'With this new feature in Metrics that Matter®, client organizations will gain instant insights into their data, demonstrate cost savings realized by a reduction in scrap learning and improve performance based on recommendations,' says Barnett.
Chicago, IL (PRWEB) March 01, 2014
KnowledgeAdvisors today announced the launch of Instant Insights, a prescriptive guidance tool that uses Metrics that Matter® (MTM) data to diagnose levels of scrap learning (learning that is not applied on-the-job and therefore becomes an expensive waste of resources) and provide recommendations for how to reduce its occurrence.
A core part of all Metrics that Matter® subscriptions, Instant Insights automatically analyzes and roots out scrap learning in the talent development process, providing a succinct summary with recommendations on how to eliminate it, ultimately saving clients money. The new functionality will be available as part of the March 2014 release of Metrics that Matter®.
Metrics that Matter® identifies Instant Insights through the use of a proprietary algorithm based on an extensive analysis of a benchmark database of over a billion data points and 13 years of experience. The algorithm codifies statistical methods, best practice data analysis methodologies, and the principles of measuring learning effectiveness in order to automatically draw out areas of focus.
“From talent analytics across the entire employee life cycle, Metrics that Matter® allows clients to capture a tremendous amount of data to fuel the decision-making process. Instant Insights makes it easier to find the most vital data they need to make decisions that have the greatest impact on the reduction of expensive scrap learning,” said KnowledgeAdvisors CEO and Founder Kent Barnett.
At no additional charge to Metrics that Matter® subscribers, Instant Insights will allow clients to easily:
- Summarize data: MTM calculates scrap learning by subtracting the average percent applied to the job from 100 by asking the question “What percent of new knowledge and skills learned from this training do you estimate will directly apply to your job?”
- Compare to benchmark: MTM compares the summarized data calculated in the previous step and compares it to other organizations’ performance. Users can configure the most appropriate benchmark using a variety of benchmark options already available in their accounts.
- Monetize business impact: Potential cost savings over the next year are automatically calculated by MTM by looking at historical training volume; a configurable dollar amount; and scrap percentage.
- Identify factors related to scrap learning: Instant Insights mines your data to identify the areas of training that are highly related to scrap learning.
- Provide recommended actions to address scrap learning: In combination with the identifying the recommended areas of focus, MTM then offers recommendations for how you can address those areas of focus to save even more money.
“With this new feature in Metrics that Matter®, client organizations will gain instant insights into their data, demonstrate cost savings realized by a reduction in scrap learning and improve performance based on recommendations,” says Barnett.
Founded in 1999, KnowledgeAdvisors is the world’s leading provider of analytics solutions for talent development professionals. Our cloud-based talent analytics platform, Metrics that Matter®, helps businesses significantly improve the business impact of their talent development programs, and our consulting team provides measurement strategies to help optimize investments in human capital. For more about KnowledgeAdvisors, visit: http://www.knowledgeadvisors.com.