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E-labeling to improve patient safety

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Electronic labeling or e-labeling (also known as digital labeling) can improve patient safety. Medical product information is designed with the intent to ensure prescription and nonprescription healthcare products are used in an effective and safe manner. This information is a culmination of clinical development data and post-marketing lessons and data, translated into descriptive text for healthcare professionals (HCPs) and in some cases specifically for the patient. It plays a pivotal role in ensuring patient’s understanding of their treatments while also supporting HCPs in their decision-making.

To make this information even more effective, new, digital-enabled tools for delivery of labeling that facilitate access, understanding, and usability are key components in enabling more effective use of available treatments and helping raise overall health literacy. E-labeling is the dissemination of approved product information for medicinal products including those in a dynamic digital format.

E-labeling makes information readily accessible to HCPs, patients, and regulatory agencies. This accessibility can improve patient safety by providing accurate and up-to-date information about medications. HCPs can use this information to identify and mitigate potential risks associated with the use of medicines, vaccines, and diagnostics, ultimately improving patient outcomes.

Aside from improving patient safety, e-labeling offers numerous benefits, including improved accessibility, real-time updates on product information, cost savings, improved compliance with regulatory requirements, enhanced patient engagement, and environmental sustainability.

The global biopharmaceutical industry’s commitment to innovation and patient safety is aligned with the implementation of pioneering solutions to improve speed in information sharing and educating patients and HCPs. Not only is this a response to the need for more interconnectivity between stakeholders in the health systems, but also a way of simplifying and accelerating regulatory information management and process while helping to reach environmental sustainability goals.

In a paper published by Richard Simon Binos et al. entitled “Advancements in regulatory agility, regional collaboration, and digital transformation: Insights from APAC,” it was found that eight out 12 Asia-Pacific countries have been implementing e-labeling. These countries are Japan, Singapore, Taiwan, Thailand, China, Indonesia, Malaysia, and South Korea. The Philippines can also pilot its implementation as a joint effort by the Philippine Food and Drug Administration and the biopharmaceutical industry.

The complexity of industry’s globalized supply chains had also been put to the test during the COVID-19 pandemic, which provided a case study on how e-labeling could be leveraged. E-labeling will increasingly play a role in facilitating fast deployment of product information and enhancing health literacy and patient adherence. One of the most important advantages offered by e-labeling is accessibility to the most up-to-date product information approved and validated by the local national regulatory agency virtually in real time and in the corresponding local language. Alerts about major changes to the product information can be added and highlighted, raising awareness and protecting patients more effectively. This will go a long way in protecting patient safety.

E-labeling promotes better patient and HCP understanding. Poor understanding and adherence to product information has been directly linked to poor health outcomes and increased costs for already burdened healthcare systems. It can be used to help improve patient understanding, ultimately leading to increased adherence and better use of the medicines, vaccines, and diagnostics.

As e-labeling is dynamic, in the sense that it can be adjusted to each user’s preference using authoritative information, it could enhance health literacy by changing how a patient is able to interact with product information through a variety of ways.

E-labeling ensures the availability of both HCP and patient-type-centric information. It provides a wide range of regulatory-approved translations (where available), in the language preferred by the patient or HCP. It can leverage new formats such as audio, and/or visual. Patients already consult a significant amount of health-related information online, using different kinds of electronic devices. E-labeling provides patients the opportunity of doing so through a trusted channel.

Meanwhile, e-labeling provides the ability to search label content to easily find information, especially relevant for the partially sighted or patients with any sort of visual impairment. Font size can be customized to improve readability. E-labeling makes it easy to share approved information with wider audiences. It also facilitates sharing of comprehensible information between patients, their families, and caregivers.

E-labeling can also strengthen health systems by improving supply chain resilience and efficiency. Platforms that allow for streamlined ways of sharing new product information will lead to an acceleration and simplification of processes for post-approval changes to label information. In addition, it offers the opportunity to share labeling between countries when appropriate. This will have a positive effect in better managing drug shortages and further strengthening global pharmaceutical supply chains. The use of e-labeling also cuts out a substantial lead time for leaflet printing and packaging, granting patient faster access to new medicines, vaccines, and diagnostics.

As illustrated by the COVID-19 pandemic, labeling flexibility is particularly important when increased demand, disruptions in transport, and other factors impact the normal flow of products. With this, e-labeling can have a positive impact on the availability of up-to-date national regulatory agency-approved product information that will result in improved health outcomes for the people.

 

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines (PHAP).  PHAP represents the biopharmaceutical medicines and vaccines industry in the country. Its members are in the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

Metro Manila Film Festival 2024: A kind of touch

By Joseph L. Garcia, Reporter

Movie Review
Hold Me Close
Directed by Jason Paul Laxamana

TWO good-looking people and a stunning location don’t always a good film make.

