Providers are delivering AI innovations for
strategic insights, higher efficiency, self-service employee
experiences, ISG Provider Lens™ report says
Enterprises worldwide are reshaping their payroll service models
with new capabilities and cost efficiencies from outsourcing
providers, according to a new research report published today by
Information Services Group (ISG) (Nasdaq: III), a leading global
technology research and advisory firm.
The 2024 ISG Provider Lens™ global Payroll Solutions and
Services report finds that payroll departments are strengthening
their technology stacks to perform expanded roles. Many enterprises
now expect payroll to provide strategic insights and expertise for
more complex, dynamic workplaces.
“The payroll market is rapidly changing,” said Stacey Cadigan,
partner, ISG Human Capital Management and Enterprise
Transformation. “Providers and enterprises are embracing innovation
and automation to meet evolving needs.”
AI and ML are central to many advances in payroll technology,
introducing greater accuracy, efficiency and intelligence, the
report says. The breakthroughs include the ability to verify
payroll data as soon as it is entered, learn from historical data
to flag anomalies and deliver personalized financial insights and
recommendations to employees. Enterprises want to deploy AI in all
business processes, including those that customers experience.
Lacking enough in-house resources, they often rely on service
providers.
Payroll laws are proliferating, so more companies are
outsourcing for regulatory and compliance expertise, ISG says.
Providers are using AI and ML to automatically update systems with
the latest rules and introduce chatbots that use natural-language
processing to guide enterprise users. By integrating their systems
with government databases, providers can automatically adjust
payroll calculations and deductions, thereby minimizing compliance
risks. Comprehensive audit trails and custom reporting tools help
clients demonstrate compliance.
Self-service platforms are giving employees easy access to their
payroll information, especially through mobile apps, the report
says. These platforms satisfy employees by letting them manage
certain aspects themselves, such as checking their pay slips before
payroll is closed, while AI-powered chatbots have begun to handle
routine inquiries automatically.
More enterprises are using predictive analysis of historical and
macroeconomic data to forecast trends such as the size, makeup and
cost of their workforces, ISG says. Providers also offer internal
analytics tools to improve metrics such as payroll cycle times and
error rates.
“Data has the power to transform payroll,” said Jan Erik Aase,
partner and global leader, ISG Provider Lens Research. “Analytics
already is optimizing performance and may soon create strategies to
minimize risk and capture opportunities.”
The report also explores other global payroll technology trends,
including slow uptake of on-demand pay features in many regions and
the rise of enhanced compliance services for small enterprises.
For more insights into common global payroll challenges, such as
balancing global standardization with local requirements and
complying with regulations in the age of remote work across
borders, plus ISG’s advice for addressing these issues, see the ISG
Provider Lens™ Focal Points briefing here.
The 2024 ISG Provider Lens™ global Payroll Solutions and
Services report evaluates the capabilities of 26 providers in one
quadrant: Multicountry Managed Payroll Services.
The report names ADP, EY, IBM, Mercans, Neeyamo, Ramco Systems,
SD Worx and Strada (formerly Alight) as Leaders in the
quadrant.
In addition, UKG is named as a Rising Star — a company with a
“promising portfolio” and “high future potential” by ISG’s
definition — in the quadrant.
In the area of customer experience, EY is named the global ISG
CX Star Performer for 2024 among payroll solutions and services
providers. EY earned the highest customer satisfaction scores in
ISG's Voice of the Customer survey, part of the ISG Star of
Excellence™ program, the premier quality recognition for the
technology and business services industry.
A customized version of the report is available from
Mercans.
The 2024 ISG Provider Lens™ global Payroll Solutions and
Services report is available to subscribers or for one-time
purchase on this webpage.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only
service provider evaluation of its kind to combine empirical,
data-driven research and market analysis with the real-world
experience and observations of ISG's global advisory team.
Enterprises will find a wealth of detailed data and market analysis
to help guide their selection of appropriate sourcing partners,
while ISG advisors use the reports to validate their own market
knowledge and make recommendations to ISG's enterprise clients. The
research currently covers providers offering their services
globally, across Europe, as well as in the U.S., Canada, Mexico,
Brazil, the U.K., France, Benelux, Germany, Switzerland, the
Nordics, Australia and Singapore/Malaysia, with additional markets
to be added in the future. For more information about ISG Provider
Lens research, please visit this webpage.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading
global technology research and advisory firm. A trusted business
partner to more than 900 clients, including more than 75 of the
world’s top 100 enterprises, ISG is committed to helping
corporations, public sector organizations, and service and
technology providers achieve operational excellence and faster
growth. The firm specializes in digital transformation services,
including AI and automation, cloud and data analytics; sourcing
advisory; managed governance and risk services; network carrier
services; strategy and operations design; change management; market
intelligence and technology research and analysis. Founded in 2006,
and based in Stamford, Conn., ISG employs more than 1,600
digital-ready professionals operating in more than 20 countries—a
global team known for its innovative thinking, market influence,
deep industry and technology expertise, and world-class research
and analytical capabilities based on the industry’s most
comprehensive marketplace data. For more information, visit
www.isg-one.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240919710727/en/
Press: Will Thoretz, ISG +1 203 517 3119
will.thoretz@isg-one.com
Julianna Sheridan, Matter Communications for ISG +1 978-518-4520
isg@matternow.com
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