WorkForce Software, the provider of workforce management and employee experience (EX) solutions, is making available the latest version of its labor forecasting software, with predictive and analytical capabilities that have been fine-tuned in response to the extraordinary circumstances imposed by COVID-19 on the global labor market.
The 2022 release of the software answers the need among the company’s global enterprise customers to improve the accuracy of their labor forecasting, which has been complicated by the pandemic, shifts in consumer demand, and the availability of labor.
Livonia, Michigan-based WorkForce Software also said the new software release goes beyond traditional labor forecasting techniques by adopting an approach that harnesses both artificial intelligence (AI) and human discernment to respond more rapidly to the increased volatility in businesses today.
“Global organizations are faced with a myriad of challenges, including a tight labor market, supply chain instabilities, and evolving customer behaviors,” a statement from WorkForce Software said. “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.”
Labor Forecasting Features
Adjusting the software enabled greater sensitivity and responsiveness in forecasting capabilities, the company noted.
For instance, instead of relying on forecasts based on historical demand, the labor forecasting software uses new sources of data and leverages machine learning (ML) to forecast labor demand, even in the face of variable business volumes, with more precision. New data, meanwhile, is continually assessed to provide insights into emerging trends, identify potential gaps or overages in labor requirements, and enable managers to proactively optimize the labor allocation process.
Moreover, the software is able to avoid overcorrection on future forecasts because of anomalies in data triggered by the pandemic, market, labor, or other disruptions. And priorities, special events, promotions, or time-sensitive tasks can be incorporated to accommodate known variations in demand.
Joe Ross, chief product officer at WorkForce Software, said that as the pandemic wreaked havoc on the ability of businesses to optimize their labor scheduling, business leaders called for solutions using a forecasting engine powered by AI in order to support business goals, predict labor demand, and optimize their employee schedules.
“Modernizing workforce management tools for an increasingly empowered workforce is essential for every successful business,” Ross said. “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.”
For Managers and Leaders
For frontline managers and business leaders, the labor forecasting tool delivers intelligent insights to help attract and retain talented employees vital to the success of an organization, the company statement also said.
This is because the WorkForce Software solution gives managers and leaders the capability to create optimized schedules in advance, uncover potential gaps and emerging trends early to avoid reactionary responses and negative employee experiences, and enable management-supported work policies, as well as employee-initiated shift swaps or other programs to enhance EX.
Frontline managers and business leaders can also use the forecasting solution to control labor costs, optimize productivity, and improve profitability, the company statement added.
The labor forecasting software is part of the company’s WorkForce Suite, a package of tools and solutions to address workplace issues like time and attendance, scheduling, universal compliance, data capture, insights and analytics, employee productivity and labor tracking, and EX.
Both WorkForce Software and WorkForce Suite have received widespread industry recognition, such as being a Gold Winner in the Most Innovative Company of the Year in the Best in Biz Awards 2021, the Silver Winner in the 2021 Brandon Hall Group Excellence in Technology Awards , and various other awards and accolades.
Author Information
Alex is responsible for writing about trends and changes that are impacting the customer experience market. He had served as Principal Editor at Village Intelligence, a Los Angeles-based consultancy on technology impacting healthcare and healthcare-related industries. Alex was also Associate Director for Content Management at Omdia and Informa Tech, where he produced white papers, executive summaries, market insights, blogs, and other key content assets. His areas of coverage spanned the sectors grouped under the technology vertical, including semiconductors, smart technologies, enterprise & IT, media, displays, mobile, power, healthcare, China research, industrial and IoT, automotive, and transformative technologies.
At IHS Markit, he was Managing Editor of the company’s flagship IHS Quarterly, covering aerospace & defense, economics & country risk, chemicals, oil & gas, and other IHS verticals. He was Principal Editor of analyst output at iSuppli Corp. and Managing Editor of Market Watch, a fortnightly newsletter highlighting significant analyst report findings for pitching to the media. He started his career in writing as an Editor-Reporter for The Associated Press.
