Emerging Technologies and Future Proofing your Payroll

Technology

We end our series with our third and installment, How to Future Proof your Payroll by reviewing working now to Embrace Innovations of the Future.  Let’s explore a few ideas about how to bring automation into your payroll process.

A significant part of payroll strategies in the next 3 to 5 years will be using technology that is more than likely not on the roadmap for your organization today. The world of Robot Process Automation (RPA) and Artificial Intelligence (AI) is fast moving, but the proven track record of these automations is a great fit for moving payroll forward.  Although this area of automation is still being explored, there are definite benefits being achieved by payroll departments today:  

Three Benefits to RPA:

  1. Cost Reduction
  2. Minimize Errors/Less Human Interaction
  3. Time savings


Using the above benefits as goals, embracing tomorrow’s technology has advantages that every organization would value. According to Ernst and Young in a recent article, nine in every ten payroll tasks are highly repetitive.  In an accompanying article the company states C-Level executives are becoming aware of the benefits to their company using RPA for payroll processing. saving money, minimizing errors and saving time are wins in the cost/benefit analysis of RPA implementation.   

There are standard steps to exploring the use of RPA in your organization: 

Throughout the process to find the right activities and events for embracing RPA, be open for the nuances you discover as you work through your requirements– and be flexible even the most obvious candidates for automation will take time list every click and calculation. You will decide which process to develop first and finally you will build best practices and governance that will ensure you are on the right track for your organizations’ initial RPA candidates.

You don’t want to wait until others bring these ideas to you– the time is now to step forward and explore automating your payroll. The major disruption in the payroll accounting department is the trend toward robotic process automation (RPA), being applied to routine, repetitive tasks. RPA in payroll processing is working today and will be a mainstay in the future of payroll processing. 

Future proofing your payroll is a right now activity that could set your organization ahead by leaps.  The Institute for Robotic Process Automation reports that RPA is estimated to have an impact on about 40% of back-office administrative functions and that number is growing rapidly.  As we end our series on Future Proofing your Payroll, the benefits of embracing automation are clear; cost and time savings, eliminate manual processes and mitigating risk are at the forefront.  RPA and AI are more than just add-on systems to how you do business.  These are important developments that provide useful insight, to simplify processes, but also to maximize your role as a payroll professional.  Embracing technology innovation and automation will make all the difference in efficiently run payrolls and the success of high performing payroll professional of the future.

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