Big Data’s impact on Human Resources

Big Data is fast becoming a vital component of the modern HR toolkit and the advantages go far beyond the ability to identify the brightest and the best talent. By embracing the potential of big data HR professionals can benefit from predictive insights on marketplace developments, employee retention and risk management to enhance the strategic value of the HR department and improve the overall efficiency of the HR function.

Knowing how to collect, analyze and interpret large volumes of unstructured data also assists in better decision-making as well as helping HR directors stay informed of competitors’ global hiring and firing activities. It also allows HR professionals keep track of outsourcing activities among industry peers and monitor changes in competitors’ recruitment trends. For job seekers, social media sites such as as LinkedIn and Twitter provide real-time access to new job opportunities and facilitate word of mouth recruitment, while recruiters are increasingly using social media sites to fill job vacancies and vet candidates.

Staying on top of all this data requires an automated system to monitor and extract relevant information so that HR teams are alerted in real-time when a competitor posts a job vacancy or makes a high profile appointment anywhere in the world. Having ready access to other information such as employment statistics, job forecasts, wages, and demographics promotes a deeper understanding of employment trends and labour market conditions, resulting in better informed decision-making.

The ability to assess the impact of your HR strategy by analyzing employee attrition rates as well as being able to benchmark compensation levels with competitors is made possible by collecting and analyzing data from an unlimited number of web sources. The feedback from this data can also identify human resource and training needs to meet the current and future requirements of your organization.

The race to adopt a more data-driven approach to workforce planning and HR strategy is largely driven by a demand for improvements and efficiencies in the following areas:

  • Talent acquisition and workforce planning
  • Professional Development
  • Employer brand reputation
  • Benchmarking compensation and benefits with competitors
  • Employee satisfaction and engagement
  • Risk Management

The road to 360-degree HR management is a challenging one in today’s constantly changing labor market, but by harnessing the power of big data analytics it’s possible to bring about significant results. Big data is helping HR departments to become more effective and efficient, provide more knowledgeable insights and do more with less in order to better deliver on its strategic aims.

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Q&A With Monica Nixon

This is the second installment in our Q&A series where we talk to some of the leading Competitive Intelligence professionals to get their expert views on industry trends and best practices. Monica Nixon will already be familiar to many of you as someone who has her finger on the pulse of the CI industry and her contribution here is likely to provoke some interesting discussion. We look forward to hearing your thoughts in the comments section.

Q. How can intelligence professionals engage and influence C-Suite decision-makers?

In my experience, the best way is to proactively produce analyses that those occupying the C suite find useful. These analyses should naturally showcase the analyst has a firm grasp of the intricacies of the business and associated competitive dynamics, but as well, they should also lay out various courses of action that could be taken to mediate a threat or to capitalize on an opportunity. This is the “magic formula” from my point of view.

Q. What best practices do you advocate for building awareness of CI among internal stakeholders?

Well, in a company new to CI I’ve found it extremely useful to sit down with the leaders of the different functional areas and do two things. First, present them with a list of deliverables CI can provide for their function; note it is always extremely advantageous to have concrete examples at hand.

So if one is talking with say, the head of Sales, walk in with a sales tool for a recently launched product that clearly illustrates how to optimally position said product vs the competition’s offering. Naturally, the tool should include a knock down of the competition’s arguments as to their relative strengths and weaknesses. Similarly, if you are meeting in a tech company with the head of an R/D lab or future product development, you might walk in with your projections for what the evolution of key competitors product lines or technologies are going to look like over the next 36 months.

The second thing is to give them the floor to discuss with you three or four of their key concerns or questions. Take them to heart and answer them thoroughly and expediently. Do this and you wont just have awareness, you’ll have credibility and trust.

Q. In your opinion what is the most exciting development to emerge in the CI industry in the last five years?

Unequivocally and without any even a remotely close parallel, the conversations that Eric Garland subsequently provoked with regard to PEAK INTELLIGENCE after the publication of his article on the topic in the Atlantic. Why? Because sadly, he couldn’t be more right about the state of the industry; and while his key points have been whispered between Strategic analysts after leaving corporate boardrooms since the 2008 crash, no one had shown the fortitude required to address these disquieting realities in a public forum. Eric is to be congratulated because if we cant do what we are really supposed to be doing as Strategic CI Pros, everyone in Strategic CI might as well move right on over to the PR Department.

