Analytics as a Service for HR
No matter what product your company produces, or what service you provide, there is one factor that never changes. From small businesses to massive corporations, any company that employs even a few people will, at some point, need to take the Human Resourcing question into consideration – and where there are people, there are patterns of behaviour that can either benefit or harm your business.
Unfortunately, sometimes the “harm” factor does play a part. We are all too familiar with fraudulent activities, people who manipulate the system for their own, unethical or even illegal, benefit, and plain and simple dishonest behaviour. Fortunately, there is an answer, and it lies in data analytics
Digicall and NOVA Human Capital Solutions have launched a brand-new collaborative Business Intelligence Analytics service, specifically aimed at combating payroll fraud and enhancing business’ ability make well-informed decisions in relation to their workforce.
The new service, called NOVA PeopleAnalytics, is a collaborative project between the company’s Human Capital Services and Business Analytics divisions. We identified a need in the market for intelligent business analytics that would help companies identify various resourcing gaps, as well as payroll-related fraud.
Market trends show that companies experience various Human Resourcing challenges that need addressing – chief among these, payroll fraud. Unfortunately, where the human factor is involved, often companies find that they are losing money to various types of dishonest practices. These can include: overtime fraud – logging overtime when none is worked, or excessive hours; “ghost” employees – paying salaries to non-existent people; commission and bonus fraud; and various others.
Most of this type of fraud tends to happen consistently over long periods of time, which effectively means it is possible to discover it if you know what types of patterns to look for. This is the strength of the new service. Because the reporting provided by this service is integrated with NOVA’s existing payroll products, clients will have the ability to request a considerable variety of reports. With these reports, they will be able to identify trends that point towards potential fraudulent activity.
The product comprises more than just reports, however, as it is a complete analytics service. This is Digicall and NOVA’s area of expertise, and it enables us to present our clients with a complete, holistic report of potential fraud, and recommendations of how to address this.
Not all resourcing issues are necessarily fraud-related, however. The service will also enable companies to drill down into their data and understand exactly how they are using their resources, and take steps to improve this. For example, if the company requests reports related to overtime, they could identify areas where the business is under-resourced, and take steps to hire more staff. The tools provided by this service will enable better business management and will allow companies to retool processes where needed to maximise their productivity while managing costs more effectively.
This service, which is fully customisable, is available immediately to both new and existing clients of NOVA Human Capital Solutions.and Digicall.