The theme of technological transformation continues through the third quarter of 2018, as multinational organizations gain a greater understanding of how workforce needs are evolving, how emerging technologies are expanding capabilities, and how cloud-based solutions are merging the two in a more efficient and effective working world.
This quarter’s partner digest takes a look at how data-driven needs and solutions are changing expectations across the global business landscape. From analyzing the top challenges facing global organizations and assessing new disruptors to the way we work, it’s clear that understanding the problems of legacy systems and procedures, as well as the potential of new technological solutions, is the way forward.
Workday on the Top Three Challenges to Global Companies
As global organizations and the services they rely on grapple with the changing realities of an increasingly fast, interconnected working world, they are consistently met with critical challenges around data, control, and compliance. Whether it’s to improve information management, workforce planning, global payroll, or another element of business, successful companies are implementing and evolving solutions that are focused on these needs.
A recent blog from Workday examines these key challenges as they relate to finance, asserting that the increased complexity involved in managing a global organization today results in greater issues across three main areas: difficulties in analyzing and reporting on performance, lack of financial control, and local compliance requirements. The article identifies companies’ reliance on disconnected legacy systems as “a root cause of these operational challenges” and makes the case for better data management and protection as the solution.
“The struggle for many organizations often boils down to one big issue: not having a single source of truth for their data. It’s hard to have a finger on the pulse of a global company if data is spread across 20 or 30 financial systems. Analyzing and reporting on results is time-consuming and painful, and the information ends up outdated and at high risk for errors.”
Workday continues by explaining that the ideal strategy to address these issues involves cloud-based systems that allow organizations to standardize globally and configure locally, ensuring that operational data is always visible and up-to-date across the enterprise and reducing the complexity, time, and cost involved in meeting operational needs.
Kronos on Making Your Case for Payroll Transformation
Obtaining approval for any enterprise system change can be a tremendous challenge, one that always begins with a strong business case for making the switch. While the professionals or teams directly involved with existing systems may clearly understand the benefits of transformation, effectively articulating those needs and solutions to higher-ups can be tricky.
A recent blog from Kronos examines the challenge of getting your case for payroll transformation heard and asserts that in order to get the attention and consideration of the leadership team, you first must be able to answer one question: How will a new, upgraded payroll system assist my company in reaching our critical business goals?
To guide you in building an effective business case for global payroll transformation, the blog identifies “four foundational areas” that must be addressed. These include defining the business impact, establishing the business need, identifying and gaining support from stakeholders, and providing value-added benefits. The answers you find by asking the right questions in these areas will help create a business case that can’t be ignored.
“Payroll touches every person in your organization. And change is never easy, even less so when it comes to changes in your paycheck. So, it’s no wonder it feels like moving a mountain sometimes to implement something new in your payroll process. All the more reason to have a solid foundation to build your business case on. The more accurate and complete your data and value proposition, the easier it will be to get your leadership’s attention to move forward with making a change.”
Deloitte on the Disruptors Changing the Way We Work
The future of work is an appropriately ubiquitous topic of conversation among enterprise leadership, service providers, and analysts committed to understanding and meeting the evolving needs of business and workers. Whether the focus is on technological capabilities, workforce expectations, or regulatory challenges, the invariable conclusion is the interconnectedness of all of it and the need for a fundamentally new approach to work.
A recent blog from Deloitte, published as part of the World Economic Forum on ASEAN, looks at seven key disruptors and how they are shaping the future of work. Examining these disruptors against data collected around businesses’ readiness for Industry 4.0, the article highlights the need for a shift not only in approach but also in awareness of the scope and immediacy of challenges, as well as in enthusiasm for change.
“Technological and social forces are transforming how work gets done, who does it, and even what work looks like. In order to address these disruptors, business leaders need to engage in transformation thinking that will not only re-design but re-imagine the way work gets done in their organizations. They need to think big, start small, become more agile, and—ultimately—move faster than the new realities of work.”
Deloitte reports that while just 25% of senior executives are highly confident that their workforce has the skilled needed for the future, and only 14% feel ready to harness impending changes, 86% think they are doing all they can to build the right workforce. Seeing those numbers alongside evidence of expanding workforce automation (expected to double in Singapore in the next three years), the dramatic decrease in skill lifetimes, and basic shifts in global workforce demographics makes it clear that the time for change is now, not the future.
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.