The film stars Carlo Aquino as Woody, and Julia Barretto as Lynlyn. They’re both Filipino migrants to Japan, but Woody definitely lives better.

Lynlyn, an unconvincingly too-pretty vendor at a seafood market, crosses paths with Woody. She has the power to know how a person will impact her life through touch: the power has many gaps though. It gives her an electric shock when a person will affect her negatively, and a feeling of bliss envelops her when a person will affect her positively (the film doesn’t explain how; it just shows Ms. Barretto in pain or in bliss). Woody, much to her deadpan reception, only gives her a neutral charge.

Woody, in love at first sight, tries to win her over to gain a positive charge. He has a power of his own: money. When he feels that a place no longer suits him, he places his finger on a globe and moves to wherever it lands (which is how he found himself in Japan after living in several nations).

Mr. Aquino acts like a smitten high school-aged hero, despite pushing 40; and Ms. Barretto is the melancholy black cat to his Golden Retriever, and with an age gap of more than 10 years. Mr. Aquino is convincingly young and beautiful; but perhaps less of an age gap between our leads would have been more convincing?

After several days of frolicking in Japan, Lynlyn gets a negative charge from Woody after touching him. Her overprotective siblings forbid him from seeing her (Ms. Barretto, looking even younger than her 20-plus years, is supposed to be their older sister, and doesn’t even look like them). They all iron out a deal: Woody has three chances to get his positive charge back when Lynlyn touches him again.

To do this, he has to turn his life around: one, stop running from places; and two, forgive and forget his traumatic past. I have a problem with this setup, because one, the film has a running gag where when things around Woody break, he throws them away instead of repairing them, and also takes this as a sign that he might have to move out soon. Since this film has an element of magic in it, we had thought that this was something magical at work (turns out the magic is a man who can’t be bothered).

Number two, I’m suddenly less sympathetic for Lynlyn, because do you really only stay with someone when they can promise you bliss? Her character is also awfully infantilized: her two brothers jump in to save her every time she gets a negative charge. To be fair, the film establishes in a flashback that she got her power after a ruffian lured her into the woods and attempted to savage her, and thus may prove to be an explanation as to her family’s cloying clinginess. Still, the woman has two hands, feet, and a whole lot of sass: I think she can make it to the next alley on a walk with her lover. During a scene when they’re all present, with Woody’s negative status still hanging over them, they bind Woody’s hands before he can speak to their sister, while they’re watching. What is he going to do, stare at her to death?

Anyway, they break up; and her powers now say her brother has a negative charge. Pissed off that her powers have confined her to a life of avoidance, she runs to the woods where she first got her powers, where she finds Woody, drunk as a skunk and waving his globe, looking for a new city. They have a little scuffle, and she wakes up to find that her powers are gone.

Despite not knowing whether Woody would hurt her or not, she resumes her relationship with him; this time without the aid of magic.

(Spoiler ahead!)

He dies in the end (his demise is communicated through a phone call by his lawyer). It showed why he gave a negative charge after all: his death would hurt her. Members of the audience at the screening I attended laughed at this plot twist, and one man walked out before the last scene (where Lynlyn, in a flower field, gets a wave of bliss from Woody’s spirit’s touch — I thought you gave up the gift?).

The film is at least lovingly shot like a slice-of-life anime, with calming visuals. The cast is reasonably good, but I find it hard to feel sympathy for two people and their sidekicks whose emotions swing so childishly. Any deficiencies from the two main actors are exacerbated by a weak script, and a shaky premise at that. That, and they could have bought a better prop globe.

MTRCB Rating: PG

‘Fashion-forward’ G-Shock GM-700 now available

From left are the purple/black, gold, and silver iterations of the Casio G-Shock GM-700. — PHOTO BY KAP MACEDA AGUILA

By Kap Maceda Aguila

COVID-19 was a shock (pun unintended) to the system that disrupted the way we live — in addition to the grief and horror in its wake. As we hunkered down at home while the pandemic raged on, our lives were upended thoroughly — and we made adjustments to keep both sanity and health intact.

Among the curious developments when we sheltered in place was how our buying habits evolved — obviously transitioning to online means versus brick-and-mortar establishments — along with our choice of purchases. For instance, the luxury market saw an uptick. People who suddenly couldn’t travel or partake in outdoor adventures resorted to buying, say, premium cars and/or collecting watches across price points.

The iconic G-Shock line of Casio was one of the brands which benefited in the increased spending diverted to watches. “We saw the rise in sales of G-Shock, along with other brands. We saw that our products resonated very well among teens,” said G-Shock Sales and Service Director Bryan Lim in response to a question from “Velocity.”

But G-Shock, he clarified, has stayed true to its values, and is aware of a multi-generational allure. “Even parents are into G-Shocks because of their durability. Everyone knows G-Shock.”

