In the first part of this three-part series we shared with you innovations available to prepare your business, specifically the payroll industry, for a future that embraces technology. In this second installment in the series, we address What’s Next? Examples of How to Use AI and Robotics. As a reminder, our final and third installment comes next week, How to Future Proof your Payroll – Working now to Embrace Innovations of the Future. Our second topic in this article is an exciting look at How to… and window into how other companies are using and getting results partnering to take advantage of smart automation.
Focusing on examples of the explosion in AI, we can start with the industry’s growth. In 2016, the global Artificial Intelligence (AI) market grew to $1.4 billion, and by 2020 the global AI market is expected to grow to almost $60 billion according to TechJury, an online reference for the Technology Industry. Not many industries are reporting this type of phenomenal growth and certainly not in less than 5 years. We start with this incredible growth, because it solidifies that AI is transforming our lives both personally and professionally all around the world.
The payroll professional commitment is to deliver accurate, timely and compliant payrolls and somewhere in all of those things is an inherent belief that payrolls are and should also be efficient. To keep that commitment and add speed of results and lessen errors and manipulation of data, start to consider the world of AI for your everyday tasks. The growth numbers quoted earlier for AI are industry wide and those billions, may not be a match for the fraction of what you and your 250 to 1,000 headcount or 2,000 to 5,000 headcount organization can consider as an investment. If AI is not a financial investment your organization can make individually, there is another option for the successful payroll team. Small or even enterprise level organizations can work with an innovative vendor partner to achieve the value of automation and bring technology and best practices into their processes. In the last conference held by Global Payroll Management Institute it was stated that the software payroll market would experience a growth rate from $7M to $13M in the next 6 years. That is another leap we can most likely attribute to emerging technology and automation.
In our last blog we started with the end of mind, sharing the results payrollers can expect using AI and Robotics, now let’s explore more information on what to do and how to get there. Below are three examples of using AI in payroll:
With the processes above you can scale your team and your tasks using artificial intelligence; you are redefining what’s possible and not only tackling the how, but the who what and when to better payroll practices. Freeing up employee time, and providing business intelligence across borders (multiple countries, business units, currencies) and 24/7 access to “chat” to respond to your core audience the employee, this is a game changer you can’t afford to ignore.
AI and Robotics are not all there is in the world of emerging technology and you and your organization should not be saddled with learning every innovation. Consider how you can serve your company and start to explore partnering to achieve the results you want in advanced payroll processes. To learn more about what to consider when partnering go to the iiPay website and download an industry RFP template. This template, reveals the most asked questions by organizations looking for innovative technology, customer service excellence and functional expertise in payroll. Whether the decision is to outsource, invest in AI and Robotics or both your team, your organization and your business, should move forward using the information in the RFP to make sure you are asking the right questions to get the desired results.
We are almost to the end of our journey and next week will be our third and final installment of the series where we explore Future Proofing your payroll. The stable and efficient payroll is not about one particular thing, it’s not just AI or Robotics…future proofing your payroll is about building a STRATEGY! I don’t’ want to give it away, but our final and third installment in this series list the three ingredients to a successful, long term payroll strategy… we can’t wait to share it with you and you don’t want to miss it. See you then!
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.