The Compound Annual Growth Rate (CAGR) of workforce management is expected to remain strong through the year 2022, according to a new comprehensive market research report.
In many ways this simply continues a trend that has persisted for more than a decade. As more call centers realize the inefficiencies inherent in the conventional methods of keeping track of and maintaining their workforce, there is increased interest in WFM as an alternative. By automating these processes, workforce management software can reduce labor expenses, improve workforce utilization and streamline call center performance.
Plus the complex analytics on workforce processes delivered by WFM make it easier to spot problems and correct them, thus ensuring an optimal use of existing resources.
The technology has already found acceptance in such industries as banking financial services and insurance, healthcare, government, retail, transportation and manufacturing. But according to the study, the main driver of future WFM growth will be in its adoption by small and medium sized businesses, who may have thought in the past that WFM was out of their price range.
That has changed as a result of cloud-based solutions – the same kind being used by corporations with hundreds of call center agents. The analytics are just as sophisticated, the conveniences just as apparent – but both can now be acquired without the large upfront cost and recurring costs of system and software updates.
Of course, nothing says you have to wait until 2022 to start enjoying these benefits. Check out Monet Software’s cloud-based WFM Live here