(OTC:GSPT) The Booming Market of WFM Software and Game Changing AI Technology
01 June 2021 - 9:30PM
InvestorsHub NewsWire
Managing a large workforce efficiently is essential for
successful company management. It presents a serious problem for
large companies as small inefficiencies can add up to big
costs.
Yet with the new trend
of working from home making the problem even more
complex to solve, the need for workforce management
(WFM) software has been steadily
increasing.
In 2020, the global market size for WFM was valued at
7.03 billion USD. By 2027, that's forecasted to
grow at a compounded annual growth rate (CAGR) of
10.2% to reach a valuation of 9.93
billion.
Why is demand strong for workforce management
systems?
A workforce management
system can be a huge asset to any big organization that manages
employees' shifts. There are simply too many variables to
efficiently manage a large workforce without a little help from
technology.
WFM systems
can:
- Create best-fit schedules that account
for the skills of individual employees and their preferences
- Analyze data to highlight and prevent
scheduling gaps
- Forecast labor needs and increase
labor availability
- Manage time and attendance
- Administer leave of employees
- Optimize manpower scheduling to
decrease overtime and cut costs
Altogether, that means
higher efficiency and productivity of
labor. Which can mean significant savings for large
organizations.
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