At its Incite event in Sydney yesterday, cloud accounting provider MYOB said it will be investing heavily in 2017, spending $60 million on research and development, with artificial intelligence and the Internet of Things among its focus areas.
As part of MYOB’s focus on bigger businesses, the organization has launched Advanced People, a new cloud payroll solution designed to help mid-market businesses manage their payments. The new solution enables users to manage various systems and processes on one platform, also allowing employers to tailor the system to their needs.
Users can customize their own dashboards and enter live data outside the platform via Odata functionality. By unifying data entry into one place, the platform is able to reduce the strain of using multiple databases and resources to curate data, allowing businesses to increase their efficiency.
The latest product from the enterprise team is a cloud-based payroll solution for bigger businesses, and allows for payroll information to flow between functions, which reduces duplication of effort and manual data entry, and provides real-time business insights for the Australian and New Zealand mid-market.
Built on the same platform as MYOB’s Advanced Business, as a unified solution Advanced People offers the ability to consolidate systems and processes into a single platform, Reed explained.
According to CEO of MYOB Tim Reed, artificial intelligence (AI) and machine learning, data and the Internet of Things (IoT), and people and the future of work are going to be the biggest breakthroughs in the Australia and New Zealand accounting world this year.
Reed explained that MYOB been providing its customers with disparate core business processes, but with the emergence of the three industry trends, he expects transaction processing, compliance, and advisory processes to be dissolved into one. He stated,
The three trends are going to affect each of these three business processes individually. [They will become] one business process that is done in real time, where data is captured and the transaction processing, compliance, and advisory happens on an ongoing basis. We’re seeing a high demand in the marketplace for cloud-based solutions. Cloud is the future of Enterprise Resource Planning [ERP] and payroll.
The announcement comes after MYOB finished up the end of their DevelopHER program at the end of last month. Looking ahead, the company will look at the development of a mobile-first approach, and increasing functionality for employees of businesses using MYOB solutions.