Q. What is the biggest challenge in CI right now?

Being given the latitude to tell the truth on matters of import relative to policy and economic reality, instead of being expected to downplay the ultimate futility of trying to maintain the illusion that we still have a functional economy.

Q. How to overcome this challenge?

Well, to answer in somewhat of a round about fashion – I think cognitive dissonance is increasing and all this irrational faith that we are in a sustainable recovery in the US or that the ECB/IMF/EU Troika can ring fence the PIIGS or that liquidity will take care of fundamental insolvency problems, will eventually give way to undeniable and countervailing evidence to the contrary. When this house of cards comes tumbling down then for the second time, I tend to surmise the truth will once again be in demand.

About Monica Nixon

Monica Nixon is the Founder and Principal Analyst at Nixon Intelligence Consulting Services (NICS). NICS provides clients in the US and Europe with strategic and tactical intelligence across a variety of domains including medical devices, patent and IP related services, IC packaging, Intelligence SW & Social Media .

Prior to founding NICS, Monica was a Strategic Intelligence Analyst at Hewlett Packard who later lead the Intelligence function at Ricoh.

If you’re interested in participating in this Q&A series email me orlaith.finnegan(at)digimind.com


 

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“Apple should pull the plug on the iPhone” and other bad corporate predictions

The volatility of the tech industry is one of its defining characteristics and nowhere is this more evident than in the dynamism of the smartphone market. In an earlier post I mentioned how five years ago three companies controlled 64% of the smartphone market: Nokia, Research in Motion and Motorola. Today, two different companies are at the top of the pile, Apple and Samsung. What makes this reversal of fortunes interesting from a Competitive Intelligence perspective is to see how under-prepared some of the leading industry players were for the major upheavals that affected their market in recent years.

An article which appears in Forbes today describes how in 2007 industry stalwarts like Microsoft were downright dismissive of Apple and Google’s chances of becoming serious contenders in the smartphone business. Fast forward six years later and it’s eye-opening to read a statement from Steve Ballmer ridiculing the notion of a smartphone without a keyboard. Of course it’s in every company’s interest (and in the interest of their shareholders) to publicly downplay the threat posed by competitors but the failure to acknowledge the potential for disruption in a highly innovative market environment also reveals something deeper, a mindset of complacency at the strategic level.

When a new competitor appears on the block, it’s often met with denial. Then, as denial becomes untenable, the threat is downplayed until the competitor starts aggressively eroding market share. Apple’s decision to compete in the smartphone market was a classic example of ‘second mover advantage’, they succeeded in stealing market share with advanced technological innovations and better marketing, catching the incumbents completely unawares.

Here are some of the (astonishing) public pronouncements, preceding Apple’s entry into the smartphone market, as collated by Adam Thierer in Forbes:

“We’ve learned and struggled for a few years here figuring out how to make a decent phone, PC guys are not going to just figure this out. They’re not going to just walk in.” – Palm CEO Ed Colligan, December 2006

“Five hundred dollars? Fully subsidized? With a plan? I said that’s the most expensive phone in the world and it doesn’t appeal to business customers because it doesn’t have a keyboard, which makes it not a very good e-mail machine.” – Microsoft CEO Steve Ballmer, January 2007

“Apple should pull the plug on the iPhone” since “There is no likelihood that Apple can be successful in a business this competitive.”  “This is not an emerging business. In fact it’s gone so far that it’s in the process of consolidation with probably two players dominating everything, Nokia Corp. and Motorola Inc.” – Computing industry pundit John C. Dvorak, March 2007

If we learn anything from the above statements, it’s this – never underestimate the potential for a new product or competitor to come along and completely disrupt the status quo. There is no longer any certainties about who the dominant industry player will be beyond the next five or ten years. Apple is currently riding on the crest of a wave but there are always new players jostling for first place. The same rule applies for virtually every industry and marketplace. Often your biggest competitor comes from an unlikely source. Kodak never imagined that they’d face stiff competition from smartphone manufacturers.

