Quinyx, a leading AI powered workforce management platform, has released the findings of The Total Economic Impact™ (TEI) of Quinyx, a study conducted by Forrester Consulting. According to the study, Quinyx delivered a 376% return on investment (ROI) and $1.4M in savings based on a 50% reduction in overtime costs over a three-year period, which resulted in $3.67M in net present value (NPV).
Quinyx commissioned the TEI study to determine the cost benefits an organization can achieve by deploying its software to improve employee experience, reduce scheduling time, and accurately forecast based on historical data.
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“When you do everything manually, you have no idea what to expect at 2 p.m. on a Friday afternoon. There’s nothing proactive. Quinyx’s demand forecasting took all the guesswork away.”
Based on the interviews of four Quinyx customers, Forrester Consulting compiled their individual results into a singular composite retailer with 260 stores, 3,900 employees, and revenue of $1 billion per year, which resulted in the following key findings:
- $1.5M in time savings for managers by reducing the time spent on schedule creation by two hours per store manager per week
- $600K in additional time savings for frontline workers by saving one half-hour per pay period through no manual time reporting
- $751,500 in savings with labor forecasting using data insights to allow the organization to fully leverage employee contracts and dial in the timing of season hiring surges and purges
- 50% reduction in overtime costs and $1.4M savings through increased labor forecasting accuracy that predicts the optimal number of employees needed for a shift
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Beyond quantitative figures, the study highlights the additional benefits provided by Quinyx:
- Higher customer satisfaction – organizations were able to improve customer experience by utilizing the right number of staff to provide service which resulted in higher levels of satisfaction for customers
- Improved employee experience – organizations helped to provide employees with better work-life balance through a user-friendly app that notified them of shift-changes and allowed them to easily swap shifts and request time off
- More efficient compliance and reporting – organizations could easily create individual employee reports of hours worked in less time
Prior to implementing Quinyx, the study found that each customer struggled with simple, unsophisticated scheduling tools that lacked real insight into business demand.
One customer noted that, “When you do everything manually, you have no idea what to expect at 2 p.m. on a Friday afternoon. There’s nothing proactive. Quinyx’s demand forecasting took all the guesswork away.”
Additionally, through improved time-reporting, automatic attestations and payroll features, organizations were able to reduce time allotted to administrative tasks and plan more effectively for seasonal hires. As a result one customer said, “We’re looking at half a million dollars a year [in savings] just in the reduction of payroll effort. How much might eventually be attributed to better management of our seasonal hiring? Timing that surge correctly can make or break our profitability for the season. That’s the area we think Quinyx will have the greatest benefit.”
Erik Fjellborg, the CEO of Quinyx stated, “the results from the Forrester TEI study reaffirms the value that we provide to our customers and the work-life balance we’re enabling for frontline workers across the globe.”