SAN FRANCISCO--(BUSINESS WIRE)--Evolv, Inc., the leading provider of big data solutions for workforce optimization, today unveiled a new version of the Evolv Workforce Optimization Cloud, which now includes a breakthrough predictive analytics application called Evolv Insights. Together with Evolv Selection, an award-winning hiring and assessment application, Evolv’s software utilizes big data to bring powerful predictive analytics, machine learning and workforce science to operations and HR leaders who need to optimize hiring and management across the entire employee lifecycle.
“Through our work with leading Fortune 100 companies, Evolv has already proven that big data for the workforce can improve companies’ profits by tens to hundreds of millions of dollars each year,” said Max Simkoff, Co-founder and CEO of Evolv. “Now, with the launch of Evolv Insights, we bring the power of big data and predictive workforce analytics to operational and HR teams who can run our predictive models, perform simulations and analyze workforce data without any statistical training. Like a PhD in a box, Evolv Insights gives companies unprecedented insights into the drivers of workforce performance.”
Evolv Insights Meets Market Demand for Operational Workforce Data:
According to research1 conducted by Bersin by Deloitte, companies that use predictive analytics for forecasting outcomes and strategic planning gain tremendous business returns. For example, they are twice as likely to deliver high impact recruiting solutions, their leadership pipelines are twice as healthy, and their stock market returns are 30 percent higher than the S&P 500. However, only 4 percent of surveyed companies have achieved the capability to perform predictive analytics about their workforce.2 This finding indicates a vast unaddressed market need.
Evolv is meeting this need with Evolv Insights, the industry’s first cloud-based predictive analytics application that uses big data to enable business leaders at all levels to uncover and prioritize the predictors of business and HR performance. Along with Evolv’s employee assessment application, Evolv Selection, Evolv Insights optimizes both the hiring and management of workers throughout their entire employee lifecycle.
Utilizing aggregated data about employee characteristics and their performance, which may include things like sales metrics or scheduling adherence, operations and HR teams can see a comprehensive view of how their workforce is currently functioning and, more importantly, discover the true factors driving performance and how they can be optimized. For example, Evolv Insights allows managers to model different scenarios for achieving operational goals and then apply “what if” analysis to forecast the impact specific changes will have on achieving them. As a result, companies can proactively improve the quality, productivity and performance of their workforce to align with business goals.
Key Features of Evolv Insights:
- INTEGRATION – Rapid data integration, using Hadoop-based technology, brings new levels of speed and scale to the process of data alignment and readiness
- DISCOVERY – Execs and analysts can “create insights” in order to uncover the causal predictors of performance and attrition
- TARGETING – Execs and managers can implement specific target actions to improve key predictive factors
- SIMULATION – Instant “what if” analysis predicts the future impact of these actions
- ACTION – Execs and managers can assign critical tasks to managers to execute key improvement programs or strategies at an operational level
- TRACKING & MANAGEMENT – Predictive, configurable dashboards allow line managers and executives to view and monitor progress against actions and get continuous, updated predictions of local or macro-level performance and attrition
“We’ve been partnering with Evolv using Evolv Selection for nearly three years. This has resulted in significant improvement in both employee retention and proficiency,” said Alec Brecker, President and Chief Executive Officer of The Results Companies, a leading provider of customer experience management outsourcing. “The bottom-line impacts of Evolv Selection paved the way for Evolv Insights. With Evolv Insights, we are better able to understand employees and improve not just how we handle our business, but also the full lifecycle of our most valuable resource: people.”
“Predictive analytics enables firms to reduce risks, make intelligent decisions and create differentiated, and more personal customer experiences. But predictive analytics is hard to do without the right tools and technologies,” wrote Mike Gualtieri, principal analyst serving application development and delivery professionals at Forrester Research. “Firms have spent many years building enterprise data warehouses (EDWs) and using business intelligence (BI) tools to report on the business. But predictive analytics is different – advanced statistical, data mining and machine learning algorithms dig deeper to find patterns that traditional BI tools may not reveal. Big data is the fuel and predictive analytics is the engine that firms need to discover, deploy and profit from the knowledge they gain.”3
Availability
The latest version of the Evolv Workforce Optimization Cloud including Evolv Insights will be widely available on Jan. 31, 2014; for more information, please visit evolv.net.
About Evolv
Evolv is a big data company that optimizes workforce performance by utilizing a configurable cloud computing system called the Evolv Workforce Optimization Cloud. Evolv’s patent-pending big data technology unifies and supplements existing data from current systems, then utilizes that dataset to identify predictive workforce insights that drive measurable ROI. By using predictive analytics, machine learning and workforce science, Evolv helps companies uncover the core factors that predict workforce performance, enabling executives and line managers to make proactive operational business decisions that result in millions of dollars in measureable value per year. For more, visit: http://www.evolv.net/, follow @EvolvBigData and connect on LinkedIn: http://www.linkedin.com/company/evolv-on-demand.
1 “High-Impact Talent Analytics: Building a World-Class HR Measurement and Analytics Function,” Bersin by Deloitte, Josh Bersin, Karin O’Leonard and Wendy Wang-Audia, Deloitte Consulting LLP, September 2013.
2 “Big Data in Human Resources: A World of Haves and Have-Nots,” Forbes, Josh Bersin, October 7, 2013, pages 1-2.
3 “The Forrester Wave™: Big Data Predictive Analytics Solutions, Q1 2013,” Mike Gualtieri, Forrester Research, Inc., February 4, 2013, pages 1-2.
