MNCs in Singapore turn to AI for payroll transformation: survey
The report also revealed that 51% of Singapore-based multinationals are considering using AI to manage payroll with fewer staff.
Nearly one in three multinational companies in Singapore (32%) view artificial intelligence (AI) as the primary catalyst for transforming their payroll operations, according to ADP’s latest report.
The findings suggest a growing focus on digital transformation, with AI moving payroll from a traditional support function to a strategic area of business improvement.
The report also revealed that 51% of Singapore-based multinationals are considering using AI to manage payroll with fewer staff, whilst 49% are aiming to replace manual processes with automation.
Workflow automation was ranked the top priority amongst Singaporean companies, with 34% identifying it as their main focus. Other major goals included streamlining payroll processes (31%), consolidating multi-country payroll reporting (28%), and improving access to reporting and analytics (28%).
Whilst AI is reshaping the payroll function, the report indicated that automation does not equate to job loss. Instead, it is shifting the responsibilities of payroll professionals toward more strategic roles.
Globally, companies said they want payroll teams to focus more on integrating emerging technologies (57%), improving business processes (55%), conducting data analysis (54%), and engaging in strategic planning (53%).