Dig Deep into Payroll Data with CloudPay Insights
Aug 19, 2014
In today’s competitive business environment and still volatile economy, multi-national organizations must be able to respond and adapt to changing market conditions as rapidly as possible. And while the rise of big data has provided access to more information than ever before, they don’t always know how to find the relevant information needed to identify trends or issues with their workforce. As a result, they may lack the ability to reply in real time and work to resolve issues before they become more problematic.
But the challenge isn’t just one of timeliness; organizations must also know the right places to look to find the crucial data and how to understand it. This challenge is highlighted by research from the MIT Sloan Management Review and SAS Institute showing that a majority of professionals face growing pressure to become more data driven and analytical, yet less than half said they frequently have access to the data they need to make key decisions. More often than not, that data, and the key answers about their workforce such information reveals, can be found within their global payroll system. Though often overlooked as a source of record, the information contained in a company's payroll data reveals crucial statistics on the true costs of compensating employees around the globe.
A report from McKinsey & Company identifies the three factors needed for a successful data-driven strategy as choosing the right data, predicting and optimizing business outcomes and transforming the company’s capabilities. Understanding the importance of condensing the enormous amounts of big data information into useful and actionable insight, CloudPay recently launched CloudPay Insights. As the only global payroll provider in the market to offer a common technology platform for effective global reporting – CloudPay is unique. Through this enhanced global payroll reporting functionality, CloudPay helps organizations address those three areas, giving them the ability to dig deep into their own comprehensive, multi-country payroll data to identify trends and make more effective business decisions.
What truly sets CloudPay Insights apart from other payroll reporting solutions is that it can be used at all levels of the organization. Senior business leaders benefit from accessing data across their global enterprise to gain a better view of profit and loss, the expenses around payroll taxes and benefit deductions and the overall costs of doing business on the global stage. Regional and business unit managers gain insight into the costs associated with hiring for specific positions in various regions, helping to drive decisions about where talent should be placed. Additionally, HR and payroll managers and practitioners can easily access audit reports and other key data that provides tactical information about the workforce they need on a day-to-day basis.
Other key benefits of CloudPay Insights include:
Self Service Analysis and Reporting - business users can analyse data without having to wait on IT or a technical team to create a view of their own data.
Enhanced dashboarding capabilities that provide users with the flexibility to create and fully customize their own reports, giving them the power to access only the most relevant information.
Improved workspace functionality, allowing users to leverage relational or dimensional data sources that enable deeper analysis, report authoring and advanced data exploration.
Global payroll is often one of the most challenging aspects of international expansion. However, with CloudPay Insights, companies benefit from a common technology platform in place across the enterprise that can help them use the immense amount of data created by the payroll system to their advantage. As the only payroll solutions provider offering such a solution, CloudPay helps organizations leverage their payroll data in order to shape business decisions, set goals and priorities and optimize their workforce strategy. More information about CloudPay Insights and how this solution brings greater clarity to global payroll can be found here.