Can AI And Machine Learning Optimize Workforce?

The need for employee productivity enhancement will lead to the adoption of new workforce management practices

Industries have rapidly adopted workforce management software over the past few years. This is owing to the factor that the workforce management software allows organizations to track employee productivity, along with managing and maintaining a high-performing team. The rise in demand for workforce optimization and mobile applications and the increase in adoption of cloud-based workforce management are primary factors that drive the growth of the global workforce management market. According to Allied Market Research, the global workforce management market is anticipated to grow at a significant CAGR of 10.2% from 2020 to 2027.
 

Workforce management is a method of strategically optimizing employee productivity by ensuring that human resources are already in the right places at the right time. The features of workforce management applications differ by industry. Market participants are employing a variety of strategies in ways that fit the changing market demand.

Partnerships to Coup Up with the Evolving Market Trends

In current scenarios, organizations are struggling to locate highly trained employees and must adjust swiftly to a changing market and workforce. The market has a growing demand for dedicated and efficient talent sourcing and workforce management platforms. 

Leading players across various industries are adopting strategic partnerships to manage their staff effectively and increase operational efficiency. A global biopharmaceutical company partnered with a leading workforce system provider to manage its external service providers and outsourced workforce, which comprises 34,000 contingent workers and external service providers spread over 100 countries. The workforce systems company is developing new solutions for its new partner and its extended workforce so that businesses may take advantage of economies of scale to improve efficiencies in one of their fastest-growing workforce segments.

The company will assist its partner with multi-channel talent sourcing. The officials will have complete visibility of their employees, including who they are and where they are working. This solution will also assist the company with a more strategic approach to making sensible talent selection and engaging its workforce composition in a scalable manner. The externally managed resources of the biopharmaceutical company play a vital role in supporting the strategic objectives and eventually help them to push science's boundaries and provide life-changing medicines to patients.

Another couple of firms entered into a partnership to level up the experience for their assisted living associates. A post-acute care facility joins hands with a leading human capital management platform. The next-generation human capital management platform recently announced that the Senior Communities of post-acute care facility tapped its workforce management and employee engagement software to optimize operational efficiencies and enhance the experience for their assisted living associates. 

The cutting-edge workforce management technology platform will improve the associate experience and recruit new talent to the assisted care communities of the post-acute care center. These innovative and unique solutions for employee recognition, support, and flexibility will help the post-acute care center to attract and retain the top talents.

AI and Machine Learning to Optimize the Workforce 

Leading global market participants are updating their workforce software with advanced technologies. A leading provider of on-demand cloud computing platforms and APIs recently announced the addition of machine learning workforce optimization to its Omni channel cloud contact center as a service platform that adds to forecast customer contact frequency and staffing levels to handle it. The advanced workforce optimization features include tools such as capacity planning, forecasting, and scheduling to automate operations that many contact centers maintain track of using spreadsheets. 

Planning and forecasting are essentially manual activities that AI may help with. An organization should take benefit of single-button access to planning and forecasting capabilities as they consider transferring their contact center services to the cloud. This decision to the addition of these capabilities is a bold move for the leading cloud computing platform provider. This is because machine learning is underutilized in contact center administration and operations. At this year's Enterprise Connect conference, this global provider of cloud computing platforms gave a first peek at its workforce optimization tools. 

Covid-19 Impact

The outbreak of the Covid-19 pandemic has raised the demand for agile workplace technologies, and many businesses are attempting to maintain a balance between high performance and ease-of-use solutions. Workforce mobile applications are rapidly being adopted because they reduce the expense of the additional system required for workforce management. 

Covid-19 has impacted various business sectors. Implementing software-based solutions has helped businesses prioritize building remote technology capabilities, manage staff productivity, and assess the impact on global mobility and business continuity by creating a remote working mode. Workforce solutions can assist organizations to develop short- and long-term plans for scenario development, succession plans, decision rights in the event of changing accountabilities, and an escalation matrix for critical choices. These factors are anticipated to boost the demand for workforce management in the coming years.

Vaishnavi Kumbalwar is a Senior Associate Content Writer at Allied Market Research.  Connect Vaishnavi Kumbalwar