Workforce Management to Remain in Strong Demand
Taking a glimpse into the future is something we tend to like to do at the end of the year. It helps us form projections, put together budgets and estimate growth. In workforce management, it means strong growth through 2022 – pointing to growing demand and expanded opportunities for those who continue to offer solutions in this area.
A recent blog post by workforce management solutions provider, Monet Software (News - Alert) highlighted the Compound Annual Growth Rate (CAGR) of workforce management and how it is expected to remain strong for the next five years. The main reason for this projection is the continued realization within call centers that conventional methods for tracking and maintaining the workforce are inefficient.
Through the automation of these processes, these organizations can reduce expenses in relation to labor, streamline overall performance and improve workforce utilization. At the same time, workforce management can deliver complex analytics on overall processes that can make it much easier to spot problems and correct them. This helps to ensure the optimal use of existing resources.
Already, specific industries have turned to the use of workforce management in an effort to realize these benefits. Acceptance has been found in such industries as healthcare, insurance, financial services, retail, government, manufacturing and transportation. The main driver for growth, however, is the adoption by small and medium businesses that once thought access to this software was outside of the range of the budget.
Access to solutions through cloud computing has leveled the playing field for a number of organizations. Not only do large corporations have access to workforce management through the cloud to manage hundreds of agents, so do the smaller operations that only need to manage 20. The analytics are as sophisticated as the higher priced, on-premise solutions and the conveniences deliver more than just saved time. There are no longer large up-front cash payments needed to launch and recurring costs are based on use.
Overall, workforce management in the cloud has a lot to offer. As smaller businesses want to better compete with larger players, demand will continue to be strong for the next five years.