New technologies are being developed every day and they can provide a competitive advantage only if they are leveraged before competitors get the opportunity to leverage them too. Digimind helps companies to anticipate and track technological developments that may affect current manufacturing, product development, recruitment, workforce retraining and research activities. Companies need to stay on top of technological developments and trends in order to compete successfully.

If you would like to learn more about Digimind’s Technology Watch contact us today for a web demo.

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Q&A with Seena Sharp – Sharp Market Intelligence


This is the first in a series of Q&A posts with some of the most prominent thinkers and influencers in the area of competitive and market intelligence. We kick off the series with Seena Sharp, who is indisputably one of the leading figures in the CI industry. On a personal note, her book ‘Competitive Intelligence Advantage’ was my first introduction to the world of competitive intelligence. 

After more than 30 years in the business her unstinting enthusiasm for competitive intelligence is infectious. That, coupled with her unrivalled experience makes her one of the foremost thought leaders in the CI profession today.

Q: What advice would you give to somebody considering Competitive Intelligence as a career option?
First, you must understand business, what’s important to them and what’s most important for them to know – even if they don’t ask. Knowing how to find information is less important.

Q: What do you think are the qualities necessary to succeed in Competitive Intelligence?
Have the qualities of a good journalist (primarily curiosity, and persistence to write the truth and to make sure it includes all relevant aspects.) Being an expert in information or databases is not nearly as important as most think. Be a very good communicator. Have or develop the ability to express your findings in a meaningful way (that resonates with those who will be using it). Analysis requires more than translating the findings. Be able to relay what the findings mean to the company and what barriers may exist within the company that inhibit adopting recommendations.

Q: Do you think the best CI practitioners are born or made?
The skills for a good CI practitioner are the same for success in many other fields, so they can be learned.

Q: You founded one of the first Competitive Intelligence companies, Sharp Market Intelligence, in 1979. What piece of advice do you wish you were given in those early days of your career?
Reconsider entering a field in which there are no competitors. No matter how valuable the service is, if there are no competitors, there may be very little interest.

Q: A lot of technological innovations have changed the CI landscape in recent years, but what are the industry values and practices that remain constant?
Technology assists, but does not replace, human skills. Competitive intelligence requires detective work, which is methodical, careful, comprehensive, and relevant……..including an understanding of business today. And it must be ethical.

Q: What are the biggest challenges facing CI professionals today, in your opinion?
The same challenge as when I entered this field: a lack of interest from business (executives, entrepreneurs, and managers) who continue to believe that THEY know today’s reality and they can’t learn anything new or valuable from CI. Be less focused on confirming and more focused on what’s changing and emerging. This reflects today and tomorrow – the only time your company is selling.

Q: How do you overcome this challenge?
By constantly alerting them to changes, especially those outside the industry, which will impact their business. These alerts will be unfamiliar and are likely to be ignored, dismissed, or underestimated. It’s the responsibility of the CI practitioner to persevere and not be frustrated. These alerts re changes will be surprising, unconventional (re the industry), contradictory (to what they believe), weird, strange, and will challenge their assumptions. Present a solid case that connects the dots from the past (what they believe) to what is true today (what they don’t yet believe.) All these comments apply to B2B, B2C, nonprofits, educational, or institutional organizations.

About Seena Sharp  (Sharp Market Intelligence)
Seena founded one of the first competitive intelligence firms in the US, Sharp Market Intelligence, following a successful corporate career in New York City, where she earned her masters’ degree in mathematics from New York University. Their clients include Fortune 500 firms as well as smaller or less well known companies, covering more than 200 industries. They provide intelligence, today’s reality, opportunities, and emerging threats to companies who are entering a new industry, expanding their line, seeking new or different customers, preparing their strategic or marketing plan, looking for alternative uses, and engaged in mergers and acquisitions. Seena was inducted into the Hall of Fame for the Association for Strategic Planning and is a SCIP Fellow. She speaks globally, has written or was featured in numerous business publications, and her book is required reading in MBA courses in the US, UK, and Australia.

