Today, the first global provider of integrated employee experience and workforce management solutions, WorkForce Software, announced the availability of its latest release of next-generation labor forecasting software. In this 2022 release, WorkForce Software is answering the need of global enterprise customers to improve the accuracy of labor forecasting, which has been complicated by the pandemic, shifts in consumer demand, and labor availability. This release provides a much-needed hybrid approach; harnessing the power of artificial intelligence (AI) together with human intelligence, to go beyond traditional labor forecasting techniques to offer solutions that support the need to respond to increased business volatility more rapidly.
Global organizations are faced with a myriad of challenges including a tight labor market, supply chain instabilities, and evolving customer behaviors. To overcome these challenges and minimize business disruptions, top-performing organizations know they need a new approach to business intelligence that leverages the speed and scalability of AI and other advanced analytics techniques, together with new sources of data, inputs from business leaders, and predictive information like potential labor shortfalls, to proactively optimize their labor allocation.
By combining the power of machine and human intelligence to drive more accuracy, WorkForce Software’s Labor Forecasting accelerates intelligent decision making and supports forward looking analysis, including these that help companies more accurately sense and respond to change:
- Leverage machine learning to forecast labor demand with more precision, even with variable business volumes, by tapping into the power of new sources of data to forecast future labor more accurately, rather than relying on forecasts based on historic demand
- Continually assess new data to provide insights into emerging trends–identifying potential gaps or overages in labor requirements and enabling managers to proactively optimize labor allocation
- Avoid overcorrection on future forecasts due to anomalies in data triggered by pandemic, market, labor, or other disruptions
- Incorporate priorities, special events, promotions, or time-sensitive tasks to accommodate known demand variations
“As the pandemic wreaked havoc on businesses’ ability to optimize their labor scheduling, many leaders realized that better solutions utilizing a forecasting engine powered by AI, were essential to support business goals, predict labor demand, and optimize their employee schedules. To do this, new sources of data including better demand signals, forecasted supply chain disruptions, forecasted labor availability, and known business priorities can come together using a modern, hybrid approach to labor forecasting and scheduling” said Joe Ross, Chief Product Officer at WorkForce Software. “Modernizing workforce management tools for an increasingly empowered workforce is essential for every successful business. And quickly producing a better labor forecast to accurately schedule staff is a win-win for businesses and employees — giving frontline workers the flexibility they need while enabling global companies to continuously adapt their operations based on top business priorities.”
With a growing skills gap and labor shortages, organizations need better solutions to forecast demand requirements and optimize labor allocation, allowing them meet increasingly demanding business goals. This comes at a time when they also need to differentiate themselves from other employers and enhance scheduling flexibility being demanded by current and future employees.
WorkForce Software’s Labor Forecasting delivers intelligent insights to frontline managers and business leaders, which in turn, helps them to attract and retain talented individuals who are vital to the success of their organization. The solution gives them the ability to:
- Generate and publish optimized schedules in advance—giving employees input, visibility, and time to plan their personal lives and work
- Uncover potential gaps and emerging trends early to avoid reactionary responses that result in negative employee experiences
- Enable employee-initiated shift swaps and shift offer selection – supporting your work policies, regulatory requirements, collective bargaining agreements, skills requirements, and overtime optimization.
In addition, frontline managers and business leaders rely on WorkForce Software’s Labor Forecasting as a connection and lifeline to tap into the heartbeat of the business and directly impact and improve profitability to:
- Control labor costs and optimize productivity even in highly variable working environments
- Refocus manager attention from administrative tasks to employee-development and core business initiatives
- Leverage real-time employee data to proactively identify opportunities to improve employee experiences and further optimize labor
To learn more about WorkForce Software’s next-generation Labor Forecasting visit: https://www.workforcesoftware.com/workforce-suite/labor-forecasting/