Cornerstone OnDemand Announces Cornerstone Insights for Unlocking Big Data Potential in HR
Powered by machine learning, Cornerstone’s newest offering enables proactive, data-based decision-making
SANTA MONICA, Calif.— May 12, 2015 — Cornerstone OnDemand (NASDAQ:CSOD), a global leader in cloud-based talent management software solutions, today unveiled Cornerstone Insights, a suite of predictive analytics dashboards that applies sophisticated data science to workforce data, enabling business leaders to answer burning questions about how to use data to better hire, train, manage and retain top talent. Cornerstone Insights uses machine learning technology to collect and analyze data from every segment of the employee lifecycle for discovering relationships and acting on insights in real time.
Nearly every global enterprise is capturing massive amounts of data on their employees—from when someone is hired, to how they learn, to why they leave—but few have the ability to seamlessly leverage game-changing insights from this data in real time. Existing approaches of extracting data into spreadsheets for manual analysis can take months to execute using teams of people and, ultimately pose challenges in identifying which initiatives or actions to prioritize, and what changes will drive the greatest impact.
Cornerstone Insights enables companies to use data for managing critical talent management processes, such as retaining top-performing employees, identifying the most effective managers, and better managing compliance and risk within the organization—and then take immediate action within the Cornerstone unified talent suite to achieve measurably better business results.
The new offering leverages patent-pending technology powered by the most refined machine learning system for talent management. Cornerstone also offers the largest network of shared talent data, representing nearly 16 years of talent management activity across more than 19 million users, more than 2,200 organizations and seven talent management dimensions - from recruiting, onboarding, and training and development, to performance management, compensation management, succession planning, and workplace collaboration.
Proactive Decision-Making Rooted in Data
With Cornerstone Insights:
- Manage the Workforce Proactively. Automatically visualize talent data with predictive analytics to get in front of issues before they become problems. Analyze trends in historical data and identify what lies ahead for the organization. Also, interact with charts to highlight areas of interest, see risk factors and drill down into areas that require further exploration.
- Take Action. Obtain actionable insights down to the individual employee, including immediate risks, opportunities and recommendations. Cornerstone Insights allows clients to simulate the impact of potential changes and create filters to drill down to see areas of impact, recommended actions and the resulting effects. "Point-and-click" actions from Insights will make the necessary changes within the Cornerstone suite of applications, enabling managers to have better conversations and take actions on employee-related issues and initiatives faster.
- Be Strategic. Think about bigger initiatives that affect hundreds of employees across many groups and locations. Cornerstone Insights has the ability to zoom out and see what levers to pull to improve a whole business unit's performance or metrics.
Cornerstone will introduce several Insights dashboards across its unified talent management suite, the first of which will focus on compliance risk. The Compliance Risk Insights dashboard helps users understand current risks within the organization, identify where the highest levels of risk reside by team and employee, and see how to increase the likelihood of compliance and prevent future non-compliance. Evaluation of historical compliance risk can help reduce the prospect of regulatory fines and prevent employee downtime, and gives policy change recommendations for increasing compliance. The Compliance Risk Insights dashboard is expected to be available for preview in July, and the company intends to deliver additional Insights dashboards in late 2015.
Comments on the News
"We have taken all of the guesswork out of talent management. The level of sophistication in machine learning and Big Data that we have achieved through our analytics offerings gives us the ability to access insights and ask questions that were once unimaginable," said Adam Miller, founder and CEO of Cornerstone OnDemand. "We're giving our clients easy-to-use, yet extremely powerful dashboards that help them uncover insights into their workforce, addressing mission-critical potential issues, such as flight risks and offering recommendations on how to fix them. This is just the beginning of what this offering will do."
"Predictive analytics is a big step forward in talent management," said Josh Bersin, principal, Bersin by Deloitte, Deloitte Consulting LLP. "New offerings like Cornerstone's analytics offering can enable HR and business leaders to take advantage of predictive analytics without implementing complex Big Data tools internally, leveraging their huge database of people-related information. These tools can help managers enhance operational performance, increase quality and speed of hiring, reduce turnover, and predict and manage compliance."
- To learn more about Cornerstone Insights, visit www.cornerstoneondemand.com/insights.
- Read additional commentary from Cornerstone's vice president of analytics, Max Simkoff, regarding Cornerstone Insights and the future of HR analytics at www.cornerstoneondemand.com/blog/how-cornerstone-insights-will-unlock-big-data-potential-hr