Company data providers don’t just save you the time of scraping data, they, in fact, provide such data points that are practically unreachable. Data suppliers are critical for the success of any business, just as critical as it is to choose the best company data providers for your needs and priorities.
Let’s take a look at what these providers offer, how businesses can use their datasets for important processes like hiring, and the overall benefits of data provider services.
What is a company data provider?
Company data providers act as intermediaries between businesses and relevant data gathered from all sorts of sources and channels. These services collect, analyze, and clean data, then structure it and store it on the cloud to then sell it in the form of datasets with company data for HR platforms or other specialized businesses.
Since company data providers can supply large amounts of data in one dataset, they can offer substantial cost savings and efficiency improvements to their business clients. In general, there are different types of company data providers: some focus on specific factors, while others cover more general areas that can be adapted for any industry.
Company data providers are relevant for HR professionals, as they can provide specific HR, hiring, and talent acquisition data points to help improve the hiring process. Recent studies claim that talent acquisition tools are projected to become a top priority for nearly 50% of HR technology in the next years.
How you can use company data points in hiring
Company data providers can supply material for various facets of business and industry types. Here are some ways you can use the datasets in HR, hiring, and talent acquisition.
Educated hiring
When businesses look for new employees, they usually search job websites and social media to find some potential candidates, however, as many of us know these sources aren’t exactly safe and don’t usually contain all the data we need.
Whereas a dataset from a provider is filled with all the details and aspects about a candidate. A bad hire can cost a company up to 30% of an employee’s annual salary, so why risk if you can make well-informed decisions based on relevant data?
Key quality hiring factors
Evidence shows that 52% of recruiters believe that the most challenging part of recruitment is going through large pools of applications from candidates. The surprising news is, that the problem isn’t because of the vast number of candidates, it’s an internal business problem, where professionals don’t know what characteristics are valuable to their company.
Data withholds enough concealed insights that when analyzed can surprise you with the amount of company-unique characteristics.
Extensive workforce planning
Use company data provider datasets to analyze your workforce and plan each next step in HR. Prevent employee burnout by analyzing the employee’s endurance and the loads of data they are responsible for, and make sure to distribute tasks correspondingly.
When implementing new processes or launching products, you can analyze what department will need some extra force, and what departments can be assigned to new projects due to a decrease in tasks.
Statistics even show that modern technology in HR has resulted in the loss of 800,000 jobs for untrained workers while creating 3.5 million positions for highly skilled workers.
The main benefits of using data provider services
Company data provider datasets have many practical uses beyond the few HR practices we talked about. The fact is that these providers can become helpful in any niche of business, due to 5 main factors:
Volume. The volume of data worldwide is growing rapidly, there is so much of it that companies can’t possibly handle all of it without missing any information. That is where big company data providers enter the picture. These suppliers’ focus is data, meaning they worry about collecting, cleaning, and organizing it, whereas businesses can’t hub their focus on data only.
Speed. Not only are large amounts of data handled but this is done at great speeds, which is key for a competitive advantage. Essentially it’s even better to have little data at great speeds, than a lot of information simultaneously with others.
Diversity. Business professionals who collect data on their own terms can never reach such levels of diversity as data providers. These providers have teams working on various channels simultaneously, collecting information in different formats.
Accuracy. When processing large amounts of data it is easy for businesses to miss some confusion and mistakes. However, professional company data providers have appropriate and functional plans that are aimed at bringing order in randomness, filtering out false data, and filling incomplete sets.Value. This is the final point where professional data providers analyze all the data they have collected and choose only the truly helpful insights to provide to their clients. This saves the time and effort of businesses who now don’t have to worry about picking out insights to use.
Conclusion
The benefits of working with professional company data providers are clear. You notice efficiency improvement, better decision-making based on the data provided, and all while saving a lot of resources on data collection. As for datasets that will become handy in HR, hiring, and talent acquisition, there are many ways of implementing the data to improve your processes.
The post Everything You Need To Know About Company Data Providers for HR in 2023 appeared first on HR News.