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CloudPay - Next Gen Global Payroll Analytics

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Managing global payroll effectively requires real-time visibility into what’s happening across the entire payroll function, and why. With next-generation analytics, organizations can visualize their data to understand payroll performance in context – earning far more actionable and insightful intelligence than they can realize from standard reporting.

Yet the most valuable intelligence is acquired when multinational organizations have a holistic approach to payroll across the global enterprise. By utilizing standardized processes, automated workflows, streamlined integrations, and expert managed services and support, multinational organizations can cultivate high-quality data and apply payroll analytics for a variety of operational improvement initiatives.

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CloudPay - Next Gen Global Payroll Analytics

  1. 1. CHANGING THE GAME: NEXT-GENERATION PAYROLL ANALYTICS USING END-TO-END ANALYTICS TO OPTIMIZE PAYROLL PERFORMANCE
  2. 2. ABOUT CLOUDPAY GLOBAL PAYROLL WITH PERSPECTIVE CloudPay provides managed global payroll services to multinational organizations through a single, unified SaaS solution. By delivering end-to-end managed payroll services through an innovative platform, CloudPay ensures consistent and compliant payroll around the globe while reducing operating costs and minimizing manual processes. CloudPay’s services and technology standardize the payroll function across geographies, helping organizations increase efficiency, streamline compliance, and achieve greater visibility into payroll performance and costs. The CloudPay solution is backed by deep industry expertise earned over twenty-plus years delivering services to over 2,400 multinational entities. CloudPay’s solution guarantees accurate payroll processing across 120+ countries in more than twenty-five languages. To learn more, visit www.cloudpay.net.
  3. 3. 3 INTRODUCTION HOW ANALYTICS BRING GREATER PERSPECTIVE TO PAYROLL Across business functions as varied as marketing, finance, IT, and human resources, companies use sophisticated analytics to conduct end-to-end performance analysis and generate boardroom insights. The exception: The payroll department. As a 'legacy' business sector long dominated by outdated solutions and manual processes, global payroll hasn’t become as data-driven as other functions of the enterprise. Due to the lack of automation and standardized processes in the space, analytics have largely been an afterthought in global payroll. Why? Because reporting and analytics are far from synonymous. While most payroll providers send a wealth of reports to their clients, their reports detail static information and present it in a static way. Analytics, on the other hand, enable payroll customers to visualize their data in real-time and understand it greater context – providing far more actionable and insightful intelligence than reports can. The added sense of perspective that analytics delivers is crucial to improving global payroll performance. Even with so many reports in their arsenal, many managed services providers supply customers with highly limited information on payroll performance – allowing processing data to stay locked in a “black box” until all pay cycles have been completed and exception reports disseminated.
  4. 4. 4 That lack of real-time transparency has underserved multinational companies of all stripes, because payroll is a unique data set that houses information no other enterprise application holds. That data can have immense strategic value when leveraged to full effect – delivering intelligence that can power smart decision- making around capacity planning, cost cutting, resource allocation, expansion, and more. The most valuable payroll intelligence is acquired when organizations have a holistic approach to payroll across the global enterprise: Armed with standardized processes, automated workflows, and expert managed services and support, multinational organizations that deploy integrated payroll solutions can cultivate analytics valuable for a variety of operational improvement initiatives. Several focus areas are key to earning game-changing results from global payroll analytics: • Establishing a foundation for data integrity • Building a cloud-based and analytics-driven strategy • Using analytical insights to drive long-term improvement This CloudPaper will outline how stakeholders can “change the game” in their own organizations to elevate the role of payroll through the power of next-generation analytics. INTRODUCTION HOW ANALYTICS BRING GREATER PERSPECTIVE TO PAYROLL
  5. 5. ESTABLISHING A FOUNDATION FOR DATA INTEGRITY When it comes to analytics, the goal of any business function is to achieve a single version of the truth. And without a single, end-to- end source of the truth, that’s impossible to realize. The ideal resource for global payroll teams is a unified platform where stakeholders can: 1. Search and access the information they need; 2. Assess data at both the broad and granular levels, from a single location; and 3. Feel confidence in the quality of the data presented. PART 1: 5
  6. 6. Achieving a unified system of record is arguably more difficult in Payroll than any other area of the enterprise. Organizations may work with anywhere from one to one hundred payroll solutions providers – each with its own processes and standards – across a global operation. In addition, they often rely on a variety of fragmented software (and data) systems that connect HR and Finance to the payroll function. Realizing the value of game-changing analytics requires game-changing data, cultivated in a manner that maintains data integrity across all systems and solutions involved. A useful data set cannot be achieved without a foundational strategy for collecting the right data and processing it in a consistent way. Three focus areas are key: Data Capture, Data Integration, and Data Standardization. ESTABLISHING A FOUNDATION FOR DATA INTEGRITY I. DATA CAPTURE: UNDERPIN PAYROLL WITH PROCESS INTELLIGENCE For most multinational organizations, completing the payroll cycle requires moving through dozens of interconnected steps, taken by dozens of different individuals, at an extremely high volume – making it a highly error-prone area of the enterprise. Over the course of receiving employee data, locking payroll, approving payroll, producing bank files, and sending payslips, a million things can go wrong. Given the breadth of activities involved, even minor errors and oversights add up. If left unaddressed, recurring process issues can negatively impact the efficiency and productivity of the payroll function. Yet many organizations fail to collect process information at all – let alone in a reviewable, auditable manner. The first key to achieving a ‘single source of the truth’ is to collect detailed data on what happens throughout the payroll cycle, how it happens, and why. Before incorporating analytics into the payroll function, organizations should ensure they are capturing end-to- end data on every element of the payroll process. That means logging who performs each action or approval; how long certain steps take; what communication takes place throughout the process; and so on. 6 PART 1:
