December 2018 Digest: Insights from Our Partner Network
This quarter’s partner digest takes a look at the role technology will continue to play in understanding and strategizing global business. From adopting advanced analytics as a must-have means of gaining insight, to elevating the role of the payroll function to influence strategy, and turning to global service platforms to help bridge the digital skills gap, multinational organizations are expanding their need for new tech solutions almost in step with their development.
Workday on Advancing Analytics as a Must for CFOs
Organizations the world over are coming to terms with the need for deeper understanding of their data as well as the means to practically apply any insights gained. The development of advanced technologies such as robotic process automation (RPA) and machine learning has significantly expanded the possibilities of analytics to help meet those needs, although many companies still struggle to achieve effective analysis.
A recent blog from Workday highlights the role of the CFO, in particular, in using these advanced analytics to help themselves as well as the broader organization to pinpoint issues with productivity, identify areas for improvement, and modify and monitor outcomes. By exploring the practical benefits of deep analytics and how teams can put the data to use, the article explains that the opportunity for finance leaders to better understand the financial landscape and their own business has never been greater.
“It means finance teams no longer have to look back in time for answers. Advanced analytics can help them look forward and better forecast the future with predictions such as what products and customers are most profitable, or which customers are more likely to pay their invoices on time. At the same time, technology enables the automation of more financial processes, from accounting to auditing, freeing up finance teams to focus more on analysis and partnering with the business.”
Workday goes on to explain how a unified technology foundation is key to accessing comprehensive data and thereby obtaining deep insights into an organization’s performance. While many companies are doing away with legacy on-premise financial systems and moving to cloud-based global solutions, the majority of finance organizations “still have a ways to go when it comes to making these advances.” It appears, however, that the tide is turning, as the benefits of unified cloud-based systems with in-built analytics become more widely understood.
Ramco on Viewing Payroll as a Strategic Driver
Recent years have seen an increased focus on organizations’ ability to streamline and improve operations like HR in an effort to not only boost performance, but also improve the employee experience and earn the benefits of greater employee satisfaction, including better retention, increased productivity, and higher morale.
A recent blog from Ramco names payroll as a key part of companies’ overall operational hygiene and criticizes the reality that the payroll function receives little attention when it comes to analyzing business performance or allocating budget for improvements. Although it can be convenient to view payroll merely as a transactional function, the article explains that it has the potential to significantly impact employee experiences—and thereby deserves greater consideration as a strategic driver.
The article presents important statistics around the changing workforce, such as how 89% of employees expect organizations to provide anytime, anywhere, any-device access to payroll services, and 1 in 5 workers currently command non-standard contracts—a figure that is rising. To keep up, organizations must consider three key aspects of payroll today: workers’ expectations are evolving, greater compliance needs are demanding next-generation payroll services, and a robust core technology is the only way to deliver.
“This is a significant boon since organizations can stand to gain on aspects like higher efficiency, reduced costs and also happier employees. Technologies like Artificial Intelligence (AI), and Blockchain will not only help to automate basic Payroll services tasks but also engage employees by way of chatbots in many ways.”
EY on Adjusting Operational Locations to Access Skills
The global workforce continues to develop in exciting and challenging ways, leaving the majority of multinational organizations a step behind in their anticipation of both employee and operational requirements, and continually playing catch-up in their plans to meet those needs.
The latest Attractiveness Survey by EY examines whether multinational organizations based in Europe in particular are ready for future needs from a skills perspective. Citing a recent World Economic Forum report, the article analyzing the survey results opens with the information that nearly half of all companies surveyed are looking to modify their locations of operation over the next four years, primarily to increase proximity to desired skills.
“The digital economy will be the dominant driver of Europe’s growth in years to come. However, a skills shortage in the most important jobs needed to harness it is damaging the ability of the continent’s businesses to grow. At a time when a digital transformation is creating huge new opportunities for employers, they are finding it increasingly difficult to recruit and retain employees with the skills that will enable them to embrace fully the benefits this transformation brings. Without those skills, our respondents believe businesses may struggle to thrive in a world of increasing economic uncertainty. This in turn will impact the continent’s overall economic growth prospects—and its ability to compete in a world of relentless, intense, and increasingly global competition.”
The article examines at length the options facing multinationals seeking to improve their skill base, and identifies the need for global companies to rely on flexible technology solutions that are able to provide a consistent experience across a disparate workforce. Cloud-based data and services will be essential for organizations looking to attract workers in new locations, and the ability to deliver dependable service to all employees, regardless of location, will be a hallmark of future-ready companies.
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.