This Executive Brief highlights some prominent industries effectively using machine learning today, along with some guidelines for evaluating the potential usefulness of machine learning in your organization. Specifically, this Brief covers specific examples where machine learning is categorizing people or things, predicting likely outcomes, identifying new patterns, and detecting unexpected behaviors.
Retaining great employees also helps your bottom line. A study by the Center for American Progress found that “very highly paid jobs and those at the senior or executive levels tend to have disproportionately high turnover costs as a percentage of salary (up to 213 percent!).”1 Replacing highly paid people is expensive, not to mention the negative impact of turnover on production, training and employee morale.
How big of an issue is employee retention in the IT industry? Based on LinkedIn member data from 2017, there is a worldwide turnover rate of 10.9 percent; the tech sector (software, not hardware) showing the most volatility with 13.2 percent turnover rate.
What does this look like on a day-to-day basis in your IT workplace? Committed employees:
Understand company goals
Support and embody company values
Feel challenged by their work
Use a broad range of skills
Practice autonomous problem solving and decision making
A study by PricewaterhouseCoopers, which reviewed 10,640 projects from 200 companies in 30 countries, found that only 2.5 percent of the companies successfully completed 100 percent of their projects. Another more recent study was slightly more upbeat, but far from great news. We’re referring to a 2017 report by the Project Management Institute (PMI), which found that 14 percent of IT projects fail and of the projects that didn’t fail outright:
31 percent didn’t meet their goals
43 percent exceeded the budget
49 percent were late
Intertech works with hundreds of companies every year on a wide range of software development projects. We’ve learned a lot about how to avoid these predictable project roadblocks. This Intertech Executive Brief shares our best thinking, and the thinking of recognized software development experts, to help you avoid these issues – as well as “bonus success tips” for your next software development project.
The global information technology industry is on pace to reach $5 trillion in 2019, according to the research consultancy IDC. The U.S. share of this enormous pie is $1.6 trillion in 2019, which represents 31% of the world’s tech market.
It’s exciting to participate in the biggest and most vital economic segment in the world. But it also means intense competition for skilled IT professionals who realize the market value of their highly in-demand expertise. No wonder many organizations engage IT consulting firms who can bring highly experienced consultants who put your interests first.
This Intertech Executive Brief provides insight into how to select an excellent consulting firm that fits your particular needs and to leverage that consulting relationship for maximum value.