  7. 7. Few organizations can execute global payroll without information housed in either an enterprise resource planning (ERP) solution, a human capital management (HCM) system, or both. Given payroll’s reliance on data about employees’ benefits details, time and attendance, and personal information, the most reliable analytics stem from solutions that integrate with the systems that manage, track, and monitor those functions. The more seamless and automated the integration, the better the data quality. Desktop-bound processes – export the spreadsheet from the ERP or HCM, save it to a local folder, then load it to the payroll system – increase the likelihood of manual errors while making sensitive employee data more vulnerable from a security perspective. The approach has other unintended consequences, as well. For one, it creates an enterprise-wide reliance on out-of-date information: By the time data is exported, saved, and uploaded, it may already be inaccurate compared to more recently supplied employee information. Secondly, desktop-bound data sharing also contributes to a lack of collaboration. Making use of complex data requires cross- departmental cooperation around spotting troubling trends, identifying solutions, and setting goals for improvement. But when payroll data is shared via static, manual uploads, it rarely facilitates actionable engagement between the HR and payroll functions. Automated system-to-system integration can extract real-time payroll data from an ERP or HCM solution in a seamless manner – setting global payroll teams up for more accurate, timely, and collaborative analytics. From there, it can export data back to external systems the same way: Certified connectors and application program interfaces (APIs) enable two-way data transfers that lessen the time and manual effort involved in importing and exporting payroll information. PART 1: Tip #1: Engage in real-time data collection. When launched from a dated starting point, an organization’s analytics can never be entirely reliable. 7 II. DATA INTEGRATION: LESSEN MANUAL EFFORT & ASSESS REAL-TIME INFORMATION ESTABLISHING A FOUNDATION FOR DATA INTEGRITY
  8. 8. 8 III. DATA STANDARDIZATION: DECREASE ERRORS & ENSURE DATA INTEGRITY PART 1: ESTABLISHING A FOUNDATION FOR DATA INTEGRITY Secure integrations among commonly used systems help organizations lower processing times, decrease error rates, and reduce the frequency of payroll reprocessing. They’re also the ideal starting point for enterprise-wide standardization of the global payroll function. With the average multinational organization relying on 3.7 payroll systems (and large organizations relying on dozens more) executing payroll across the globe typically means sending and collecting data from at least three disparate vendor systems – each with disparate workflows. To achieve game-changing analytics, organizations should ensure that a consistent and standardized payroll process (mindful of local and regional considerations) is applied across all geographies – ideally by consolidating global payroll into one end-to-end solution. The most effective infrastructure for any analytics-driven strategy is a proprietary, end-to-end platform that operates with standardized global processes and adheres to pre-defined data standards. Once equipped with a foundation for accurate and consistent data collection across the globe, organizations can look ahead to their needs and goals in global payroll and determine how analytics can support them. Establishing that ‘data foundation’ can also be the first step to a game-changing culture shift across the company: Once multinational organizations understand the usefulness and value of a standardized payroll data set, there’s no going back to static, report-driven decision-making – setting a high bar for further software change initiatives across the enterprise. Tip #2: Ensure that a consistent and standardized payroll process is applied across all geographies.
  9. 9. BUILDING A CLOUD-BASED & ANALYTICS-DRIVEN STRATEGY As with any change initiative, a shift to next-generation payroll analytics has the best chance of success when it’s powered by strategic thinking. By planning out their approach to payroll analytics in advance, organizations can realize stronger benefits and value from their analytics over time. Before jumping ahead to the implementation details and use cases of their analytics program, organizations are wise to: 1. Assess value what they are, and aren’t, getting from their current approach to analytics; then 2. Incorporate ‘value-add‘ tactics into their analytics-driven payroll strategy to drive long-term ROI. PART 2: 9
  10. 10. Processes and consolidates all global payrolls. A scalable and fully compliant single-contract payroll solution, it is accessible anytime and anywhere, with industry leading features that improve labor distribution and visibility into your payroll costs. Goes beyond typical payroll reporting, helping uncover new insights that drive strategic value. CloudPay Analytics continues to expand its dashboard of predictive analytics that provide the underlying information needed to improve efficiencies, optimize costs and ensure continuous compliance. Automatically issues accurate and compliant payments, directly from CloudPay Payroll, to all of your employees and third parties. Manages secure communications for all process participants, including any local vendors. With a real-time “chat” function, questions, changes and requests are managed instantaneously through dedicated teams in our seven global service centers. Automates and standardizes all payroll and payments processes, regardless of the country, and provides key data that identifies opportunities for process improvement and performance measurement. Is a framework that standardizes how employee, demographic and payroll data is imported by CloudPay from a wide range of external sources, including HRM platforms such as Workday, Success Factors and PeopleSoft. REDUCE OPERATIONAL COSTS Remove complexity and reliance on multiple platforms while optimizing how you staff payroll. Increase operational efficiency by storing and analyzing all of your payroll data in a single solution. Reduce overall payroll processing costs and errors to improve your business performance. THE CLOUDPAY SOLUTION THERE IS GREAT POTENTIAL IN PAYROLL. COME FIND IT. WHY CLOUDPAY? TRUST YOUR PAYROLL Have confidence with our fully compliant, highly secure payroll solution and our skilled subject matter experts. Minimize the risk of non-compliance with local and statutory regulations, and a fully integrated compliance interface. Maintain greater internal governance. FOCUS ON YOUR BUSINESS Gain the freedom to focus on your core business with the reliability, simplicity, and assurance you get with CloudPay’s integrated global payroll solution. Harness more accurate global insights to improve your business performance with our interactive dashboards.

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