Fiona Dardis

The power of control, automation, speed, and ease is ever more important in our desire to remain connected. These four attributes are core pillars in what we’re referring to as Payroll 4.0

Human Capital Management (HCM) covers a broad area of important business activity. Payroll Management is an integral component of HCM, because it is necessary for ensuring that employees are compensated fairly and accurately. As companies grow and expand, they have more HCM-related data to manage, and can easily get stuck with slow and inefficient HCM and payroll systems.

For much of history, individuals and organizations have faced the problem of having too little information. But over the last couple of decades, that situation has reversed. Now, many companies have so much data that it can be difficult to make high-quality decisions. The amount of data they have varies based on the size of the organization, but more than 60% of organizations surveyed in the US and UK manage over than a petabyte of information. Much of that is unstructured data.

AI in payroll is particularly valuable for detecting anomalies, producing meaningful data, automating tasks and streamlining payroll processes. Payroll professionals greatly benefit from these efficiency gains, allowing them to make more informed decisions based on data-driven insights.