You and your colleagues make thousands of decisions every day. Some are quite simple and straightforward, but others require in-depth analysis. Either way, a bit more information to help guide the outcome would no doubt be very helpful. There’s nothing worse than seeing the consequences of a decision and realising that you should’ve given it more thought at the outset.
For many organisations, staff costs account for over 75% of their operating expenditure. If you’re looking to improve your strategic decision making, the payroll department is a good place to start. The good news is that your business very likely already has the information it needs to make more strategic decisions. The problem is that this information is typically left in its raw, unusable form and often disappears into a vacuum.
It doesn’t have to be this way. Data analytics can help you use your payroll data better. Here are the main benefits of data analytics for your business:
- Interactive sessions
Cloud-based data analytics software gives users the ability to slice and dice data based on any field in the system and get instant results. What’s more, you can invite your work colleagues to participate in interactive sessions and show them how to access the insights they need. The ability for multiple users to work together on one set of data is a great tool to enable more strategic and collaborative group decision making.
- Customised reports
Detailed reports are a critical part of everyday HR and payroll business scenarios. They play an important role in making sure your company stays legislatively compliant at all times. Cloud analytics takes this a good step further and allows for customisation which make your reports much more comprehensive and meaningful.
One of the main benefits of data analytics software is that it provides users with a dynamic toolset that consolidates all their data into a single, meaningful and accessible platform. From there, you can easily pick which data you’d like to include in a particular report. What’s more, this report will be generated instantly using up-to-date information.
- Access anytime, anywhere
Your cloud-based business intelligence platform is accessible from anywhere in the world that has internet connectivity. This means that your executives, domain specialists and other authorised users can simply log in from anywhere at any time and get the fast answers they need – as well as uncover hidden trends, pursue insights and make discoveries that drive key people decision making.
- Up-to-date information
It’s no good using old information to make business-critical decisions. With data analytics, you’ll never be behind the times – your information will always be fully up-to-date and relevant.
Any changes and updates made by anyone at any time will reflect immediately and the insights you gain will be based on current data.
Cloud-based software reduces the risk of employees creating multiple versions of the same information and saving it to their desktops. When that happens, important information is inaccessible and unclear: the status quo could have changed since the information was last captured putting you on the back foot.
With the benefits of data analytics you can push your business into the future. Gone are the days of outdated information or mismatched sets of data. With cloud technology, all personnel will have access to the information they need when they need it – enabling them to make smarter, faster decisions.