One thing that sets a company apart from the others is its access to the right tools. Buying and selling companies, sizing up competitors, and keeping a thumb on the pulse of a business all require the best technology. If you or your company is looking for the best workforce intelligence software for your needs, here is a guide on finding the right one.
What is Workforce Intelligence Software?
Workforce intelligence software is a way to keep a company’s information organized. Information is gathered from many departments, employee statistics, performance metrics, and information about competitors that all need to be organized.
Using this software to organize information helps companies make better decisions on resources. Finding ways to decrease costs, improve processes, and increase ROI overall. AI-powered platforms help filter relevant information from large amounts of data.
Features of Workforce Software Programs
There are three main features of workforce intelligence software that help companies function more efficiently. An HR database, AI organization systems, and access to public documents each contribute to growing companies.
HR Database
One of the features companies like most is the ability to create directories and profiles for employees. Managing their tasks, finding the best job placement, and monitoring productivity is easily done from a single software program.
The database can also help hire the most talented applicants. Using public databases, information is analyzed to find the best person for the job. This helps fill productivity gaps, improve training, and find the right number of employees for each department.
AI Organization Systems
Companies have a lot of data that is gathered every hour of each day. This can be overwhelming for employees to go through. Using an organization system that is coded to determine which data matters and which one doesn’t is a powerful tool.
No AI can ever completely replace people, but having the best information available to interpret can save a lot of time and energy.
Employees, managers, and owners can have all specialized access to data that is relevant to their department. This allows the right people to see the information best suited to their job. When each can make the right decision, they have more ability to succeed in their roles.
Access to Public Documents
This feature is often overlooked in workforce intelligence software. It is one of the best ways to help grow a company and is very valuable. Even though public documents are available to everyone, the number of public documents can be overwhelming.
Companies often grow through acquisitions and partnerships. Stockholders, owners, and boards need to make the best decisions for their situations and employees when it comes to growth. This is where access to millions of public documents is most beneficial.
Workforce intelligence software is a great tool for analyzing other businesses and competitors. The public documents often hold valuable information such as profits, loss, performance, public perceptions, brand awareness, and more. Each of these is vital information to know as a company manager.
When a company is looking to buy another, this type of information is often skewed to a more favorable outcome for the company being bought. Having a full picture view of a company’s history and current standings helps decision-makers make the right choices.
Another way public documents can help a company grow is by analyzing competitors. This information is a great way to size up the competition and see what is working for them and what is not. Every company is unique and has a different way to navigate its sector, but there is still a lot to learn from watching others. Learning from others can save valuable time and resources.
The best software programs will cover all public companies, plus many private companies, giving a lot of information to analyze and consider. Programs that have access to more than a decade’s worth of information are also more useful than those that only look at the last five years.
Deciding on the Right Workforce Intelligence Software
The right program for your company will be the one that will be used. Seeing a list of features is one way to narrow down the search, but that is a surface-level look. The best way to know this is to try out a demo of multiple software programs.
Some useful features to watch for include:
- Time tracking for employees and tasks. There should also be customized ways to divide up this information to help organize it in a way that is most useful for your purposes.
- Efficient automation. All workforce intelligence software automates processes, but they need to be accurate and beneficial. Know ahead of time what areas of business you need help automating.
- Self-service modules. Creating customized work preferences for each department or employee brings more control to each job. This type of platform can also increase collaboration between parties which increases productivity.
- A great software program should easily integrate with other systems already in use at a company. This can be the difference between the software being used or just cast to the side.
- Ease of Use. Programs should be intuitive to use. Interfaces should be uncomplicated and simple so everyone at the company can access the programs they need easily.
Implement with Patience
Remember that all new software programs have a learning curve. Implementing a new workforce intelligence software program in any company is going to take time to understand and use efficiently. While a demo is a great way to see a program in action, it takes longer to train employees and tap into all the benefits. Once you decide on a software program, plan on at least six months to feel comfortable with all its features.