Now, what we plan to do is to have a lot of choices for these generations. When we release a new model, we offer options.”

That is certainly the case in the just-launched G-Steel GM-700 — the line’s newest addition to local selections. Bearing the classic large case design, the new G-Shock comes in three colorways: silver (P15,530), gold (P17,750), and purple/black (P17,750).

The timepiece capitalizes on the toughness of G-Shock and bestows it with “fashion-forward” appeal and practical features. Starting with shock-proof construction and water resistance for up to 200 meters, the GM-700 boasts a world time feature across 31 time zones (48 cities plus coordinated universal time), and up to five daily alarms (with one snooze alarm), and an hourly time signal. The watch gets a “shift feature” that, when engaged, moves the analog hands out of the way for a better view of the digital display.

“Every year, we will release iconic models with new looks through collaborations, (but) we’ll still be loyal to the look,” joined G-Shock Marketing Head Anj Cayabyab.

The GM-700, as with other watches in the G-Shock G-Steel line, is said to “embody the brand’s commitment to innovation, toughness, and superior design.” It’s now available at all authorized G-Shock stores nationwide, official e-commerce platforms, and https://www.casio.com/ph/. Exodus Time Industries, Inc. is the official distributor of Casio watches here.

ICTSI shares fall amid worries over global trade

By Kenneth H. Hernandez

SHARES of International Container Terminal Services, Inc. (ICTSI) declined last week amid global trade policy uncertainties.

ICTSI was the most actively traded stock in terms of value, with 3.5 million shares worth P1.37 billion being traded on Dec. 23 to 27. The port operator’s shares closed at P386 on Friday, down 1% or 4 centavos from a week earlier.

“The Federal Reserve projected a significantly slower pace of rate cuts next year in response to rising inflation and robust economic growth,” Claire T. Alviar, assistant manager for Research and Online Engagement at Philstocks Financial, Inc., said in a Viber message. “This could negatively affect global economic growth, thereby impacting ICT’s operations.”

“Moreover, many investors were cautious at the moment, waiting for the policies to be implemented by the new administration in the US,” she added.

Aniceto K. Pangan, an equity trader at Diversified Securities, Inc., said the company was in a consolidation phase during the week. “This was driven by the uncertainties behind the new US President’s trading policy, which may affect trading globally, especially his protectionist stance policy,” he said in a Viber message.

US President-elect Donald J. Trump has vowed to increase tariffs on Canada, Mexico and China unless they addressed illegal migration and drug trafficking. He also threatened tariffs on countries that plan to undermine the US dollar by using alternative currencies.

ICTSI has earmarked $100 million and secured a 25-year concession extension to expand the terminal capacity of Mindanao port in Misamis Oriental. Ms. Alviar said there is positive sentiment about the stock as a result.

“The extension of the concession period boosted investor sentiment, as these contracts ensure the long-term stability of ICTSI’s business operations,” she said. “Additionally, plans to expand terminal capacity further enhanced optimism, given its potential to drive revenue growth in the future.”

Mr. Pangan said the port expansion would add more growth opportunities for the company in southern Philippines.

ICTSI’s attributable net income increased 24.2%, to $212.03 million in the third quarter from a year earlier. This brought its nine-month income to $632.58 million, a 30.6% increase.

Mr. Pangan expects the company to post $253.2 million in earnings this quarter and $886.2 million for the full year.

Ms. Alviar put the support level for the ICTSI stock at P380, psychological resistance at P400 and resistance level at P420. The immediate support is P375 per share, while immediate resistance is P400 each, he added.

Philippines’ score inches up in 2024 Quality Infrastructure Index

The Philippines earned an average score of 37.63 out of 100 in the 2024 edition of the Quality Infrastructure for Sustainable Development (QI4SD) Index developed by United Nations Industrial Development Organization. The index provides a framework of indicators that summarizes the overall state of development of a country’s and/or region’s Quality Infrastructure (QI) readiness to support the Sustainable Development Goals.

Philippines’ score inches up in 2024 Quality Infrastructure Index

How PSEi member stocks performed — December 27, 2024

Here’s a quick glance at how PSEi stocks fared on Friday, December 27, 2024.


Central banks, Trump win cause market turmoil

BW FILE PHOTO

By Revin Mikhael D. Ochave, Reporter

PHILIPPINE STOCKS ended 2024 on a cautious note following a tumultuous year for the market as many global central banks began their monetary easing cycles.

The bellwether Philippine Stock Exchange index (PSEi) slipped by 0.15% or 10.23 points to close at 6,528.79 on Friday, the last trading day of 2024, while the broader all shares index gained by 0.44% or 16.73 points to 3,748.51. Week on week, the PSEi rose by 1.9% or 122.41 points versus its 6,406.38 finish on Dec. 20.

Year on year, the PSEi was higher by 1.2% or 78.75 points from its end-2023 finish of 6,450.04.

