas. IBM will be prominent among crowd. The company announced last week that its Kenexa Talent Suite now includes a Watson-powered data discovery application. This new offering allows HR and business professionals to access data, explore trends, and analyze patterns using natural language queries.
SuccessFactors will undoubtedly be another voice heard among the din. Its workforce analytics solution provides access to HR data, benchmarks, and analysis capabilities. Oracle, Workday, and many other talent management system providers will also be at the event showcasing their analytics solutions.
Aside from purchasing a system, HR organizations need to have the right skills to be able to access, analyze, and draw insights from data. Does your HR organization have the skills it needs to measure, analyze, and draw insights from data? Find out in our new report on organizing and staffing your talent analytics function.