Internet of Things – This term would have definitely caught every technocrat’s eye somewhere. IoT, as it is abbreviated, is one of the best technologies that the world has seen, considering its wide-ranging applications – a conspicuous example being wearable fitness trackers. The intelligence that these devices exhibit is predominantly because of ‘integration’.
Although wearables provide a continuous and accurate data flow, their limited memory makes them inefficient when it comes to analyzing this data. Integrating mobile apps with these wearables enables data synchronization, with enhanced performance and UX.
Today, integration has become a ‘must-have’ feature. The history and the happening are already proving how legacy fragmented systems are becoming obsolete and how global enterprises are becoming more and more efficient by integrating point solutions. Organizations worldwide have been experiencing a broad range of benefits when they implement a fully integrated payroll and HRIS solution. Let’s discuss the 4 major benefits organizations reap with such a solution.
Lean integration and better control
‘Lean’ payroll has always been a thought process that payroll leaders have been discussing in recent times to make payroll work smart (rather than work hard). A fully integrated HRIS and payroll management system makes this thought process practical.
With integration befitting global/country-specific payroll processes, multinational companies can clearly look at opportunities for continual improvement wherever applicable. Furthermore, fully integrated solutions significantly help in this area with payroll automation adaptive to global complexities and nuances.
A seamless global payroll process
Fully integrated payroll and HRIS solutions work with an aggregate platform that supports extensive and flexible reporting. This technology offers flexible automated workflows for agile, cost-controlled and seamless payment operations, in any currency making cloud based payroll management across multiple countries streamlined and seamless.
Intelligent error handling
Integrated payroll systems and HRIS have a robust error handling mechanism. For a typical payroll input process to be ideally successful, the total number of records passed from the HRIS needs to be equal to that passed into the payroll software solution. A weakly integrated system might be able to do justice in this case, but not:
- When there is a lack of mandatory data required for payroll calculation
- When there is a loss of data in integration while data is in motion
- When field-level validation is not followed
Integrated systems with robust error handling mechanisms make sure all these cases are handled. Such systems will send clear messages to the users as to what the error exactly is so that the necessary corrective action can be taken. Ultimately, this results in making the entire payroll process comparatively robust. The input data that is transferred from the HRIS to the payroll engine becomes accurate and complete leading to an unimpeded data flow.
Increased ROI and enhanced system utilization
ROI has been an unimprovable area for organizations using fragmented HRIS and payroll processing systems. A fully integrated HR and payroll system can, however, result in a substantially increased ROI as there exists a complete synergy between the two systems. The resources available are also utilized in a lean manner and hence, organizations that implement these solutions can see their investments in integration make more sense.
In the case of a fully integrated payroll and HRIS solution, deductions are calculated automatically against any benefit changes made in the HRIS. Furthermore, such solutions also manage attendance plan accruals which can be flagged during the payroll time entry process with the least possible manual intervention. This will be a great leap towards streamlining the global payroll process of your organization and, hence increasing ROI.
Technology integration offers is phenomenal benefits and there is already enough being discussed on its potential to sculpt the future of global payroll. Solution providers like NeeyamoWorks have begun creating payroll synergies with their integration services. These technology integrations services are focused on maximizing the global payroll efficiency to the fullest possible and creating a truly global payroll solution.
To know more about how fully integrated solutions can transform your global payroll click here. Our integration experts are listening and will be happy to assist you.