The Best Data is Right Under Your Nose
Aug 28, 2014
It has been said many times over that we are in the age of Big Data. And while some may think of this as a cliché or just the latest corporate buzzword, the sheer volume of data available to business – and the value of that data – cannot be understated or overlooked. By accessing such comprehensive information, the company gains unparalleled insight into its current processes and practices to find areas to improve, costs to cut and ways to operate more efficiently.
But before companies can benefit from that added insight, they must first determine the best place to find the most relevant data on the costs of running the business. More often than not, such information resides in the global payroll system. Though not always seen as a system of record, the payroll function offers real-time, up-to-the-minute information about the company, its headcount and how employees – the company’s biggest expense – are being compensated across all locations. And it is this information that can help drive better-informed decisions and lead to organizational improvement.
When utilizing a SaaS-based global payroll system offering extensive reporting capabilities, this key data is easily accessible and right under the noses of those who need it most. After all, the system maintains an accurate record of how many employees are currently in the company and how much they are being compensated. Moreover, with a common SaaS technology platform, the company gains unprecedented insight into its global operations, rather than keeping such important employee data siloed in different systems and locations. While many systems offer this data in finance jargon not easily understood by those outside the finance department, the right solution will make it easy for stakeholders at all levels to access the information they need and take the appropriate course of action.
For instance, by using CloudPay Insights, HR professionals can gain insight into how many employees are subscribed to specific company benefits, and better promote those programs with lower participation. At the same time, the company gains a comprehensive view of talent across the enterprise – and how much they are paying employees in the same position at their different locations. By understanding total employee costs at each location, the company can make better informed decisions about which offices to expand and hire more talent at the lowest costs. Additionally, the company can analyze the number of new hires against turnover rates over the past 12 months, or how payments and deductions have changed year by year, and respond accordingly.
By leveraging the immense amount of data created by payroll, multi-national organizations can gain the insight and analytics to reduce operating costs and drive overall efficiency. Yet, rather than being bogged down in numbers, companies will achieve greatest success by utilizing a SaaS-based global payroll system with robust reporting functionality. With such a solution, stakeholders across the enterprise can access user-friendly reports that drive smarter talent decisions and lead to a culture of continuous improvement.