The crisis of workforce is getting stronger in several developed and developing countries and is leading to significant economic risks. Thus, it has become imperative for businesses to efficiently analyze and manage the available workforce. This is, thereby, escalating the need for workforce analytics solutions and services among enterprises across the globe.
What is “Workforce Analytics”?
Workforce analytics is a combination of advanced data analysis tools and metrics that apply statistical models to worker-related data. It allows enterprises to measure and improve workforce performance and to optimize human resource management. It analyzes staffing, recruitment, personnel, training and development, and compensation and benefits.
Software Developers to Incorporate Workforce Analytics into Offerings
Software developers have been tweaking and upgrading their offerings to cater to evolving consumer demands.They are focusing on developing solutions and services that have multiple functions. For instance, in August 2017, BroadSoft Inc. announced the launch of an enhanced version of BroadSoft CC-One. This cloud-based omnichannel contact center solution can support workforce optimization (WFO), workforce management and analytics, quality management, and speech-enabled interactive voice response (IVR). It can eliminate affordability and integration issues, allowing small and mid-sized enterprises to take advantage. The increasing implementation of workforce analytics with such solutions and services is likely to encourage its widespread adoption.
Market Insights
According to Grand View Research, Inc.; the dearth of standard indicators to track workforce performance is expected to propel the global workforce analytics market. Burgeoning complexities at workplaces may encourage a shift from conventional ways of managing workforce to the computerized ways to attain higher efficiencies.
The rising concerns of large enterprises to deal with large volume of data pertaining to human capital can also stoke the market growth over the forecast period (2014 to 2025). Moreover, heightened competition can further necessitate efficient business operations across every vertical, which in turn is likely to augur well for the market.
On the other hand, lack of awareness and reluctance to shift from traditional methods of workforce management can adversely affect market growth. Some of the key players in the market are Oracle Corporation, ADP LLC, SAP Se, Tableau Software, and IBM Corporation.
In-Depth research report on Workforce Analytics Market:
https://www.grandviewresearch.com/industry-analysis/workforce-analytics-market
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