Montreal, Quebec – July 7, 2022 – Explorance, the leading provider of People Insights Solutions, has recently been recognized by Fortune Business Insights as one of the global leaders in the 360 degree feedback software market.
In a recently released report, Fortune Business Insights examines the 360 degree feedback software market, discussing market drivers, restraints, and ongoing trends. With steady growth over the years and ample opportunity, the industry is expected to grow at a CAGR of 11.2% in the forecast period of 2021-2029.
Mentioned amongst other key industry players, Explorance was acknowledged for its continuous developments, innovations, and partnerships within the industry. With a growing need to evaluate and actively engage employees at work caused by the Great Resignation, here’s a timeline of Explorance’s recent developments mentioned in the report:
April 2021 – Explorance announced its partnership with Gallup to scale, automate, and streamline 360 assessments for Gallup clients. As one of the world’s most-renowned methodology and consulting firms, Gallup’s respected analytics and advisory services seamlessly paired up with Explorance’s People Insights Platform, Blue. The highly flexible and powerful platform is designed to easily adapt to a wide range of framework methodologies, making it a perfect choice to support Gallup as it continues to deliver its services around the world.
July 2021 – Explorance introduced its breakthrough machine-learning tool for Employee Insight Solutions, BlueML. The first of its kind, BlueML is a machine-learning tool trained by over 700,000 real employee comments and scenarios. With the capability to get in-depth analysis of open text comments in seconds, BlueML enables organizations to gather valuable insight hidden away in unstructured feedback to make actionable and data-driven business decisions.
March 2022 – Explorance was pleased to announce a new partnership with United Development Company (UDC). Looking to centralize its feedback process and facilitate 360 degree reviews, UDC selected Explorance’s Blue as the ideal solution. With the ability to rapidly identify strengths and areas of improvement in its L&D programs, UDC is readily able to adapt to new business environments, allowing the organization to focus its L&D efforts to better business effect.
April 2022 – Explorance proudly introduced BlueML’s availability for use by Higher Education institutions. Less than a year after its initial introduction, BlueML is now available for Higher Education institutions looking to transform mass student qualitative feedback data into clear insights and actionable recommendations. After analyzing tens of thousands of feedback data from a vast array of Higher Education institutions, BlueML gained the contextual knowledge to support institutions in improving teaching effectiveness and student success.
Striving to consistently innovate and deliver new developments, Explorance is also proud to recently release a major update to its BlueML solution, BlueML 1.5. With enhancements to its ‘Recommendations’ and ‘Polarity’ Models, BlueML 1.5 enables users to rapidly utilize valuable insights locked away in open text comments. BlueML 1.5 also saw the release of a new ‘Alerts’ Model, which analyzes, filters, and flags open text comments that may contain harmful, hurtful, aggressive, disrespectful, racist, or sexist messaging – an ideal solution for organizations looking to combat toxic or harmful comments contained in feedback.
About Fortune Business Insights
Fortune Business Insights is a market research firm that offers market studies and consulting services to businesses around the world. With a unique blend of in-depth research, trend analysis, and refined forecasting, Fortune Business Insights helps global business address key challenges and establish a strong brand identity. For more information about Fortune Business Insights, visit the official website.
Founded in 2003, Explorance supports more than 20 million students and employees in their professional journey of purpose, growth, and impact.
As the leading provider of People Insight Solutions, Explorance focuses on where people experiences converge with talent effectiveness. By connecting the moments that matter, we bring together a unified picture of needs, expectations, skills, knowledge, and competency. By providing proven measurement expertise and decision-grade AI-enabled recommendations, we help accelerate the insight-to-action cycle, enabling organizational agility and individual success.
Headquartered in Montreal with business units in Chicago, Chennai, Melbourne, Amman, and London, Explorance works with 25% of the Fortune 100 companies and the world’s top Higher Education institutions. Explorance has been consistently recognized for its culture of high trust by the Great Place to Work® Institute, and as a Deloitte Technology Fast 500™ organization. To learn more, please visit Explorance.com or connect with us on LinkedIn, Facebook, and Twitter.
360 degree feedback•Blue•BlueML•Organizational Agility•People insight solutions•