Seena’s book ‘Competitive Intelligence Advantage: How to Minimize Risk, Avoid Surprises, and Grow Your Company in a Changing World.’ is an indispensable guide for the modern CI practitioner. It has something for everyone, from the fledgling CI professional to the established expert looking for a broad, razor-sharp exploration of the CI landscape.

If you’re interested in participating in this Q&A series email me orlaith.finnegan(at)digimind.com

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Digimind Intelligence Survey

In order to keep pace with the ever-evolving Intelligence landscape and to reflect the major changes which have been taking place in recent years, Digimind is undertaking a survey to pinpoint the current trends and practices shaping our industry.

The survey will provide a snapshot of the current challenges and priorities of some of the leading global businesses across Europe and the United States. We want to capture the diverse experience of competitive intelligence and market intelligence professionals around the world.

Complete the survey by Monday April 16th and you will be automatically entered into a draw to win a new iPad.

Click here to access the online survey: Digimind Intelligence Survey

On completion of the survey you will be entitled to receive a free copy of the results and significant findings.

Thank you in advance for your participation!

A quick note about privacy: Your data will be used only for statistical purposes and will remain strictly confidential. It will not be shared with any third parties. For additional questions, we remain at your disposal.

 

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Using Sales Intelligence to Boost Revenue

It’s becoming increasingly difficult for businesses to make accurate forecasts about what might happen six months from now. We’re living in a world that is in constant flux and providing accurate projections so that we can adequately plan our sales strategy, assess competitor threats and anticipate changes in consumer behavior is a perpetual challenge.

Navigating today’s turbulent business landscape requires the ability to adapt quickly to changing market opportunities and complex sales cycles. The pervasive use of social media tools like Twitter and Facebook has changed the dynamics of the buyer/seller relationship and heralded a revolution in consumer behavior. Our online interactions are fuelling the explosion in the knowledge economy and these social exchanges play an increasingly influential role in brand affinity and purchasing decisions. The lack of control in the sales cycle is a by-product of this changing business landscape. The linear sales process is no longer suited to attracting and retaining loyal customers in today’s competitive sales environment.

According to Robert Safian, editor of Fast Company, “The business climate, it turns out, is a lot like the weather. And we’ve entered a next-two-hours era. The pace of change in our economy and our culture is accelerating–fueled by global adoption of social, mobile, and other new technologies–and our visibility about the future is declining.” He points to the constantly shifting sands of the global mobile phone market as evidence of this tireless creation and destruction cycle. “Just five years ago, three companies controlled 64% of the smartphone market: Nokia, Research in Motion, and Motorola. Today, two different companies are at the top of the industry: Samsung and Apple. This sudden complete swap in the pecking order of a global multibillion-dollar industry is unprecedented.” It should come as no surprise that sales professionals are struggling to keep up with the frenetic pace of change. In a 2010 survey conducted by OgilvyOne among 1000 sales professionals in the US, UK, Brazil and China, 68% believed that the selling process is changing faster than their own organizations are adapting to it. There is a growing knowledge gap that needs to be bridged to ensure that sales professionals have all the information they need at their fingertips in order to respond appropriately to customer needs and demands. Companies need to better equip their salespeople with the necessary tools and training to meet this new reality or face diminishing sales and loss of revenue.

The ability to automatically monitor and extract information flowing from an unlimited number of web sources such as news sites, discussion forums, social networks and even the ability to analyze the minutes and agendas from council meetings or examine newly uploaded pdf files on your competitors websites – these are just some of the exciting developments that companies are starting to leverage. For example a Sales manager from Philips in charge of selling global lighting systems to equip buildings would be interested in monitoring public tender websites to identify new sales opportunities.

The future of selling is one which relies on targeted sales intelligence, similar to the way Amazon recommends books to you based on your purchase patterns. Once companies learn to harness this information correctly, the insight it will provide to frontline sales teams will reap huge rewards. Wal-Mart, the world’s largest retailer, is logging one million customer transactions per hour and feeding information into databases estimated at 2.5 petabytes in size. In order to predict or at least anticipate changes in customer sentiment, it’s imperative that sales professionals have access to the latest market data at the click of a mouse. The idea is not to overburden sales professionals with massive amounts of information but to package important data into valuable and intuitive insights to speed up sales cycles and ensure better outcomes. The secret to winning more customers begins with empowering your sales executives with all the information they need to close that lucrative sale.

