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Payroll Automation: A Key to Strategic Business Growth in 2024 and beyond

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Payroll Automation: A Key to Strategic Business Growth in 2024 and beyond

 

Payroll automation system has become one of the most important cogs enabling smooth functioning of any company’s payroll. Payroll automation witnessed a high amount of investment during the beginning of the pandemic as the scope of remote work had increased by many folds. With the legal and moral obligations coming into the picture gradually, several disputes are being successfully fixed by the payroll solutions. This has paved the way for reduced costs and promoted better corporate strategies.

Adoption of payroll automation tools:

With a change in work culture and models, it has been evident that companies from different sectors in various parts of the world have felt the need to adopt the most advanced payroll solutions. From artificial intelligence to machine learning, payroll  systems offer the best benefits to organizations. This has enabled the developers to create highly functional software that has lessened the burden on the employers and given them more time to focus on more complex and important tasks.

Irrespective of the size of the enterprise, the companies have gradually been adopting modern technologies, and one of such systems is the payroll automation software. The use of automated payroll software has helped companies grow and enjoy better profits.

Relevance of payroll automation systems:

Human Errors – Implementing automated AI and ML based payroll software minimizes the chance of human error in the payroll processing. A smooth and error-free payroll keeps employees happy, increasing employee retention.

Savings– Typically, companies need a big team to execute payroll tasks, and paying for such large teams is expensive. Payroll systems and automation saves money as it requires a smaller team. Also, outsourcing payroll management services for their multi-country operations to the right partner can reduce the chances of legal errors and fines, saving the business a lot of money.

Faster process – Traditionally, running monthly payroll calculations would take a lot of time. The person in charge would have to manually check loads of spreadsheets and make the necessary calculations. Payroll automation cuts processing time nearly in every phase of the payroll management process.

Data Security – Every company is liable to protect its employees' information. Payroll management involves large quantities of sensitive data, such as salary, advances or hours worked. The transfer of such sensitive data is done between team members through email or spreadsheets. This increases the chance of security breaches. Automated payroll solutions allow payroll management teams to streamline the information more safely.

The 2021 global payroll complexity index and other recent databases have shown that automated payroll solutions and technologies and payroll value assessment have completely transformed the payroll systems in companies. Payroll systems helps transform payroll functions and eliminate many risks and challenges associated with manual processes and choosing the right technology and integration partner can boost business function and growth.

 

Enterprise asset management (EAM) involves the management of mission critical assets of an organization throughout each asset's lifecycle. EAM is used to plan, optimize, execute, and track the needed maintenance activities with the associated priorities, skills, materials, tools, and information. The aim is to optimize the quality and utilization of assets throughout their lifecycle, increase productive uptime and reduce operational costs.

Enterprise asset management (EAM) involves the management of the maintenance of physical assets of an organization throughout each asset's lifecycle. EAM is used to plan, optimize, execute, and track the needed maintenance activities with the associated priorities, skills, materials, tools, and information.

The software helps in effective maintenance of assets through preventive, predictive, shutdown and breakdown maintenance strategies. The system also helps enterprises mitigate equipment risks by enhanced safety standards. The streamlined operations and improved asset performance helps organizations increase their investment effectiveness.

EAM is important because it helps organizations track, assess, manage and optimize asset quality and reliability. Asset intensive Organizations have hundreds, thousands, even millions of assets which needs to be maintained to maximize / optimize life of these assets to increase the return on investment.

The key features of effective EAM are:

  • Work management.
  • Maintenance Strategies (Preventive/ Predictive / Breakdown / Shutdown).
  • Planning and scheduling.
  • Supply chain management.
  • Health and safety.
  • Mobility.
  • Analytics.
  • Improved Asset Health at reduced cost through data driven maintenance Programs​
  • Complete visibilityon entire maintenance data across Equipment, across Models, across Branches to aid in analysis & decision making such as to Repair or Replace the Equipment​
  • Insightful analysis of Inspection Data to improve customer satisfaction​
  • Effective maintenance management enhanced by predictive maintenance and inbuilt analytics​
  • Increased reliability and safety, keeps complete track of all the inspections & calibration schedules​
  • Mobile Application enables users to execute work while “in the field” leading to minimized non-productive time and increased productivity and reduces duplication of work and human errors in recording information.​
  • Quick turnaround time through Actionable Notification & Alerts for every process in real time and accessible anytime and anywhere.
  • Improved Regulatory Part of asset management involves the implementation of better O&M practices, which can significantly improve compliance.

Asset Intensive companies under the following Industries :

  1. Ports
  2. Cement and Mining
  3. Utilities
  4. Fleet Maintenance
  5. Equipment Rental
  6. Other Manufacturing
  7. Real Estate & Infrastructure
  8. Power Generation

Contact us for a meeting and schedule a demo

This differs on case to case basis, based on the type of installation and unique industry specific requirements. Contact us for a meeting and schedule a demo.

This differs on case to case basis, based on the type of installation and unique industry specific requirements. Contact us for a meeting and schedule a demo.

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