The payroll industry has not experienced a revolutionary improvement for decades until now. “Global Payroll Hyperloop” is a ground-breaking, innovative approach that is set to challenge the status quo of payroll processing and delivery. Similar to the Hyperloop concept pioneered by Elon Musk focusing on frictionless transportation to cover great distances at mind-numbing speed; Global Payroll Hyperloop transcends the traditional approach of payroll processing to deliver exceedingly fast results.
To understand Global Payroll Hyperloop better, let’s take a look at some of the obstacles slowing down the entire payroll process and delivery
High level of Manual Intervention – Manual processes are erroneous and slow by nature. The evidence supporting this fact is the breakneck speed at which technology and automation have grown over the past 20 years. Yet, the payroll industry for decades has inherited manual methods for data collation and validation. The repercussions of high manual intervention for data entry and validation are frequent human errors and excessive time consumption. This cumbersome manual practice has been the standard practice for many years by various payroll providers, and it’s about time we replace it with technology.
Disparate Platforms and Multiple Provider Issues – Another major factor would be the use of multiple systems and providers to process payroll in different countries. Disparate systems are not ideal for integration since various platforms have different sets of rules to interface with another. This limits the possibilities of automating data flow in and out of your human resource system. Without integration, data has to be manually fed into the payroll platform which is time-consuming and error-prone. Also, different providers utilize different platforms to process payroll, and the pace at which they deliver results will vary substantially resulting in lack of standardization. This challenge, in particular, implies the need for a single provider with a powerful global payroll platform to deliver consistently superior results.
Legacy Systems Impeding Innovation – legacy systems have indeed made way for the advancements that we see in today’s technology. However, these systems (be it hardware, software or even outdated programming methodologies) of the 90s and before, are not at par with cloud technology. Payroll platforms that have inherited legacy tech are much slower when compared to a cutting-edge platform built innovatively to blend with the modern cloud infrastructure. The new age technologies are also more flexible to adopt Artificial Intelligence and Machine Learning that are in vogue today to facilitate maximum automation of workflow.
How does the Global Payroll Hyperloop framework deliver precise results at an exceptional speed?
Technology Designed Ground-Up from a Clean Slate – The global payroll hyperloop framework consists of technology that is built from a blank sheet of paper using cloud first world first© design philosophy. It is made from the scratch with modern technology to seamlessly integrate with the cloud infrastructure enabling faster processing when compared to legacy systems. Hence, the technology powering global payroll hyperloop propels at an unmatched speed to deliver payroll for employees across the world.
Integration and Intelligent Input Validation– We’ve established earlier about the manual interventions in payroll input and validation that slows down the entire process. The manual data entry and validation process is fully eliminated in the global payroll hyperloop approach through integration with multiple systems and intelligent validation of inputs. The payroll platform is integrated with different systems (e.g., HRIS/ Time and Attendance) through APIs and integration adaptors to automatically receive payroll inputs for validation and processing. Intelligent input validation is done by bots within the payroll platform. Bots check for any exceptions on the inputs received using artificial intelligence program to locate errors and trigger an alert in case of an anomaly. Payroll process is expedited by a great margin as a result of completely automating the input process.
Maximum Automation Through Robotics – Artificial intelligence and machine learning are rapidly adopted by industries as they drastically reduce human intervention and errors. The global payroll hyperloop framework has multiple bots (AI and machine learning programmes) deployed at various levels to maximize automation and efficiency. Validation, calculation, and audits are performed by artificial intelligence to eliminate errors and automate 70% of the routine manual activities in payroll processing. With minimal human intervention and zero errors, the payroll results are generated and delivered at an incredibly high pace in comparison with other traditional payroll systems.
Powerful Platform Designed Using Smart Algorithms – The entire system is powered by an innovative singular global payroll platform – PayNComp built using smart algorithms. Besides the cloud infrastructure, the payroll engine is tweaked to process at an outstanding speed by leveraging STP (Straight Through Processing). STP methodology requires calculation data to be entered only once for computing. This ensures quicker transaction processing and improved accuracy. The final result is a stunning record of processing thousands of payroll inputs within seconds.
Neeyamo’s global payroll hyperloop framework combines the best of technology and innovation to respond to the the most complex challenges in the payroll industry today. With Neeyamo, your payroll process is seamlessly fast and more precise than ever. Welcome to a new world!
To know more about the Global Payroll Hyperloop framework, please contact Irene.jones@neeyamo .com