Leveraging Key Dashboarding to Optimize Business Performance
Oct 13, 2014
In the age of Big Data, it’s increasingly important to recognize that the payroll function isn’t just about paying employees accurately and on-time; it also serves as a system of record for what is going on inside a company. The information contained within payroll includes a wealth of real-time data that companies can leverage in order to optimize their business performance. Plainly spoken, the payroll function provides a clear line of sight into how much a company invests in its largest resource – its people. However, the challenge many face is figuring out how to sort this data to benefit each level of the organization.
Since each team or department operates differently, each level will require different information, so a one-size-fits-all approach need not apply. Instead, companies must be able to provide each level with easily accessible information that provides the data needed to make smarter business decisions in real time. To make this happen, the company needs the right tools to facilitate finding, managing and delivering this information.
To be effective, the company will benefit from getting access to real-time data on the costs of compensating the global employee base at any moment. With the right payroll solution in place, companies can access all of the data they need right through the solution’s dashboards. The right tool will enable information to be pulled from pre-built reports, cubes or other sources that can be combined into a single dashboard style interface and exported into a number of common file formats. With control and flexibility over the data, users can develop custom reports, regardless of their financial expertise and without the need for IT support, saving the company and its stakeholders significant time and resources.
Consider these key benefits dashboards provide:
- Greater insights into trends – Analysis and understanding of multi-national payroll data will help companies to spot trends before they become larger issues.
- Uncover hidden expenses – Custom dashboards can improve visibility into expenses and highlight critical data in order to achieve cost optimization.
- Enhanced reporting – With access to detailed reports, the company can gain a clear line of sight into the costs association with each employee, position by position.
- Operate at the pace of business – Knowing what’s going on in the business at any given time can promote change and process improvements as needed.
Access to this key data, via robust intuitive dashboards, provides organizations with the power to drive better decision making and optimize its payroll costs – just by making sense of all that data already being collected. With dashboards in place, the company can work systematically to understand the value of its human capital and people strategies and factor this into planning and strategy across the enterprise.