Data science is an inter-disciplinary field that uses scientific methods, processes, and algorithms to extract knowledge and insights from any structured or unstructured data (Wikipedia). Data science is related to data mining and big data, and unifies different disciplines such as machine learning, analytics, and statistics. The main goal of data science is to understand and extract knowledge from data.
Data science can
provide HR managers with unique techniques for forecasting and optimization.
Data science can help HR managers with:
- Forecasting the human capital demand and supply ratio
- Recruitment through filtering algorithms.
- Use of text analysis and streaming data for analyzing information flows.
- Strategic human resource planning, predicting and estimating cost per hire, training costs, HR budgeting.
- Use of predictive analysis to foresee turnover intentions, retentions, and to improve succession planning.
Is data science appropriate for your organization?
Technological advancements aim to improve our
daily life and facilitate the way we manage our work and respond to the complex
world around us. Human Resource (HR) management is amongst many other
fields of practice which are becoming more and more dependent on technology and
Artificial Intelligence (AI). To the extent that, all firms today are using at
least one type of technology to manage their business and employees.
To start a data science project, one must analyze whether it can solve a business problem, improve operation efficiencies, increase sales, or add any values to organization outcomes. The process of initiating a successful data science project is as follow:
- Evaluate the business problem by conducting need assessment.
- Identify the skills required for the data science project.
- Conduct stakeholder analysis and stakeholder need analysis.
- Assess the available data and conduct gap analysis.
- Define relevant metrics and proper KPIs.
- Manage technical metrics and plan for infrastructure.
- Conduct a project risk assessment. Set a realistic project time line and evaluate the resource requirement and costs of the project.
- Present the project proposal to stakeholder and negotiate to get the approval.
- Build the technical team and start the project.