As GDPR and other major regulatory changes loom large over multinational business, the critical role of data comes into increasingly sharper relief, not only as a compliance need but as a strategic business tool. By improving both processes around data management and the learning made possible from data analytics, companies can take a more proactive role in securing the future of their business.
In this month’s partner digest, we look at how technology is shaping the intersection of business requirements and objectives. From future-proofing essential functions to expanding analytics applications and prioritizing data integrity, the steps now required of companies looking to satisfy regulations like GDPR are lining up with those needed to build and maintain a business advantage in an ever-evolving global market.
OneSource Virtual on future-proofing your payroll
For multinational organizations looking to modernize essential functions like payroll and HR, finding a service provider that meets current business needs is just half of the job. Companies need providers who can grow with them and evolve over time to accommodate future requirements.
It’s part of what’s known as ‘future-proofing’, and as a recent blog from OneSource Virtual points out, it’s one of the top human resources trends of 2018. While it’s understandable for people to raise concerns around job security in the face of expanding automation, worrying about the future will neither delay it nor prepare you for it. Instead, business leaders would do well to adapt their processes and apply best practices to make sure their organizations are ready to benefit from advancing technologies.
“Work has always evolved with time and technology. But innovation doesn’t happen automatically. Ensuring that your organization—including your payroll organization—is prepared for the changes that will eventually come requires forethought and strategic action on your part.”
OSV outlines three best practices in global payroll to help customers begin future-proofing their payroll processes: staying informed of payroll industry trends, identifying partners who are investing in the future, and redeploying the payroll team to more strategic and analytical roles. By taking proactive steps to prepare for and navigate major developments like automation, companies can stop dreading and start designing their future state.
Workday on the journey to becoming data-driven
The past decade of global business has included a lot of talk about the importance of data and analytics across the enterprise. However, both understanding of how that impacts work and enthusiasm for its application often wane when many professionals are faced with the idea of crunching screens of numbers.
In a recent video posted to the Workday blog, vice president of Workday Analytics Pete Schlampp and Workday head of technology David Clarke discuss the evolution of business information and analytics from an IT-only area to an everyday business tool for a variety of functions.
“One of the big changes that’s happened over the past ten years is that much of analytics and business intelligence used to be solely driven out of the IT organization. What we found about that structure is that when it’s centralized, it’s hard to be able to answer a question when you need it. All of the expertise is in one central location. And the other part of that is the people who are in that central location don’t understand the business as well.”
Advances in data management and analytics are enabling business users without digital expertise to benefit from data analysis, spreading both accessibility and application of the unique insights provided by analytics across an organization. From seemingly simple developments like drag-and-drop visualizations to more complicated advancements like natural language query and ultimately AI-enabled tools, technology is sharing the power of data analysis with roles well outside IT, including HR and global payroll.
EY on data integrity as risk management
Concerns around data protection and privacy have reached new heights in the months leading up to GDPR, which takes effect in May. Between updating existing systems and sourcing new ones to address related compliance requirements, forward-thinking organizations have been preparing for the new regulation’s impact enterprise-wide. However, it appears a majority of companies are not only lagging in preparedness, but have yet to even begin.
The recent Global Forensic Data Analytics Survey 2018 from EY looks at how technology solutions can help companies “disrupt risk in an era of digital transformation.” Citing telling statistics, such as 78% of respondents are concerned about data privacy compliance, the report focuses on the lesser known role of forensic data analysis (FDA) in managing risk and compliance, specifically within the context of GDPR.
“Around the world, countries are enacting data protection and privacy regulations that present real compliance challenges for companies. The EU’s General Data Protection Regulation (GDPR), which becomes effective in May 2018, is complex, applicable to companies globally, and has signiﬁcant potential ﬁnancial penalties. Yet at the time of our survey, only 33% of respondents had a plan to address GDPR compliance. Another 39% of respondents indicated that they are not at all familiar with the GDPR.”
The report asserts that an effective data strategy must include the right technology and systems, and aim for better integration of those systems and the valuable data they contain. Well-structured data corresponds with visibility into data and process, and is essential for the business transparency that will help companies achieve and maintain compliance in the years ahead.
CloudPay welcomes new technology providers into our Partner Network on an ongoing basis. Contact us to find out whether your software providers partner with us, or to learn if your organization is a smart fit for a potential strategic alliance with CloudPay, a leader in global payroll.