Workforce Management Software Vendor Expects Continued Growth in 2009
Livonia, Mich., February 24, 2009 – WorkForce Software, Inc., a leader in workforce management solutions, reported today that it grew revenue by 65-percent in 2008. Fueled with $5.5 million in investment capital at the beginning of 2008, the company’s executive team, led by Kevin Choksi, created and executed on a plan for growth in key industries, including higher education, financial services, public sector, and utilities. In addition, the company launched a major new release, version 7.0, of its EmpCenter® workforce management suite, which helped win new business.
“We entered 2008 with a strong growth plan and the capital to implement it” said Kevin Choksi, president and CEO of WorkForce Software. “We executed that plan and delivered outstanding results.”
The investment capital, which came from ORIX Venture Finance early in 2008, also helped WorkForce hire additional experienced people for its sales, marketing, consulting and development teams. “We were able to broaden the coverage of our sales team with A-List players with domain expertise in human capital management and ERP software” said Choksi. “With more feet-on-the-street, we were able to compete in more deals—and win them.
With new customers in the public sector, education, financial services and utilities industries, specifically the utility industry, WorkForce acquired nearly twice as many new customers in 2008 than it did in 2007. WorkForce proactively positioned itself with appropriate resources and augmented its staff with partnerships with leading human capital management consulting firms, including Workforce Insight, Hackett Group, and Axsium Group.
“Each of our consulting partners is currently engaged on EmpCenter projects,” said Kathy Cannon, implementation director and co-founder of WorkForce Software. “We are impressed with the skills and knowledge they have brought to these projects and look forward to continuing relationships with each.”
WorkForce is also well positioned for 2009 and expects strong results. “While we continue to keep our eyes on changing economic indicators, our plan for this year is sound. We are increasing efficiencies, monitoring our costs, and pursuing markets that have proven to be profitable for us,” said Ed Bernice, CFO of WorkForce Software.
In 2008, WorkForce also made a significant investment in marketing automation, which helps the company identify and communicate with more prospective customers than in previous years. “Our marketing efforts are focused on efficiently uncovering a growing number of well defined opportunities,” said Bob Gallagher, vice president of marketing for WorkForce Software. “We are seeing improved productivity and dramatic year over year increase in opportunities.
”Another important milestone for WorkForce in 2008 was the development of its EmpCenter Fatigue Management solution, which has been chosen by more than 50-percent of the nuclear power companies in America. The solution manages compliance with new United States Nuclear Regulatory Commission’s (NRC) requirements that were created to provide reasonable assurance of industrial and nuclear safety by managing the “fitness for duty” of employees.
The Fatigue Management solution leverages EmpCenter’s sophisticated rules engine, so it is able to manage complex NRC requirements without custom programming. Companion modules to Fatigue Management include EmpCenter Time and Attendance, which manages complex pay rules, leave accruals, and other attendance policies; and EmpCenter Advanced Scheduler, which helps managers create optimized employee schedules, and fill vacant positions that result from unplanned absences.
Many organizations turn to cost savings in a down economy, and WorkForce Software’s EmpCenter applications significantly cut labor costs by automating the thousands of interactions between employees and employers. A 2008 Nucleus Research study found that one WorkForce Software customer, Ohio University, used EmpCenter to save $2.9 million annually. The study also found that Ohio University’s payback on the investment was only three months, which demonstrates the value of the EmpCenter workforce management solution.