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Payroll Analytics Helps A Big Service Provider Reduce Its Payroll Cost By 47%
“Analytics are most meaningful when delivered as part of regular business practices.” This is the philosophy behind the new & unique service called “Payroll Analytics” designed by WyzMindZ solutions Ltd.
The pioneer managed services provider in the field of Business intelligence & analytics added a new service line under its WyzRAAY service suite. The Risk Assessment & Attenuation Yantra, as the management team named the Business Analytics service of WyzMindZ comes as a game changing value proposition consisting of both hard dollar and strategic savings. The benefits of service was discussed by one of WyzMindZ client, a leading IT/ITES service provider in Indian domestic space, who as part of its strategic decision deployed “Payroll Analytics” service for one of its largest delivery center in Pune. The CFO of the company was one of the panelist in the recent meetup of IT/ITES Industry leaders held in delhi on 12th January 2013
The CFO of the organization said, “It was a strategic decision which paid off well in our case. HR Payroll Analytics service delivers immediate access to precise data, helping top brass to quickly answer –and act upon – key questions. The analytics topped with web based access to labor and workforce data helped us make sound business decisions. The solution supplies trending information associated with key business drivers to directors, managers, HR and financial executives.”
Managing Director of a leading SAS provider across the world, later on, stressed on the need of actionable intelligence factory for each organization. He said, “Given how much data is generated from information technology, it is easy to become overwhelmed by all that is collected about customers and employees, suppliers, competitors, and product inventory. Data warehouses can become treasure chests of information leading to competitive advantage, but only if one knows how to properly mine the data.”
Our Business Analysts covering the meeting also met the solution developer team of WyzMindZ and enquired about the unique features of the service that brought big benefit to its client. Naveen Sharma, Vice President of Client Services explained, “Payroll Analytics is a part of WyzRAAY suite. Talking of WyzRAAY it is essentially a Risk Assessment service, which is industry agnostic & is a non-audit based assessment service done on a daily, weekly and monthly basis. Risk highlighted, quantified and tracked with a frequency that makes operations transparent.”
Our Business Analysts assessment of the “Payroll Analytics” service is summarized as follows. It is a service that helps business owners track compliance risks by consistently applying policies — whether the policies are internal, state, or industry-specific but is also robust in providing analysis w.r.t.
Improve workforce productivity & increase efficiency
Highlights potential leakages on account of Payroll processes
Excess paid – Impacts P&L
Less Paid - Leads to attrition and rework
Hardwires Payroll to operational performance:
Gives an analysis / Waterfall on “EPO” – Effectiveness of Payroll outlay : Allowing to improve organizational policies
Allows Analysis on Demand (AOD) at the click of a button : No waiting for Weekly reports
Allows Consolidation as well as Drill down: Right to the last process across all centers: Therefore Quick Decision Making
Throws out exceptions in comparison to Actual Delivery.
Identifies errors / exceptions on a daily and weekly basis – Thus improving reaction time: Traditionally, the reaction can happen only at the end of the month.
Tracks the onetime of exception resolution.
Allows comparison of Salaries, Salary components and non –salary payments (eg. Overtime) paid across employee categories and across processes: Thus creating internal benchmarks and highlighting exceptions.