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The Role Of IoT and Big Data In Payroll Process For Businesses

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“Hey, Siri! How many steps did I walk today?” “Hello, your average step count for the day is 20,000”. Internet of things, popularly termed IoT, has become such an integral part of our lives these days. People and machines these days are secretly linked to one another. We have gotten used to counting on it so much; we never fail to use it at least once every day. Statistics state that 127 devices get connected to the internet every second. Let’s take smartwatch bands, for instance. While some wear it only to look cool, these watches are specially curated to meet health-conscious people’s needs. They allow us to track our blood pressure, heart rate, daily step count, and calorie count. No matter how much they curse the internet, the idea of living without it has become nearly impossible in this tech-savvy world.

Businesses have realized the awareness of big data and how it will help them nurture their business activities. Organizations use real-time data to predict profits, analyze their commodities and the necessary changes to be made, and improve decision-making. Research confirms that nearly 90% of the overall data stored is generated in the last two years. What was before just a field of IT is now an essential part of every business enterprise.

Let us now understand the meaning of big data and IoT.

What Is Big Data

Big Data can be referred to as the growing number of data, or information, that is being stored on the web, viz, internet. It can store and process such huge chunks of data that it is impossible for manual data processors, i.e., humans, to process it. Companies make use of this feature to store their employee information and other data related to their finances. Organizations use it as a part of their cloud-based payroll solution to make money-related decisions. An example of big data is social networking sites collecting information from comments, pictures, and videos.

What Is IoT

IoT can be defined as all the gadgets around us that are linked with the internet. It is responsible for gathering data and making it available. It works by the sensors that can be added to tools like smartwatches, which will provide fresh and new data without the help of physical labor. IoT is making us digital and smart by mixing technology and humans. Example of this includes refrigerators or air-conditioners connected to our mobile devices through the help of applications.

Benefits Of Using Big Data In Businesses

Big data lends a hand to businesses in several ways. Some of them are-

Helps Retain Talent

Remember how in the old days when manual HR used to struggle to find candidates with the right talent and retain them? Well, now that big data has come to their rescue, it has become a no-brainer for them. Not only will it find, filter, and interview candidates based on the organization’s requirements, but it will also help them hold on to worthy employees. Organizations can collect data from employees regarding their needs, and they can work towards achieving them in order to retain those employees.

Big data also helps companies with finding new talent. Its robust features help organizations become stronger by collecting honest employee reviews, past revenue histories, sales, and profits, and share this information with new hires. This strategy will attract new candidates to the organization and guide the managers in finding them.

Ensures Proper Data Management

Business organizations that are active generate bytes and bytes of information every day. Therefore, it is essential that the sources, i.e., the automated devices they rely on, are safe and ensure regular data storage and management. One of the big data tools includes providing companies a secure space to save and access the information stored. This includes confidential data like payroll information and employee data like attendance regularization, leave and overtime, taxes, and other related terms.

This is a blessing to the management and the employees since it ensures smooth data flow. Management can make quick and fact-based decisions through real-time data, while the workforce can view their salary payslips, therefore increasing their work efficiency.

Finds And Corrects Errors

The days when organizations had to rely on physical processes of handling their monetary issues are long gone. Big data automation provides companies with mistake-free financial statistics. Businesses that rely on manual HR face a problem with it since physical HR doesn’t ensure error-free processing. On the other hand, the operating system makes the department’s work easy and helps companies rely on the information.

It will highlight where the errors are happening, guide employees with correcting them, and ensure such mistakes don’t happen again. This builds the roots of the financial management of the organization strong. It will sharpen the staff’s payroll skills and increase productivity among employees because ensuring zero errors would mean them getting paid fairly.

Aids In Decision-making

The role big data plays in the decision-making of the organization is utterly crucial. It has the capability to dig deeper than any physical labor and produce data that is impossible to process. It provides organizations with necessary information at godspeed. This is what helps companies in making quick, real-time decisions.

Businesses can also make proper use of this feature to prepare for any issues they might face since the data will show them where they are headed and prepare them for the same. It will alert the organizations of any potholes that come in the way they are headed and provide them with alternative solutions.

Enhancing Employees’ Development

It is essential that organizations help their employees enhance their experience within the company. In order to do that, they must develop their job by propelling them into training and development. This is vital for both enterprises, and the workforce since following the same schedule will lead to them losing interest in what they do, leading to less productivity. Therefore, to keep it stagnant, they must take this step.

Big data use employee information to provide solutions to companies regarding their development from which they can plan out the training procedures for every individual employee based on how they want to evolve.

Benefits Of Using IoT In Businesses

Following is how beneficial IoT is to business organizations-

Collects Real-time Data

Collecting data all the time is essential for the management since it will lead to the development of the organization. They can get hold of the necessary information with the help of collaborative tools like Hangouts, Email, etc. Doing this will help the top management in making crucial decisions and lead to the business’ development.

IoT gadgets like CCTV cameras, PCs linked to the organization’s server host, etc., can aid the HR department with the same. These tracking tools detect the called for data and send it to the managers who are in need of it.

Tracks Employees’ Work

With the latest technology tools, tracking and managing employees’ work has become a cakewalk for organizations. They can track employees and identify the factors that might distract them from working. Since all the work employees do has now shifted virtually and businesses have started going green considering the current environmental situation, work tracking has become much more manageable. Organizations can know how much work each employee does every day with such tools’ help.

For example, by adding a sensory device on a content writer’s keyboard, the company can know exactly how many words he writes every day. This reduces the chances of them stealing from the company. This helps the managers place the right employees in the position(s) that fits them best.

Automates Monetary Process

IoT helps A LOT with processing the organization’s finances. Tracking tools like GPS can lend a hand with managers getting information about the employees’ absent days and their leaves. The location sensor will provide precise data and track the number of hours the employee has worked. This helps the managers in giving salaries to workers based on the same. With tools like a strong calculating processor that ensures zero errors, it lends great help to organizations to process employees’ salaries.

Looks Out For The Workforce

It is obvious that a fit and healthy worker will contribute more and give more money to the organization than an ill one. Organizations need to ensure that the health of their employees is retained and they don’t face any health issues or stress at work. They can monitor this by giving them smartwatches and track their overall health. These wearables can track their efficiency and help the businesses point out the issues faced and provide solutions to fight them.

Final Note

Modern tools like big data and IoT have entirely changed the way businesses function these days. Organizations can make use of these instruments to develop the business and help their employees evolve with it.

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Comment by Vijayshree on August 18, 2021 at 9:40pm

Payroll Softwareis one of the most crucial tasks and should be managed efficiently. Because; inaccuracies in the payroll calculation and processing might drive your employees away from your organization.

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