History has been created!
SpaceX’s first-ever Crew Dragon has ushered in the spectacular era of commercial space travel. This would mark the dawn of Elon Musk’s space quest to Mars. Technology which was only available for the government’s use is now made accessible for a public purpose, proving that the democratization of technology is no more a delusion.
Technology has always been a helping hand to enhance processes and make the impossible possible. The same goes for the case of global payroll. Managing payroll across a multitude of countries has never been easy. Loads of varying data scattered across different systems, adhering to data compliance, the struggles with myriads of vendors, and the need for a stellar employee experience have been contributing to global payroll complexities which intensify as companies expand.
Continuous waves of innovative new emerging technologies have been fundamentally transforming the way global payroll operates. Let’s look at a few major emerging technologies and how they are transforming payroll.
1. Cloud X: The Force Multiplier
The cloud, since its inception, has been enabling global enterprises to experiment with a limitless set of possibilities. Today, it has matured enough to become a force multiplier that acts as the gateway to consume newer powerful technologies. With respect to HCM, Gartner Hype Cycle for Emerging Technologies 2019 maps cloud as a highly transformational technology that would take a couple of years to become mainstream. By 2020, global organizations are expected to spend $165 billion on adopting cloud solutions. How are companies leveraging the cloud for global payroll? Hang on.
2. Fail-proof Decisions with Analytics
The fruits of harnessing the potential of big data have already been discussed enough across different forums. The real strength lies in analyzing big data. Global organizations should focus not on a ‘big data strategy’ but instead on ‘making big data part of everyday strategy’. What do you think is the scope of Embedded Analytics, Voice of the Employee Analytics, and Prescriptive Analytics in changing global payroll? Standby.
3. Robotics and AI-enabled Futuristic Payroll
Now that companies have seen Robotic Process Automation mature in a wide range of functions, they have begun exploring newer opportunities across global payroll. RPA-based payroll administration can help organizations see close to 100% consistency, minimalized (human) keystroke errors, and significant processing speed enhancements. What are the use-cases for RPA in global payroll solutions that are reinforcing the game-changing capacity of the technology?
Curious to explore further? As an ending note, here’s an excerpt from a thought paper by Neeyamo –
“Organizations that embrace these emerging technologies and unlearn to relearn will thrive amidst the disruption. The vision for the future should not be at the forefront of adoption but at the forefront of delivering results. A global payroll solution that leverages these emerging technologies will certainly pay off in the long run.”
The thought paper also discusses several other technologies that can help companies transform the way they manage global payroll. Click here to get this thought paper delivered to you.