Company’s Latest Innovation Enables Businesses to Leverage Big Data to Understand Their Payroll Process, Drive Positive Results and Make Better Informed Decisions
RALEIGH, N.C. and LONDON, U.K. (August 19, 2014) – CloudPay, the pioneer of SaaS-based payroll automation for multinationals, today announced details of CloudPay Insights, its enhanced global payroll reporting solution. This robust capability gives organizations the ability to leverage big data to gain greater transparency into the real-time costs associated with their workforce by digging deep into their own comprehensive, multi-country payroll data.
In today’s competitive business environment and still volatile economy, multi-national organizations must be able to respond and adapt to changing market conditions as rapidly as possible. CloudPay Insights solves this challenge by enabling companies to identify key workforce trends in their global payroll data to drive and support well-informed business strategies. Though often overlooked as a source of record, the information contained in a company’s payroll data reveals crucial statistics on the true costs of compensating employees around the globe. Given the rise of big data and the benefits of utilizing the massive amount of information now available, CloudPay gives employers the tool to drill down into this data to identify hidden costs, spot important trends and make more effective business decisions.
The need for such a solution is a pressing one. According to research from the MIT Sloan Management Review and SAS Institute, a majority of professionals reported that their organizations are under pressure from senior managers to become more data driven and analytical. Yet, only 42 percent said they frequently have access to the data they need to make key decisions. At the same time, a report from McKinsey & Company found that the three factors necessary for developing a successful data-driven strategy are: choosing the right data, the ability to predict and optimize business outcomes, and transforming the company’s capabilities. CloudPay Insights provides organizations with the tools to achieve those three aspects. As a result, companies can access real-time reporting metrics on their payroll data, enabling them to act on this information and bring immediate improvements to their payroll operations.
CloudPay Insights can be used at all levels of the organization. Senior business leaders benefit from accessing data across their global enterprise to gain a better view of profit and loss, the expenses around payroll taxes and benefit deductions, and the overall costs of doing business. The solution also gives regional and business unit leaders the insight into the costs associated with hiring for specific positions in various regions, helping to drive decisions about where talent should be placed. At the same time, HR and payroll managers and practitioners can easily access audit reports and other key data that provides tactical information about the workforce they need on a day-to-day basis.
Innovative features of CloudPay Insights include:
- Enhanced dashboarding capabilities: Users of CloudPay Insights have the flexibility to create and customize their own reports without having to use pre-built templates, ensuring they leverage the most relevant information.
- Improved workspace functionality: This feature allows users to create reports with relational or dimensional data sources, enabling deeper analysis, report authoring and advanced data exploration.
- Faster performance: CloudPay Insights includes developments such as null suppression optimization and in-memory caching for performance gains, enabling users to greatly reduce the amount of time they spend creating reports.
These improvements will lead to significant benefits for CloudPay’s clients, such as:
- Improved decision making: Stakeholders receive needed information, such as headcount, leavers and new hires per country or legal entity, in a targeted, actionable format personalized according to their areas of responsibility to support informed decisions.
- Increased operational efficiencies: The solution eliminates the need for labor-intensive data collection, consolidation and reporting, giving users access to CloudPay’s single, unified payroll information repository.
- Cost reductions: With better business intelligence to understand the big data available and make critical decisions, organizations can streamline their processes and reduce the costs associated with payroll.
“Although the payroll function contains significant information that can help shape business decisions, set goals and priorities and optimize workforce strategy, many companies neglect to mine this data or simply lack the tools to do so effectively,” said Andrew Pearson, CEO of CloudPay. “Necessary for effective global payroll reporting is having a common technology platform that can compile the vast stores of payroll data from across the enterprise and transform it into actionable information. CloudPay stands alone in the payroll management space as the only provider to offer a common technology platform that delivers the business intelligence to make well-informed decisions about the costs and processes of compensating their global employees.”