Benefits of using intelligence to improve the sales process:

  • Receive detailed competitor product descriptions
  • Benchmark sales performance against competitors
  • Enable narrow segmentation of consumers to provide more tailored solutions
  • Measure online reputation and analyze consumer sentiment
  • Achieve faster sales cycles and better results
  • Target resources more efficiently
  • Profile potential customers and identify upselling opportunities
  • Assess opportunities and threats in new and existing markets

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Whogotfunded.com – the world’s largest venture capital database

After months of intensive work we’re preparing to unveil whogotfunded.com, the world’s largest and most comprehensive venture capital database. It’s the only website allowing people to track high-potential start ups who have recently received funding. When it launches in April it will soon become the number one source for finding out what’s happening in the fast-moving, global venture capital scene. We developed the site to speed up access to information about global funding events and if the rapid growth of our subscription list is any indicator, we’re filling a huge demand.

Information is the currency of the new competitive landscape and global enterprises depend on having fast access to reliable data that informs better, strategic decision-making. As well as benefiting VCs and entrepreneurial firms looking to raise capital, the site will also be an invaluable resource for M&A directors looking to find and evaluate potential acquisition or merger opportunities.

The website automatically extracts data from Twitter, web news and The US Securities and Exchange Commission (SEC). The database is updated every minute in real-time, providing information as it happens. In addition, more than 2 million news stories are analyzed every day to bring you details of the latest venture capital transactions and deals closed.

The ambitious project was led by Digimind’s CEO, Paul Vivant, in association with Daedalus, a Spanish company that specializes in text mining. It’s a further example of Digimind’s ongoing commitment to delivering innovative new products that drive business success.

“This is an exciting new venture for Digimind, involving our core expertise in collecting and analyzing large unstructured data and converting it into actionable information. Our ability to monitor, extract and structure digital content has proven to drive better informed decision-making for our clients.” (Paul Vivant, Digimind CEO)

Whogotfunded.com is the only website of its kind in the world, facilitating expansive searches by location, industry and company name.

Benefits:

  • Identify high potential start-ups by industry or location
  • Conduct company searches
  • Track investors

The site will be fully operational in April but we are urging people to register on the site now to start receiving updates as soon as it goes live. Register today at www.whogotfunded.com and stay on top of the latest VC deals taking place from San Francisco to Singapore.

You can read more about it on The Next Web

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Unlocking the potential of ‘big data’ in the market research industry

Companies who wish to unlock the potential of ‘big data’ are eyeing up opportunities in areas such as market research, where the insights that come from being able to analyze big data sets are delivering huge rewards.

The market research industry has been keeping pace with other information-based sectors in recent years by integrating technology to assist in the analysis of digital content. As the amount of sources on the web continues to spiral, the reliance on automated solutions to collect, manage and filter huge swathes of information has propelled the market research industry forward in its ability to provide ever faster and more accurate research findings.

The industry has been buoyed for many years by substantial investment from companies that are eager to tap into customer behavior patterns and analyze market trends. Faced with tighter budget controls and in an effort to become leaner and more competitive, market researchers have been quick to adopt automated tools to drive down the costs associated with manual information extraction and analysis, while considerable cost and time-savings have also been achieved through online market research techniques.

The advent of social media has also afforded researchers unprecedented access to consumers and opened up a vast pool of information to analyze. Having access to all this organic data throws up a common dilemma for market researchers. How to transform these large data streams into actionable insights when faced with a reduced budget and fewer staff? The market research industry has found the only viable solution lies in greater automation and integration of technology to harness information effectively.

While the market research industry has undergone a monumental shift in the last five years, the future promises even more changes, given the ever-increasing pace of technological innovation. What are your predictions for how the market research industry will evolve over the next five to ten years?

