COMPLIANCE
What is autonomous global payroll? Its rise and role in the future
Shreekrithi CK, editorial consultant, Neeyamo, discusses the rise of autonomous global payroll systems and how they can work to streamline operations in the world of payroll
T he rise of autonomous systems is inevitable and will revolutionise several industries. And global payroll is no exception. Advances in artificial intelligence (AI), machine learning (ML) and technologies like dynamic robotic process automation (RPA) have introduced sophisticated autonomous systems. Dynamic RPA, driven by ML and generative AI, has the potential to significantly streamline and automate operations in payroll. In the complex realm of global payroll, varying tax regulations and labour laws demand meticulous attention. The advent of autonomous global payroll technology offers a transformative solution. This innovative approach integrates hyper-automation, advanced analytics and seamless processes to streamline payroll, boost efficiency and ensure compliance in a globalised world. What do we mean by autonomous global payroll? Autonomous global payroll refers to advancements in payroll technology which allow for end-to-end automation. Embracing state-of-the-art technology and innovation, it aims to streamline processes and enhance efficiency by leveraging AI, ML and RPA to
automate payroll operations such as data collation, data validation, tax calculations, compliance configuration, reporting and real-time analytics. AI validates data, detects anomalies and supports chatbot interfaces for employee queries. On the other hand, dynamic RPA can handle tasks like multi-format data caputure, interactive payslip generation and other routine activities, cutting down on manual efforts and enhancing accuracy. It uses advanced AI capabilities to eliminate manual intervention, boosting speed and efficiency. According to PayrollOrg, automation can reduce payroll processing costs by 80%. In recent years, payroll processing has risen the most in automation adoption year-on-year, growing by 3,700%, according to a report by Workato. Autonomous global payroll provides businesses with a unified platform on which to simplify payroll processing. What are the challenges autonomous global payroll can tackle? There are several key areas companies struggle with when it comes
| Professional in Payroll, Pensions and Reward | March 2024 | Issue 98 32
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