Netchex launches 'Insights' data platform enabling HR and Finance professionals to easily gather actionable insights from their data.
COVINGTON, La., July 29, 2024 /PRNewswire-PRWeb/ -- Netchex, a leading provider of cloud-based HR and payroll solutions, proudly announces the launch of 'Insights' a groundbreaking platform that enables HR and Finance professionals to quickly derive actionable insights from their data, eliminating the complexities of traditional data analysis.
"Companies are drowning in raw data but often lack the time or technical expertise to extract meaningful insights," says Will Boudreaux, CEO of Netchex. "Insights bridges this gap, making it easier than ever for HR and Finance teams to identify critical trends, understand workforce dynamics, and make strategic decisions that drive business success."
Netchex Insights: Simplifying HR Analytics for Everyone
Netchex Insights revolutionizes HR analytics by transforming the complex process of data manipulation and analysis into a user-friendly experience. This innovative tool enables users to easily explore their data and uncover meaningful insights without extensive technical expertise.
- Effortless Data Exploration: Users simply type their questions in plain language, and Insights delivers clear, easy-to-understand visuals and detailed data tables for deeper analysis.
- Proactive Issue Identification: Insights goes beyond basic reporting by highlighting key trends and anomalies, allowing teams to address potential problems before they escalate.
- Data Storytelling Made Easy: Insights transforms complex data into compelling visual stories, making it simple to share findings with stakeholders and drive data-backed discussions.
- Frictionless Export & Distribution: Users can seamlessly export data stories into visually impactful presentations, perfect for executive or boardroom discussions and strategic planning.
Netchex Insights: Examples of Common Questions Answered
Insights provides answers to essential questions based on HCM data, making it a versatile tool for a wide range of organizational needs. From workforce composition to financial metrics, Insights equips teams with the knowledge to make informed decisions.
- People: How many employees are in each department and location? What is the span of control by department? Where do we have too few or too many managers?
- Wage Spend: How much do we spend on wages? Is our spend increasing? How much are we spending on overtime? Which locations and departments are responsible for the overtime spend?
- Benefits Spend: How much are we spending on benefits? Which benefit plans are driving increased costs?
- Retention: What is our turnover rate? Is it increasing or decreasing? Is the turnover voluntary or involuntary? How does turnover vary by department, manager, or tenure?
- Diversity: What is the composition of our workforce by gender, age, or ethnicity? Are metrics like turnover or compensation different when broken out by these categories?
Netchex Insights: Benefits for HR and Finance Teams
Netchex Insights delivers immediate value to HR and Finance teams by automating data analysis and enhancing communication. It enables teams to quickly identify trends, address challenges, and make data-driven decisions that drive business success.
Reduced Time Spent on Data Analysis: Automates data gathering and analysis, freeing up time for strategic initiatives.
Enhanced Communication & Storytelling: Simplifies data visualization and storytelling, enabling effective communication of insights to leadership and stakeholders.
Data-Driven Decision Making: Empowers HR and Finance teams to make informed decisions based on real-time data and trends.
Improved Workforce Management: Helps companies optimize workforce performance by identifying areas requiring attention and addressing challenges proactively.
"Netchex Insights has proved invaluable in managing the business – the finance team looks at overtime on a continuous basis to manage margins which is a key concern for us. Our HR team also uses the solution to pinpoint departments or managers with unusually high regrettable attrition that we can improve through coaching and other interventions" writes the CFO of a 25 rooftop franchise group for a national quick service restaurant chain.
Netchex Insights: A Game-Changer in the HCM Industry
"Insights is a game-changer," says Abhinav Agrawal, Chief Product & Technology Officer at Netchex. "By leveraging the power of a data lake, Insights eliminates the technical barriers to data analysis. It empowers even those without a data science background to understand their data and make impactful decisions. This platform unifies and synchronizes data, addressing the common challenges of siloed and out-of-sync information seen in many HR analytics tools."
Netchex Insights is available immediately. Existing Netchex customers can contact their account manager to learn more.
About Netchex:
Netchex is a leading provider of cloud-based HR and payroll solutions, committed to empowering HR professionals with innovative technology and exceptional customer service. Netchex serves over 6,500 clients nationwide, helping them streamline processes, optimize workforce management, and drive business growth.
For inquiries, please contact [email protected]
Media Contact
Katie Kennedy, Netchex, (985) 220-1410, [email protected], https://netchex.com
SOURCE Netchex
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