Payroll management is a data-intensive process that involves a lot of manual tasks prone to errors. Payroll is subject to constant changes due to modifications in tax rules, incentives and bonus updates, personnel changes, and others. Artificial Intelligence (AI) enhances payroll functions by automating manual repetitive processes and efficiently handling data, thus eliminating errors.
AI and ML in payroll help in faster and more accurate classification of employees for payroll calculation and tax deduction. AI-powered conversational chatbots improve query resolution and connectivity leading to higher efficiency and lower costs. AI helps improve compliance with government regulations, and data analytics enhances the decision-making capabilities of the organization.
Payroll technology investment is a necessity
Even as technology-enabled payroll management offers numerous advantages, the organization still considers technology expenses for smart payroll management as a cost rather than an investment. The business disruption due to the pandemic has further changed the priorities of organizations, impacting investment in support functions such as payroll and finance.
However, the time is most appropriate to modernize your global payroll management. As the remote and hybrid working models have become the norm, process digitization is essential for organizational flexibility to adapt to the constantly evolving business landscape.
Multinational conglomerate embarks on the employee transformation journey
A multinational conglomerate (MNC) with a rich legacy of life-transforming innovations had embarked on a modernization drive to overhaul their traditional business processes. As part of their business transformation initiative, the company established a human resource (HR) shared services center for the APAC region with the main objective of elevating the employee experience.
The global payroll process challenges for the MNC included multiple payroll systems working in silos, manual processes such as data extraction from HR systems leading to errors and inefficiencies, lack of automation, payroll compliance, and personalized query resolution for employees.
Ramco Systems built a future workplace to offer supreme work experience
The conglomerate engaged Ramco Systems (Ramco) to build a future workplace and reinvent the employee experience. Ramco implemented global payroll solutions across seven countries in the APAC region to cover more than six thousand employees. In the subsequent phase, another four countries will also be covered, which will impact an additional two thousand employees.
Ramco consolidated the MNC’s payroll into one system that enabled the group to deliver intuitive services to their employees. Manual data extraction was eliminated by creating a seamless integration with Workday HRMS by developing a direct interface. The standardized intelligent payroll process enabled the group to improve operational efficiencies.
Ramco automated employees’ query resolution through an interactive chatbot Ramco CHIA, available across more than 50 channels.
Payroll automation helps multinational conglomerates save man-hours and improve efficiency
Ramco's enabled the MNC to save two thousand man-hours for one country with the implementation of a global enterprise payroll solution for year-end processing, and an interactive chatbot for payroll support.
The chatbot AskPECA has enabled it to automate 80% of employee queries and about 20% of the year-end process workload is managed through it. The automation has helped the payroll team to devote their time to high-value tasks.
Ramco CHIA evolves to Self-Explaining Payslip (SEP)
Ramco leveraged the learnings to extend the functionality of its chatbot, Ramco CHIA, which has evolved as Self-Explaining Payslip (SEP). The HR and Payroll teams at the MNC were inundated with frequent repetitive queries on tax, overtime compensation, salary breakup and changes, leave pay, and others. Ramco responded to the predicament of the MNC HR and Payroll teams by automating query resolution, leveraging their AI and ML capabilities.
SEP is an AI-based service that enables employees to get clarification regarding their compensation and payslip components. The personalized instant responses to payroll queries are available to employees all through the year, 24/7. This helps employees and payroll teams save time, which can be used for more productive work. SEP has the capability to provide detailed insights to employees, like period wise comparisons, Year to Date (YTD) reports, and also assist with tax filing.
The two-factor authentication ensures employees' data privacy and security while enhancing their experience through proactive notifications. There is an additional security provision to configure time stamps for payslips to auto disappear from the chat history to prevent any unauthorized access.
Ramco has made SEP available as an additional capability to all their customers who have greatly benefited from the automation of repetitive payroll tasks.
Watch the video
Conclusion
The AI-based service Self-Explaining Payslip (SEP) helps organizations automate payroll tasks to improve transparency, efficiency, and employee experience.
SEP is proof of Ramco’s learning abilities and innovation capabilities to help their customers leverage advanced technologies to solve business problems. Ramco continues to evolve the SEP to help organizations automate and future-proof payrolls.
