Workforce management software can provide businesses and municipalities a high return on investment (ROI) by delivering real-time data that allows them to manage and increase productivity. The question that remains is, where exactly is the ROI coming from? How can organizations take full advantage of this information to maximize profitability? How will workforce management benefit a business in the aftermath of COVID-19?
What is Workforce Management Technology?
Workforce Management Technology are systems that gather, calculate, and organize business data about employees, workplace activity and cost. Over time, the compilation of this information creates an ongoing history of a business and its workers. The recorded data can be analyzed, and its results used to make informed decisions that will guide a company to more progressive growth.
There are workforce management systems that address every operational aspect of a business. Some that contribute to better decision-making include:
- Scheduling Software: Provides the background logic for the workforce
- Enterprise Resource Planning (ERP): Supplies employee demographics and job information
- Learning Management Systems (LMS): Delivers training, assessments, and automates employee record-keeping
- Payroll Systems: Calculates and pays according to hours worked
- Billing Systems: Facilitates invoicing and collections of receivables
- Time Systems: Reports employee time and tracks the flow of people onsite
As data is continually entered into the workforce management system, it can be totaled and then shared with all management, which makes the information even more meaningful. From this amassed data comes business intelligence in the form of reports, analytics, queries, and what-if analysis.
Where does the initial ROI come from?
According to a Nucleus Research study, workforce management software will have a long-term effect on ROI. “WFM software solutions remain an essential component of attracting and retaining the best talent from an inevitably large and complex pool of candidates.” This is directly related to the pandemic, as many companies significantly cut staff. As the public slowly emerges out of pandemic restrictions, companies will be venturing out to hire new staff. There is no better time to be implementing workforce management software within a business as it will only assist decision-making in the most beneficial way. Reforming a business with new employees is a great way to strengthen performance. With workforce technology by an organization’s side, reliable and profitable decisions are made simple.
Often, companies see rapid returns on their investment through payroll and time management processes. The goal of workforce management software is to maintain steady productivity, including support in regard to payroll preparation which results in satisfied employees. It is proven that reduced payroll error, increased productivity, and avoidance of excessive paid time off concludes to a better ROI. A workforce management system’s sole purpose is to eliminate these mishaps by overseeing a workforce’s activity, rather than relying on inconsistent data created by employees provided with the wrong tools.
Where can subsequent ROI come from?
Simply stated, subsequent ROI will result from the utilization of workforce metrics and analytics to guide better decision-making. The business intelligence that comes from the use of workforce management technology will not inherently generate ROI unless managers change their decisions and behaviors. The time and labor investment in implementing workforce management technology can only have an impact on a business if the relevant information persuades managers to make different and better decisions than they would have without access to the information.
As companies make the investment in various workforce management systems, there also needs to be dedicated management procedures put in place. The systematic sharing of reports with company leaders along with structured meetings to discuss the results is essential. Companies who are willing to make changes to existing processes and policies in response to the reported data have the potential to transform their business. The real return on investment for workforce management systems has more to do with the willingness of the company to make changes, than it does with the system itself.
VCS Intelligent Workforce Management
VCS Intelligent Workforce Management systems provide businesses with well calculated implementations that started out as concepts based around the issues scheduling a workforce often brings. The benefits that a workforce management system can supply a business are without question, a necessity to productivity and prosperity. With VCS, a variety of software services are available to fit the needs of any hard-working business or entity.
Visit https://www.vcssoftware.com/ to learn more about our products, services and company.