In our most recent episode of The View From The Top, host Brian Friedman discussed how cost estimates are evolving with new technology. The traditional process of creating cost estimates has been manual, time-consuming, and limited. However, new innovations are changing the game and opening up exciting possibilities for the future.
The Old Way of Cost Estimates:
In the past, cost estimates were often done manually using spreadsheets. The process involved pulling data, plugging numbers into a spreadsheet, and making calculations. This took a significant amount of time and effort. Cost estimates were typically only done 1-3 times per assignment due to the labor involved. There were often errors and inaccuracies.
The data and policy information needed to be manually entered for each cost estimate. Providers would charge a fee each time a cost estimate was run, making the process expensive. What-if scenarios were limited because the mobility team had to manually think through different variables.
The New Era of Automation:
New tools like Smart Cost Estimates by Benivo are automating the process and removing the manual effort. All the policy and cost data is stored in the platform. Cost estimates can be run in under a minute by inputting basic assignment details. Hundreds of scenarios can be run instantly with no additional fees.
The platform automates tax calculations, exceptions tracking, and finding cost savings opportunities. Machine learning algorithms run endless what-if scenarios in the background to surface the best options. This enables completely new possibilities for workforce planning and policy comparison.
Instead of 1-3 scenarios, mobility teams can now run and compare hundreds of customized cost estimates for every situation. The time savings and strategic insight are game-changing.
The Future Possibilities:
Benivo's Smart Cost Estimates are about to get even smarter with the following new features in the pipeline:
- Compare policies, locations, and other variables at scale
- Incorporate real-time data and machine learning for predictive accuracy
- Model total workforce costs across projects and regions
- and so much more
Rather than being a limited manual process, cost estimates will become an invaluable source of workforce intelligence. They will enable truly data-driven global mobility strategy.
The future of cost estimates is a exciting frontier driven by automation and AI. Cost estimates are moving from a tactical process to a strategic capability. The latest innovations open up new possibilities for global mobility teams to find efficiencies, cost savings and drive the business forward.
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