Big data is an important tool to utilize in this global era.
It’s estimated that the world generates 2.5 billion gigabytes of data each day
– now that’s some big data. Many multinational companies have big data
initiatives in place that have profound effects on every facet of business,
from leadership to the way products or services are sold.
In global payroll, companies look at big data in several capacities, including the many sources where data is collected, such as by country or region. Without a global payroll solution, big data usually comes in a wide variety of formats, which makes synthesizing data manual and time-consuming. With each hire, each pay increase, termination, leave of absence and other factors, data compounds constantly at a rapid pace.
In a recent Forbes article titled “How Much Data Do We Create Every Day?,” we discover some fascinating
statistics about the volumes of data that drive today’s society:
These metrics are a reflection of how people consume data,
where they look for information, the footprint they leave behind and how they
engage. Big data, by its very nature, requires a holistic look at your
business. Our employees want data at their fingertips with easy access.
Employers are driven to accommodate employees and better yet, create their own
big data when leveraging technology. Interdependencies, inconsistencies in
structure, standardized processes, automation, centralization and more need to
be considered when building out your own big data initiative.
If we shift to big data for Payroll, this area lags in priority
among many companies. Often the considerations for automation, standardization
and centralization haven’t quite reached the potential that global payroll
solutions allow. Payroll has a lot of data to contribute to your business
analytics and now is this time to invest to drive more efficiency and harness
what your data tells you.
To put it simply, big data involves pulling vast amounts of
data from a variety of sources to compare and analyze the data for business
intelligence. Ideally, this data is real time, which means the sources (HR,
finance, payroll, etc.) you pull from are up-to-date, cloud-based systems. You
already see the effects of companies’ big data use in your life – after all,
how else can Netflix recommend shows that you might like, or Amazon, products
you might buy? These businesses are able to do so because they look at your
history and the entire breadth of users’ histories.
When we apply big data with high-powered analytics in Payroll, a company
can achieve these far-reaching benefits:
Your company already pulls and analyzes data, doubtlessly,
so what makes big data analyses different? Big data allows for a macro look at
your business, giving you long-term critical insights vital for a competitive
advantage. With big data, you can predict opportunities for your business and
challenges that might crop up, as well as persistent or seasonal problems.
Big data initiatives are integral for business
transformation efforts and long-term improvement. However, it requires optimal
technology and services that are automated to the full extent of data
collection and analysis. This is where big data initiatives have struggled with
Payroll in the past, but with new global payroll solutions such as iiPay
offering a centralized global payroll software alongside consultative services,
your company can make better use of payroll data.
According to a recent article in Harvard Business Review, roughly 48 percent of Fortune 1000 companies achieve measurable results from big data initiatives. Data management and aggregation is the starting point to set up global payroll success, which evolves into the real value of conducting analytics on payroll data. The analytical outcomes provide varying insights, such as attracting and retaining talent, determining performance trends, and gaining country-wide visibility.
Payroll handles a high volume of data and is a significant
portion of your company’s total expenses. With all of that data, there is a lot
of room for inefficiency, especially if your company’s payroll department
manually enters data. A global payroll solution automates, standardizes and
centralizes your payroll data for easier viewing and fewer errors.
Managing global payroll has its difficulties, primary
compliance with regional and country-specific legislation regarding taxes and
payroll. This has previously made global payroll a piecemeal function and
unsuitable for big data initiatives. iiPay solves that issue with our
centralized software and consultations on legislation in different countries.
Once you have centralized and standardized data, global
payroll is a goldmine for your big data initiative. All of the data Payroll
handles is put toward the analytics you are working on, such as predicting
workforce demographics and geographic dispersal, looking at staffing capacity
and performance to guide your business decisions, or to improve your hiring
practices and attract key employees. It’s time to think and act globally. We can help you
collected from multiple international locations, and ensure compliance issues
across legislative territories. With iiPay’s innovative global payroll solution and
insights into payroll and compliance, you’ll be able to improve your payroll
efficiency and use big data initiatives to improve your entire business.
What sets us apart? Here are four key areas of focus that have enabled us to become the world’s leading cloud-based payroll services company.