There are plenty of payroll solutions available in the marketing today. While deciding the payroll software companies look for low cost solution as they think that payroll software is a commodity with hundreds of payroll companies providing almost similar functionality hence the lower cost alternative is mostly preferred.
With the advent of emerging technologies like Data Science, Block Chain, Machine Learning that falls with in the ambit of Artificial Intelligence, the dynamics is going to change fast. In near future AI is going to become a very crucial assistant to the HR decision making and since AI is data hungry the choice of payroll solution will become critical. A low cost payroll solution might have solved the short time problem by providing an affordable solution but with these solutions unlikely to get around the AI anytime soon, companies will find themselves wanting while others using AI enabled Payroll solutions will be able to use the payroll data for critical decision making.
AI can help companies improve employee retention using Predictive Analytics and Payroll data forms a very crucial input for the effectiveness and accuracy of such predictive analytics.
It’s high time that companies start taking their payroll more seriously and look at it beyond just a salary processing tool. The data in the payroll is gold mine that the companies can utilize when embracing the emerging technologies.