Recognizing and analyzing workforce trends is easier with workforce intelligence software. Data gives insight into your workforce dynamics, project status, and company growth. Investors, corporate strategists, HR departments, and government entities can all benefit from the use of workforce data.
What Is Workforce Intelligence Software?
Workforce intelligence software uses an artificial intelligence bot (AI) to go through hundreds of millions of public documents. Businesses, organizations, and industries also place the software on their end user’s desktops to generate and pinpoint key metrics specific to their needs. The AI-model training goes with the help of data labeling tools, which help gain valuable insight for further performance. The collected data gets sorted into a usable database.
Key workforce analytics include:
- Human capital planning
- Understanding data analysis
- Understanding your workforce
- Cutting edge workforce automation
With workforce data, internal analyses are compared across the industry.
Human Capital Planning
Human capital, your employees, are perhaps the most important part of your business. Intelligence software data gives HR departments the ability to process and identify the company’s current and future staffing goals.
HR managers use current employees as well as the pool of potential employees to select the best candidate for a role. Choosing the right people allows your HR managers to ensure employee placement and employee potential align with the missions and goals of your organization. If your HR team is overworked, you can use the help of international PEOs to help you with the recruitment process in order to find candidates that would best fit your company’s needs.
Department managers also benefit from human capital planning. They can plan and prepare an efficient schedule when they know:
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What times of day are the busiest?
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What holidays affect workflow and output?
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What days of the year need more employees on staff?
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What days of the year need fewer employees on staff?
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Are part-time or full-time employees needed?
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Which positions need more staffing?
Department managers and HR managers have the ability to understand employment trends like company turnover without personal bias, too.
Investors use a company’s human capital planning data to assess the stability of the workforce, potential needs, and possible pitfalls. They will be able to assess labor costs in relation to employee productivity. Projections can provide insight into future labor costs given growth goals and objectives.
Employees are set up for success by being placed into compatible roles. They will be able to easily stay up-to-date on training and certifications. Workers can also take advantage of leadership development opportunities when they know which skills to hone in order to reach their goals. They will be able to advance in their career while being of more value to their company.
Understanding Data Analysis
The amount of data in any given industry is complex and overwhelming. With workforce intelligence, you are able to efficiently consolidate the information needed based on the specific task provided. Then, the data can be analyzed effectively.
Decision-makers can accurately forecast future company needs without painstakingly weeding through thousands of lines of data on an excel sheet. They can focus on pertinent data, not the entire data collection, to make critical decisions.
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Workforce intelligence software can also allow companies to make predictions based on collected data. Accurate predictions help prepare the business to handle an increase in production. The data analysis tells whether the business is ready to scale. If the business is not ready to scale, it can help identify what is needed and what the cost would be to get there.
Understanding Your Workforce
Software and data analysis can provide insight and help you to better understand your workforce and their needs. You can reduce costly errors before they happen with the right data, too.
Key data points provide information on workplace accidents, underqualified employees, and candidates who don’t fit your organization’s needs. It is possible to implement changes before mistakes or accidents happen.
Unlike feedback strategies that rely solely on employee input, the software is able to use an algorithm to pick up on more complex feedback information. The software can also provide insights on programs and tools used by your workforce, too.
With the right changes, productivity improves, employees are safer, and customer satisfaction increases. It is possible to meet deadlines, avoid costly injuries, and stay on budget when you understand your workforce and eliminate pitfalls before they occur.
Cutting Edge Benefits
Help make your company to the next level with workforce intelligence software. When used at its fullest potential, intelligence software helps companies:
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Retain and promote key employees within the organization
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Give company leaders clear visibility on project status
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Reduce and avoid costly mistakes
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Forecast and project growth
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Maximize revenue
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Fully utilize assistive tools and programs
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Prepare to handle multiple projects at once
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Develop unmatchable HR strategies to hire the best employees for the job
Intelligence software allows your business cutting-edge benefits that distinguish you from the competition through the use of real data without the possibility of human error.
Finding a Workforce Intelligence Software
If you are looking for a workforce intelligence solution, choose software that is easy to use and can improve your business’s work patterns. Schedule a demo to get the full picture of how you can benefit from seeing real-time trends and the workforce composition of any company.
