What software and tools are best for budget variance analysis in WFM?

What software and tools are best for budget variance analysis in WFM? One of the most common and basic tools for budget variance analysis in WFM is spreadsheet software, such as Microsoft Excel, Google Sheets, or LibreOffice Calc #wfm

1. Microsoft Excel 2. SAP BusinessObjects Planning and Consolidation (BPC) 3. Oracle Hyperion Planning 4. IBM Cognos TM1 5. Anaplan 6. Adaptive Insights (Workday) 7. Tableau 8. Power BI 9. QuickBooks 10. Zoho Books These software and tools vary in terms of features, complexity, and pricing, so it's essential to evaluate organization’s specific requirements and budget before selecting the most suitable option.

Spreadsheets can be useful for data analysis if you have data readily available in any type of flat file from scheduler or timekeeping system. Through formula, pivot, macors data analysis and comparison become easy and smooth. If manual data entry is required then spreadsheet software are not that useful as files become cumbersome and then chances of errors also increases.

The number of employees to be employed in a call center for handling voice call or completing a processing activity has to be calculated by the time taken to complete the work (Minutes). Based on the time taken to complete the work Average Handled Time(AHT) has to be calculated for accomplishing this particular task. This AHT has to be in the median range based on statistical workings. The operations manager has to initiate discussion about the forecasted volume of calls during one hour and based on AHT staffing should be done considering 10 to 15% absenteeism on a particular day. By ensuring adequate staffing we can meet the deadline for that particular day work and will easily meet the expectation of the client and avoid abandoning calls.

Budget variance analysis in Workforce Management (WFM) involves comparing actual expenses and revenues against the budgeted amounts to identify discrepancies and understand the reasons behind them. Here are some software and tools that are commonly used for budget variance analysis in WFM: 1. WFM Platforms 2. ERP Systems 3. Business Intelligence (BI) Tools 4. Spreadsheets (Excel) 5. Financial Planning and Analysis (FP&A) Software 6. Cost Accounting Software 7. Custom Reporting and Analytics Tools

Replicon Workforce management: Powerful capabilities like dynamic crew assignments, mass copy/ edit of timesheets, and allocations make managing crews very simple. Crew timesheets Supervisors and foremen can quickly and easily manage time entry for their crew and simplify mobile workforce management. Offline time entries Configure on any devices of your choice with offline capabilities on mobile. Crew work details Real-time, detailed information on your team/crew helps get work done and improves productivity.

Many a tools in the market give the ability to measure budget variance. Aspect WFM for Contact Centres, Workware for Operations based, Kronos, Workday, Ceridian, etc are part of numerous software available.

WFM software like UKG Pro WFM(Kronos) especially its scheduling and forecasting features can easily provide data on actaul hours, budget hours and forecasted hours. It provides reports as well for such data and as per company's need it cab be customized also. All such tools provide more accurate and real time data. Form these tools data can be sent to other tools also very easily and it also provide dashboards to give quick insights to manager.

WFM software like Kronos, Workday, and Ceridian streamline budget variance analysis by integrating actual and planned data, applying advanced analytics, and offering real-time updates. These are indispensable for precise and efficient budget management, empowering managers with actionable insights and timely adjustments.

In my role as a WFM analyst, I've found Tableau to be an invaluable asset for budget variance analysis. Utilizing its robust data visualization capabilities, I'm able to track trends, analyze forecast variances, and make informed adjustments to scheduling in real-time.

If BI tools are integrated with scheduler and WFM tools, then adavnced and customized complex logic can be applied on the data and better analysis can be done. BI tools compliment and overcome the limitations of the report and dashboard features of WFM or scheduler tools. Data synchonization process and its frequency should be maintained and monitored for the quality data analysis in any BI tools. Such tools help in automation of data analysis, dashboard update, report generation and audit.

To get more accuracy on such analysis, data clean up should happen at every stage frequently. Auditing and monitoring should be part of process. While loading the budget in any WFM /Scheduler tool maintain data hygiene and quality to avoid data related errors.

Some other options that can also be useful include: Accounting and Finance Systems: Software such as QuickBooks, SAP, or Oracle Financials specializes in accounting and can provide detailed insights into the variance between budgets and actual expenses. Planning and Budgeting Tools: Solutions like Adaptive Insights, Anaplan, or IBM Planning Analytics are designed to assist in planning and budgeting, making it easier to monitor and analyze budget variances. Process Automation (RPA): Automation tools like UiPath, Automation Anywhere, or Blue Prism can be used to automate repetitive tasks related to the budget variance analysis process, saving time and reducing errors.

Many of my clients have already narrowed down the type of tool they want to use but find vendor evaluation, selection, and contract negotiation overly complicated and time-consuming with a clear differentiation of tool capabilities and alignment to their specific needs and goals often feeling elusive. I've had the pleasure of assisting many partners along this journey by leveraging Gartner's objective comparison tools and resources, including our advisor community, to help clients more easily and accurately make these kinds of decisions...decisions our global research tells us are otherwise regretted more than 50% of the time.