When HfS Research community members check back here later this week they will have access to my first major research effort for HfS since joining late last year: “Predictive Capabilities in HCM Systems”. This Blueprint Market Guide includes trends, themes and related implications for both buyers and solution vendors, an evaluation of these capabilities within 9 HRMS or HR System of Record vendors, what to watch as this emerging area continues to evolve, and – of course – our recommendations for driving business value and ROI from these capabilities.
The aforementioned 3 reasons are:
- Surprising trailblazers … such as some of the HRMS players blazing the trail for other vendors to follow (aka our High Performers group) are probably not who you’d expect; e.g., none of the top 3 rated vendors on these specific capabilities are in the top 3 from a market share perspective.
- Insights … as well as market intelligence that will likely make you say to yourself “Hmmm, I haven’t thought of that.” As just one example, there are very logical reasons why a number of the 9 HRMS vendors covered selected ‘predicting flight or retention risk’ for their initial foray into this product investment area, but also some not-so-obvious reasons. Among the latter ilk, the “consequences of being wrong” are probably not as severe as with a number of other examples of predictive HCM use cases (actual and hypothetical) highlighted in the Report.
- Recommendations … including why investments from both vendors and customers in this exciting product innovation area should arguably be ratcheted up, and ways that both parties can do that and start reaping corresponding benefits while proactively managing risks and costs.
Bottom Line: This first-of-its-kind industry research from HfS will shine a bright light on one of the most promising advances to hit HR Tech since on-premise, client-server deployments went the way of the dinosaur.
Yes, the costs to hop onboard are not insignificant, but you can perhaps start with an economy ticket (modest investment) and then go further into this realm when business impacts are obvious. In time, HfS believes they will be, and early adopters often hold onto competitive advantage once they have it.
Posted in : Digital Transformation, HR Strategy