/// Evolv, Using Big Data to Make Hourly Workers More Profitable, Lands $15 Million
Have you ever wondered how productive your employees actually are? In a world where large companies are always looking for ways to keep costs under control and boost what flows to the top and bottom lines of a P&L statement, it’s a fair question to ask, especially when there’s an hourly workforce involved, whether it’s in retail, a call center, or a customer support situation. Hourly employees make up about 60 percent of the workforce in the U.S. These are often high-turnover jobs, where management is difficult and the results uneven. But the fact that it’s so big makes it a prime target for the kind of predictive analytics that have becoming so fashionable these days. That’s exactly what Evolv does, and today it announced it had landed a $15 million Series D round of venture capital funding led by VantagePoint Capital Partners. Previous investors GGV Capital, LightSpeed Venture Partners and Khosla Ventures also participated in the round. Evolv uses big-data techniques to predict whether or not an employee is likely to be a successful, effective and efficient employee. Among other things, it tracks which training techniques work and which don’t, charts overall performance of the workforce and creates profiles of employees who perform well and those who don’t. In the end it’s about keeping employees working for the company over a long period of time, shrinking that turnover rate. After all, it’s expensive to bring on new employees and train them all the time. On that front, Evolv has some stats to brag about: Its customers, on average, see the tenure of their hourly employees increase by about 15 percent. And its 19 customers, with a combined workforce of about 50,000, see an average improvement of $10 million to the profit and loss statement. Xerox is one customer that’s been publicly named so far. It’s not as if other companies haven’t sought to tackle this problem with software. Evolv CEO Max Simkoff told me that when Evolv wins a deal, it’s usually displacing on-premise software from the likes of SAP, Oracle, IBM, Microsoft or SAS.
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Evolv, Using Big Data to Make Hourly Workers More Profitable, Lands $15 Million