Background
In the dynamic landscape of today's multi-level organizations, traditional labor forecasting methods fall short. Even renowned Fortune-500 companies are constrained by stagnant and outdated practices that aim to track and predict labor costs. Labor costs are among the top expenses for organizations world-wide. These lofty expenditures mean that firms should look at modernizing system architecture to maximize their investment into team functionality. SingleStone recognized this pervasive challenge and developed a solution (with the potential to impact many other industries) for more efficient labor forecasting, cost modeling and reporting capabilities.
Response
SingleStone's innovative application enhances labor forecasting precision, flexibility and speed. By eliminating the need for manual inputs and spreadsheet compilation, managers reduce fear of stale data and time-intensive budget analysis. They are provided a sophisticated flexibility to safely explore a filtered forecast, adjust resource data, or develop a reporting scenario. Not only does our application enhance operational efficiency, it provides executives with expedited access to critical labor information. This enables smarter decision-making and improved financial opportunities across the organization.
Result
- Built-in sandbox feature allowing HR representatives to model stipulations of potential staffing decisions
- Automated ingestion of labor budgeting and forecasting information to enable data-backed decisioning
- Improved access into labor financial conditions across all lines of business
- Decreased time required to produce labor reports
- Enhanced precision of labor reporting