Payroll, Now and in the Future.

Technology

In the first part of this three-part series we want to share with you innovations available to prepare your business, specifically the payroll department, for a future that embraces technology.  Second in the series is What’s Next? Examples of How to Use AI and Robotics and final and third installment in the Series, How to Future Proof your Payroll – Working now to Embrace Innovation of the Future.  This last update ensures your company’s future payroll automation plans are built to provide outstanding payroll services worldwide, now and in the future.

Forbes Magazine, predicted that at least 30% of businesses would be using artificial intelligence, by the end of 2018. They were right, Artificial intelligence is already being used in some small businesses through applications like time and attendance system and of course, payroll. AI and Robotics is not some long way away consideration, practical applications for both Artificial Intelligence and Robotics are among the innovations for high performing payroll teams and have been in practice for many years. Payroll practices require dependable, timely and efficient methods to support accurate outcomes.  At first considered obstacles, the uses for AI and Robotics are now opportunities for continued growth and development for payroll departments, these team have moved well beyond initial stages and have come to depend on them (AI and Robotics) as partners in creating a better payroll output. 

AI and Robotics: Best Results for Payroll :

  • Increased efficiencies
  • Frees up employees
  • Analysis intelligence
  • Limited training
  • 24/7 available in all time zones

In the second part of this series, we will list specific job tasks and roles that use AI to get these results.

The complexity of global payroll is clearly an area appropriate for innovation, having technology and processes that support you now and in the future is also the hallmark of a successful global payroll partner.  Internal organizations working in payroll using AI for repeat-able, common task drive businesses into the future, the short list of task include, opening and sorting mail, key word and phrase recognition.  These small changes and activities currently achieve over 90% accuracy in distribution.  This is an incredibly positive example of removing payroll professionals from routine mundane task.  Payroll management then gains the benefit of using their teams for time sensitive and thought-provoking payroll support, when they embrace AI and Robotics.  Use of emerging technologies, partnering with a high performing global payroll vendor, these are all decisions that  support a move away from routine task and serve to use payroll professionals on more strategic company goals. 

Advancements like using machine learning and AI comes in cycles, once considered emerging technologies that had limited use in business, these areas are now full partners and work on significant projects within the payroll departments.  Accepting ways to use AI requires a review of your current process and the potential impact in driving future growth, de-risking projects, saving time and increasing accuracy any of these things can easily translate into cost savings for progressive businesses.

What you really want to know about AI is not only what works, but some examples of what doesn’t work.  In your search for including AI its wise to recognize there will be attempts that just do not work in the world of payroll.  The potential impact of AI and Robotics is enormous and therefore worthy of the potential trial and error that might be needed to get the final positive results and increased productivity. In the payroll community it helps to know what others have tried and how likely AI can work for your processes, as we continue to learn more about this area we will explore those attempts.

In our next blog, we give specific examples how your team can concentrate on high value activities—examples of payrolls using AI and Robotics in their day to day activities to increase payroll accuracies and grow their team effectiveness, almost immediately. Whether you actually decide to use AI and Robotics to advance and future proof your payrolls, the benefits for some are obvious and you will want to know you have explored these options for your organization. 

The potential success is a long term win for those in global payroll departments faces with limited resources.  In many cases you want to know your payroll partner like your teams are working to explore these process or have payroll processes that have already made the leap ahead to innovation in their payroll solution.  Driving future growth and high achievements does require that innovation by innovation we continue to move toward the developments that give the high performing payroll department the next level support to meeting payroll requirements. 

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