Workforce Management Featured Article
Report Predicts Brisk Growth for Global Cloud-based Workforce Management Industry
Many industries have used workforce management for a long time: contact centers, for example, and field service organizations. When every wasted minute costs the company money in direct dollars (rather than indirect “time wasting”), it’s important to keep close track of human resources. A changing business climate in recent years has send other industries scrambling to adopt workforce management. Narrow profit margins have increased the need to better optimize resources and organizational assets. With more transparency into human resources operations and labor-intensive processes, companies can improve their decision making abilities by better understanding the role of human capital in the organization. Thanks to cloud-based solutions and mobile applications, companies can implement workforce management quickly and easily, and apply it to all workers in a similar business process and not just the ones sitting wired to desks under the same roof.
One recent report concluded that the global workforce management market will grow from $4.8 billion in 2015 to $7.7 billion by 2020, representing a compound annual growth rate (CAGR) of 9.6 percent. While the market is beginning to grow faster in the Asia-Pacific Region, North America will continue to drive the majority of growth in workforce management. According to the report, growth will be most brisk in industry verticals with high technological growth are banking, financial services and insurance (BFSI); manufacturing; healthcare and retail. These are industries that find the real-time nature of today’s workforce management solutions compelling, as it allows them to make decisions in the moment that can improve operations immediately.
“Increasing globalization and mobility has significantly increased the demand for workforce management solutions for better scheduling, engaging, and satisfying workforce,” wrote the report’s authors in a release. “The adoption in these verticals is very high as organizations want to retain better employees and manage their business cost with better HR processes to keep their employee satisfaction high. New databases technologies enable real-time cross functional data sharing abilities for transparency in the HR processes.”
Cloud-based workforce management meets this need for real-time decision making. Data points can be collected from all workers, and the data – transformed into usable information by analytics – becomes accessible from any location thanks to mobile technology. Managers are better equipped to make informed decisions and quickly solve small problems that could lead to larger problems later. Ultimately, response times are reduced, which leads to better employee and customer satisfaction. In addition, cloud workforce management solutions can scale globally in a cost-effective manner with no downtime or loss of quality, and is easy to deploy quickly so organizations can be up and running with new solutions in just days. For any organization looking to get more out of its existing workforce by cutting out waste, cloud-based workforce management solutions become a highly compelling investment...without a big upfront investment.
Edited by Stefania Viscusi