TLNT | October 10, 2019

By Raj Narayanaswamy, Co-founder and co-CEO at Replicon

AI Revolution

Many businesses embarking on a payroll and HR transformation journey can easily get caught up in the minutiae – hyperfocusing on managing processes and restructuring payroll to the point where they fail to see the forest for the trees. As a result, most newly implemented HRIS and payroll systems fall short of their potential, unable to deliver on key overarching needs like support for complex time use cases (e.g., job costing), specific gross pay compliance needs like union rules, mobile workforce management, or the ability to support global location requirements.

Long story short: a business’s payroll transformation is incomplete without looking at the broader picture of time and attendance – and that’s achieved by using a single source of truth for time data across an entire organization. This way, all of a company’s teams can evolve together and stay agile as it adapts to market needs. And what exactly does that entail?

A single source for time and attendance

Meeting most payroll challenges can be exceedingly difficult when time-capture is housed in numerous, disparate systems across the globe. And time-capture is a central point in this discussion – without streamlining time and attendance, there is no gross pay information to feed to payroll. Investing in a centralized, scalable, single source of truth for time across the entire organization is one of the most fundamental components in an effective enterprise-wide payroll revolution. This sets a new standard for control over key factors like visibility and accuracy, eliminating data silos, and getting everyone on the same wavelength.

Leveraging AI technology

Intuitive and unobtrusive tech are highly valued tools within the evolving payroll landscape, encouraging faster adoption and increased data accuracy. Cutting-edge tech including face identification, geo-fencing, chatbots, and intelligent time clocks turn time tracking into an effortless conversation between workers and the technology they use every day. Liberating supervisors from tedious, manual error and exception checking can yield an upgraded experience with AI’s involvement, offering intelligent, configurable workflows smart enough to validate data and flag exceptions in real-time. By using AI to streamline time tracking and automate workflows, businesses can accurately and securely capture time, meet any and all unique business needs, and get visibility where it counts.

Compliance and complex pay situations

Labor compliance is a non-negotiable fact of life when it comes to running a company, but surprisingly businesses around the world constantly make the news for million dollar plus violations. With globalization and increasingly dispersed workforces, maintaining compliance is more challenging than ever. Statutory compliance is already complicated enough, as businesses must ensure every local, regional, national, and international regulation is accounted for – but when compliance rests instead on specific collective bargaining agreements or local union rules, things can easily get overlooked. Further complications involving different attributes to capture or localization needs arise when businesses attempt to painstakingly customize workflows for each one. But manual solutions or local vendors are no longer a quick fix; today’s payroll teams require a comprehensive, up-to-date, out-of-the-box solution – one that works integrally with their time-keeping system to reduce errors and offer the flexibility to support any compliance need.

Digitally transforming payroll

Imagine a world where your time and attendance system is intelligent enough to harvest time based on employee activity or GPS mobile location, seamlessly route time reports through the proper approvals, apply all relevant pay rules, instantly flag any exceptions for supervisors to review, and access all gross pay data across every location – available at any instant. The first step to achieve this reality? Utilize a unified source of truth for time across time and attendance, and watch firsthand as the changes elevate your payroll to new heights.

Original Source: TLNT
Author: Raj Narayanaswamy, Co-founder and co-CEO at Replicon

Get started today.
Set up a free trial based on your business needs. Start Free Trial

Calculating the ROI of Your Projects with Time Tracking

Before initiating a project, professional services firms want to know how much profit and revenue they can generate for the company. Return on Investment (ROI) analysis helps firms to evaluate…Read More

Humanizing the Time Tracking Tool

Benjamin Franklin once said, ‘Time is money’ and nowhere is truer than in business. Time is a strategic asset that is extremely limited. Businesses that use their limited time productively…Read More

How Time Tracking Improves Bottom Line Results

Every enterprise is looking for ways to improve its bottom line and gain profit in a given time. From hiring the right talent to training their existing employees, organizations spend…Read More

Will AI replace consultants?

The onset of AI and smart machines automating formerly-human jobs has been discussed at length as of late -- often in relation to manufacturing and manual labor jobs. And yet,…Read More

Demystifying the millennial workforce: 5 tips from Trunk Club’s Andrew Anderson Devine

Time magazine labels the millennial generation the “most threatening and exciting generation,” infamous for “narcissism [and] its effect: entitlement.” In the workplace, the perception of the millennial workforce is no…Read More

Time and Attendance Orientation Guide

In a growing business, the day will eventually come when managing time and attendance on paper becomes both inefficient and risky, especially when trying to balance things like overtime, paid…Read More
  • Polaris
  • Time & Project Insights
  • Time & Projects Solutions
  • Replicon Products
  • Replicon Users
  • Cloud
  • Corporate
  • Professional Services Management
  • Shared Services Management
  • Time and Attendance Management
  • Customer Feature
  • Time Intelligence
  • Industry News
  • Global Compliance Updates
  • Others