Although digital tools have occupied a major place in the business payments environment, some companies are still with the traditional manual processes. But in the current scenario of the Covid-19 pandemic, it has become inevitable to be digitalized. The new technologies in payroll processing are expected to be robotic process automation(RPA), AI, and blockchain(BCT).
‘The growth of new technologies, such as robotic process automation (RPA), artificial intelligence (AI), and blockchain, is expected to redefine and innovate payroll processes by reducing the need for routine tasks, said Martin Armstrong, vice president of payroll shared services at Charter Communications Inc…“We need to change our mindset from a payroll practitioner’s standpoint,” Armstrong said. New technologies are expected to become common, so payroll teams should embrace automation “because technology is going to propel us” to the future, he said at the annual American Payroll Association Congress, which was held online because of the coronavirus crisis.’
Payroll processing is not only about getting employees paid but consists of a number of processes like onboarding, not to mention status changes, etc. These all, currently done by manual aid will soon get automated, which helps to reduce human effort.
The blockchain serves as an innovative technology in the banking sector, specifically for trade and payments. It helps to store the data securely in multiple locations and also lower the costs of international payments by eliminating the problem of fluctuating exchange rates through instant processing.
Drowned in this pandemic, every business is thinking a smarter way to tackle the problems and reduce the economic breakdown. So the use of automated technologies like robotic process automation, artificial intelligence, and blockchain for payroll process help to reduce the efforts, time and cost-effectiveness, greater accuracy, and improved data protection. There are a number of ways in which the automation made drastic changes in the payroll process. It includes simplified data collection, instant data transfer, precise data validation, effortless task management, etc.
The idea of automation may seem confusing in the beginning, however, it is beneficial for the organization as well as employees. It results in a better functioning payroll team with the time to focus on addressing errors, improving processes, and delivering a better payroll result.
