Growing adoption of advanced human resource management systems in companies is likely to push the demand for workforce management software. Proper implementation of the software can help a company in performing multiple functions such as task scheduling, budgeting and forecasting, work analytics, and holiday management. Owing to these benefits, most companies are looking to improve their business performance through automated workforce management.
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Continuous R&D to Inflate Software Sale
For any organization, whether big or small, workforce management is extremely important. Systematic task scheduling and budgeting is key for effective workforce utilization and revenue generation. Implementation of workforce management software helps an organization achieve maximum output from the workforce and better annual results.
Based on deployment, workforce management software can be segmented into on-premise and Software-as-a-Service (SaaS). SaaS is a key category within cloud computing and cloud-based software has gained much prominence of late. This is owing to multiple benefits such as lower cost of deployment, remote access, and unlimited storage capacity.
Considering the demand for workforce management software, most manufacturing companies are heavily investing in R&D. For instance, Coresystems, a leading provider of cloud-based workforce management software, recently announced its new project with Siemens. The project will help digitize the latter’s field service execution business while improving safety and efficiency.
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More focus on workforce utilization and business performance in organizations can augment the growth of the workforce management software market in future. Moreover, rising acceptance of cloud-based software and improving work dynamics in small and medium enterprises are likely to propel the global market during the forecast period (2017-2022).
Major key players operating in the market include Oracle Corporation; SAP SE; Kronos, Inc.; IBM Corporation; and Infor Incorporation.
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