(This post first appeared on SmartDataCollective.com

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Google and Facebook lobbying expenditure

Lobbying has become a pejorative term, conjuring up images of vested interests and powerful organizations using their wealth to influence legislators or other public officials in order to affect a particular policy outcome. Its reputation as a dark art has been bolstered by high profile controversies such as the recent one in the UK involving public affairs company Bell Pottinger. More recently, heavyweights in the US entertainment industry spent millions of dollars trying to secure approval for the Stop Online Piracy Act (SOPA) bill.

Lobbying can cover a diverse range of practices, depending on the size of the company. A large multinational will naturally command greater influence and access than an SME, for example, and will have more resources at its disposal. Lobbying often involves influencing politicians and opinion leaders during discussions in parliamentary corridors, in private meetings, social functions or via email. Many large companies have offices dedicated to lobbying in Washington or near to the Brussels Parliament.
Lobbying expenditure in 2011
Internet companies are also heavily involved in lobbying and the Center for Responsive Politics has revealed the substantial budgets of these web giants.

In 2011, Google increased its lobbying budget on the previous year by 14% to reach $5.9 million (€4.5 million).
Microsoft spent $5.5 million (€4.2 million) in 2011.
Facebook tripled its budget from $350,000 to $910,000 (€700,700).

What constitutes lobbying for these key internet players?
Companies can vary their lobbying techniques to include low-key measures as well as more overt attempts to influence politicians. They can engage discreetly on issues related to personal data and privacy laws or rely on more strenuous lobbying efforts during antitrust proceedings to minimize adverse findings (examples include Microsoft, Intel and Google).

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CI in Pharma – Maximizing success for Clinical Trials

One of the biggest competitive advances for Pharmaceutical companies in recent years has been the emergence of software solutions designed to track and monitor clinical trials. Before a new drug can earn regulatory approval, pharmaceutical companies must conduct extensive clinical trials to test the drug for safety and efficacy. Clinical trials require massive investment in terms of funding and time; they can last on average 5-7 years. The drug development period is typically divided into 4 distinct phases.

The first phase requires in-depth research and development to identify new active ingredients, the second phase involves initial clinical testing of the new drug, while the third phase involves clinical trials with humans, with a view to achieving regulatory approval. This brings us to the fourth or final phase when the drug is launched on the market. Before companies get to this final stage they have to conduct market-wide analysis to see if their competitors are advancing any trials for treating similar diseases. The inability to identify critical issues at this stage in the development process can result in poor trial outcomes, risks to patient safety, and failure to obtain drug approval. Pharmaceutical companies want to mitigate these risks by adopting intelligence tools to actively monitor clinical trial activity.

Digimind’s clinical trials dashboard provides some of the leading global Pharma companies with comprehensive real-time monitoring of clinical trials, gathering information from over 120,000 active trials in 178 countries. Digimind’s clients can easily identify what trials are being conducted in each geographical region of the world, the current stage of the trial, the estimated enrolment number, estimated completion date, what disease the drug aims to treat, any reported outcomes and lists of participating laboratories. In addition, Digimind’s interactive timeline enables our clients to see up to 50 clinical trials at a glance.

With Digimind you get on-demand access to a wide range of intelligence issues and obtain answers to the following critical questions:

  • Who else is competing in this market segment?
  • Where is the opportunity for this type of drug?
  • When will trial enrolment end?
  • How many people are enrolled in this trial?
  • Where are trials taking place?
  • Which trials had successful outcomes?

As a result of the global economic crisis and the spiraling costs associated with the development of new drugs, the pharmaceutical industry is under pressure to carefully manage and minimize the risks inherent in the early stages of drug development. It is crucial that opportunities are unveiled and threats are identified through intense monitoring of competitors and their activities. Armed with Digimind’s clinical trials dashboard, pharmaceutical companies have up-to-date details of every stage of the clinical trial process – from the drug discovery and development phase, to queries regarding the chemical properties of the  ingredients involved, drug pipeline and drug licencing deals and financial partnerships.

For more information about Digimind’s Clinical Trials Dashboard please contact us today to arrange a web demonstration.

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