Financial Optimization. Enterprise Risk Management. Business Model Innovation.
Financial optimization, enterprise risk management and business model innovation, along with a selection of key metrics linking performance to strategy, are all concepts that have traditionally been applied to financial performance, ultimately reflected in the Balance Sheet, Earnings Statements and Shareholder Value.
SonarVision allows financial teams to apply these concepts and practices to the workforce, enabling them to see the financial impact of Human Capital Management practices in the same way other areas of the business are assessed. SonarVision you can create a virtual workforce balance sheet to measure against current and future strategic objectives and then monitor and manage the ongoing progress. We enable finance to monitor workforce investments, usually the single biggest expense of any business, with the same discipline and structure applied to supply chain management and other areas of the business.
Gain a competitive edge with the ability to identify, financially quantify and manage risks inherent in your workforce and provide prescriptions for risk management.
- Monitor key performance factors or predict the ROI of the organizations largest and most vital investment.
- Obtain a valuable tool to help increase earnings by 1.5% - 20% annually through the strategic management, planning and monitoring the organization's largest expense--the workforce.
- Link critical workforce positions to the most vital components of your strategic business plan systematically.
- Rely on easy-to-read dashboards presenting meaningful metrics and actionable data to effectively optimize your workforce
- Access the information need to accurately predict labor gaps to help you discover lost opportunity costs?
We quantifiably link dimensions of common workforce components, monitor definable metrics, make distinct correlations between the workforce and the strategic plan and business value chain, while incorporating regression analysis, simulations and predictive modeling. The result: A dashboard view of actionable and valuable data!
In an engagement in the healthcare industry, OrcaEyes used SonarVision to identify opportunities for operational improvements. In this analysis, OrcaEyes discovered potential workforce shortages actual supply versus demand for the ensuing 12 months in positions directly tied to revenue. These shortages were putting more than $1.8 billion of billable revenue at risk. To compound the problem, a 34% annual turnover rate of these positions was adding additional recruiting and training costs. Additionally, margins were reduced by as much as 21% due to the increased use of high-cost, prime contractors and an already funded capital expansion projects was indefinitely delayed resulting from current shortages in existing positions.
By proactively creating talent supply pipeline based on quarterly business demand forecasts for one-year, and a implementing manager training and incentives program, time-to-fill was reduced by 40% and first-year new hire turnover was reduced by 14%. The result was an increase of margins on billable services by 8.2%.
OrcaEyes implemented SonarVision Enterprise to help a transportation company uncover areas where labor spend could be optimized. In the process, SonarVision revealed premium overtime pay (50% factor) to truck drivers accounted for 11% of earnings. Workforce Analytics showed more than 38% of these overtime costs were caused by high turnover of top performers, excessive supply/demand gaps and lengthy time-to-fill periods.
Action plans were developed to regain 70% of the lost 38% overtime pay to be reapplied to the bottom-line earnings. The result: Projected increase in earnings-per-share by 12 cents in the first year.
A national Insurance company hired OrcaEyes to identify areas where significant operational efficiency improvements were possible. OrcaEyes flagship workforce planning and analytics software, SonarVision, found correlations between scores on an employee engagement survey and insurance appraiser performance. It was quickly discovered that underwriters with engagement scores below 50% wrote 62% fewer adjustments than those underwriters in the 77% plus engagement range. Also, the group with scores below 50% had a 55% higher rate of re-adjustments (“re-do’s”).
OrcaEyes consultants helped the agency develop a new employee branding program to help improve engagement levels. The result: Higher engagement scores translated into 3.1% increase in estimates written and 5.7% decrease in re-do’s. These results were achieved over the first nine months of the new employee branding program.
OrcaEyes was contracted by a company with a large manufacturing division to look for ways the company could improve operations. SonarVision correlated common workforce information to key business outcomes and discovered that when operator class employees worked three weeks in a row with an average of 12.5 hours or more of overtime per week, accidents caused by human error increased by 106%. Unplanned downtime cost the global firm more than $2.2 billion annually, and more than 42% of unplanned downtime was caused by human error.
SonarVision measured position gaps and operator leave, predicting trends which alerted management before the operator gaps became problematic. The company used the alerts to prompt the hiring of temporary labor before work levels exceeded error-causing thresholds. Pay rates were raised by 8% to reduce turnover and safety training was conducted for operators and skilled trades.
SonarVision supply-demand forecasting and alerts now provide management with up to two months advance notice before human capital problems result in business problems. The end result was a 51% reduction in lost revenue due to human error accidents.
SonarVision answers your workforce and labor related questions. This workforce planning and analytic system equips leadership with the tools and information to plan, direct, manage and optimize nearly all other mission critical systems, projects, programs and operations.