Sometimes we take payroll’s importance for granted. It can feel burdensome, time-consuming, complex.
However… Your global payroll data is an absolute treasure trove that will bring you a wealth of actionable insights. With it you can streamline your processes, reduce risks and improve efficiency across the board. And that’s just for starters.
It’s also pretty important from a financial perspective, because keeping up with trends, minimising mistakes and uncovering areas for improvement can save you money. Let’s dive into the details.
Global payroll data collection
Your payroll operations are constantly collecting vast swathes of data from various sources. Here are just a few ways in which this data comes to you:
Time tracking tools
Another source of valuable international payroll data comes through time tracking tools. These tools record the hours worked by your people so they get paid correctly. All four parts of time tracking: time entry, timesheet approval, payroll and reporting provide you with data and usable insights into how your people work.
Your software will collect data about your payroll and HR’s financial processes, like accounts, salaries, bonuses, pensions, how much you’re spending as a whole and if you’re over- or underspending.
And when you bring all of these data sources together…
You can gain a robust, comprehensive view that will tell you so much about your organisation and the way it lives and breathes. And with that kind of insight, decision making becomes a whole new, super smart ball game.
The role of data analytics in your international payroll
Let’s take a look at how you can use data analytics to streamline and enhance your international payroll processes:
Data visualisation makes telling the complex tale of your payroll processes a whole lot easier. Your people stand a better chance of interpreting, understanding and remembering the data when it’s presented in a clear, accessible way – i.e. in pictures and graphics.
In a nutshell, data visualisation is presenting data (and metrics) in graphs (bar, chart, pie) or infographics. So, it’s easier to explain, explore and engage the data and how it relates to your payroll processes.
Predictive analytics for cost optimisation
Making use of predictive analytics can help you to forecast payroll costs and optimise your budgeting. We know that AI is everywhere these days. And we know it is pretty clever tech that you can also apply to your payroll. Predictive analytics uses machine learning and data to forecast future outcomes, so you can discover ways to save costs. Predictive analytics shows your organisation’s spending habits, and provides the opportunity to compare, contrast and save.
Potential risks and fraud
Data analytics can predict the future and protect you against international payroll fraud and other risks. It has the ability to go through huge amounts of data with a fine-toothed comb, detecting suspicious activity in a highly effective and cost-efficient manner. Data analytics can flag up fraud that manual systems would miss, down to even the tiniest of offences.
Benchmarking and performance analysis
Your global payroll analytics can also be used for benchmarking purposes. As an organisation with global reach it’s pretty important to know how you measure up to your competitors. For example, you can collect myriad sources of data on compensation from several sources. When you’ve got the insights and information, you can use it as a benchmark for payroll across your global operations.
Comparative analysis for financial decision-makers
Comparative analysis comes in pretty handy for those of you who are financial decision-makers. It helps you to measure what’s going on financially between variables over multiple reporting periods. With analytics that can be adjusted for different metrics and over different time periods, you can have confidence that you’re making solid decisions about pressing issues in the organisation.
Compliance monitoring and reporting
Data analytics monitors and analyses your payroll data to make sure you’re sticking to local regulations and reporting requirements – which, when you’re operating in multiple regions can be a bit of a minefield. Using global payroll analytics can really simplify the whole process and help to keep you as compliant as can be! Using reports driven by data insights can also help you to meet your legal obligations as an organisation by making sure everything is accurate and reported in a timely manner.
Data-driven decision making in expansions and acquisitions
Data analytics has a key role to play in global expansions and acquisitions. Decision-makers can excavate vital, higher quality financial and operational data when carrying out due diligence. And we’re talking about quantitative and predictive insights, which can lend support to a value hypothesis. Overall, data analytics can lend confidence to the decision as to whether it’s a good deal, whether it’s risky and the financial impact it may or may not have.
Join the data revolution
But for all of that, of course, you need quality data. How do you get quality data? By having slick payroll and HR operations. Where do you get those?
Cintra Global is your global partner for all things HR and payroll. Our fully managed international payroll and HR services helps you stay compliant across the globe, as well as helping you to hire, engage and manage a productive and satisfied global team. Your people get paid on time, no matter where they are, without the burden falling on your shoulders. And you get all the juicy data to help you continually improve your operations.
It’s not too good to be true, it’s what we really do. Get in touch today to find out how we can help.