The index posted its highest close for 2024 on Oct. 7, ending at 7,554.68. On the other hand, its worst showing this year was its 6,158.48 finish on June 21.

“We managed to end the year higher versus the previous year, our first yearly gain since 2019. It’s a small win, but a win nonetheless,” AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said in a Viber message.

“Monetary policy was the key driver this year, with an almost laser focus on interest rates.”

The Bangko Sentral ng Pilipinas in August cut rates for the first time since 2020, reducing benchmark borrowing costs by 25 basis points (bps). It made two more 25-bp reductions at its October and December meetings that brought the policy rate to 5.75%.

Meanwhile, the US central bank began its easing cycle in September with a big 50-bp cut and followed it up with 25-bp reductions at each of its November and December meetings, bringing the fed funds rate to 4.25%-4.5%.

Seven of the world’s 10 major, developed-market central banks cut rates this year, with only Australia and Norway still on hold, Reuters reported. Japan, the outlier, is in hiking mode. The Bank of Japan delivered its first rate hike in 17 years in March, ending years of ultra-loose policy.

“It was a bittersweet culmination to a volatile year marked by steep rallies and corrections as hope turned into caution,” Chinabank Capital Corp. Managing Director Juan Paolo E. Colet added in a Viber message. “Just like 2023, this year again turned out to be fairly good for investors who were able to trade in and out of the major market waves.”

Philippine stocks began 2024 on a positive note “because of falling inflation and optimism regarding the beginning of the rate cutting cycle,” COL Financial Group, Inc. Chief Equity Strategist April Lynn Lee-Tan said.

“However, sentiment turned negative following the release of weaker than expected third quarter gross domestic product, disappointing third quarter earnings results, and concerns regarding the impact of a Trump presidency on Asian economies,” she said.

Donald J. Trump is set to be inaugurated as the 47th US President on Jan. 20. He has vowed to impose steep tariffs on goods coming from China, Mexico, and Canada and to raise levies on European Union nations. — with Reuters

‘Record’ nontax revenue seen in 2024 on GOCC dividend hike

PHILSTAR FILE PHOTO

NONTAX REVENUE is on track to surpass this year’s target, and is projected to come in at a record P606.6 billion, after government companies were made to remit more of their earnings as dividends, with the government also accessing their reserve funds, the Department of Finance (DoF) said.

“Finance Secretary Ralph G. Recto has maximized nontax revenue in 2024, collecting a record-high amount to support more projects and programs,” the DoF said in a statement over the weekend.

The projected 2024 total was 45.6% higher than the P407.5 billion target laid out in the 2025 Budget of Expenditures and Sources of Financing.

The Bureau of the Treasury (BTr) said nontax revenue grew 45.6% to P555.3 billion in the first 11 months.

The DoF also said it “maximized” non-tax revenue  after increasing the dividend contribution of government-owned and -controlled corporations (GOCCs) to 75% of their earnings from 50%.

Additional funds were generated from “more privatization of government assets; and a sweep of unused and excess funds of GOCCs as mandated by Congress.”

As of Dec. 9, P136.29 billion in dividends have been remitted by 52 GOCCs, the BTr said. It exceeded the P100 billion target for the year and is 35% higher year on year.

The DoF said it put the excess and unused GOCC funds “to efficient use this year,” in compliance with Republic Act No. 11975 or the General Appropriation Act of 2024.

Fund balances amounting to P167.23 billion from the Philippine Health Insurance Corp. (PhilHealth) and the Philippine Deposit Insurance Corp. had been remitted to the Treasury as of Dec. 19.

The Supreme Court issued a temporary restraining order (TRO) on the further transfer of the remaining P29.9 billion in PhilHealth reserve funds.

The TRO was issued after P60 billion from the health insurer had been transferred to the Treasury.

The high court scheduled oral arguments on the TRO for Jan. 14.

Despite the backlash against the transfers, the DoF said these excess and unused funds supported the Public Health Emergency Benefits and Allowances for Health Care and Non-Healthcare Workers.

It added that they also bankrolled the Medical Assistance to Indigent and Financially Incapacitated Patients program and the procurement of various items of medical equipment for Department of Health (DOH) hospitals, local government unit hospitals, and primary care facilities.

The DoF added that the funds were used for the construction of three DoH facilities; and salary hikes for government workers.

The transfers also went into counterpart financing for foreign-assisted projects such as the Panay-Guimaras-Negros Island Bridges, the Metro Manila Subway Project, and the Philippine Multi-Sectoral Nutrition Project.

The Mindanao Inclusive Agriculture Development Project, the Cebu — Mactan Bridge and Coastal Road Construction Project, and the Road Network Development Project in Conflict-Affected Areas in Mindanao were also among the projects supported. — Aubrey Rose A. Inosante

Council meeting in first quarter likely to downgrade export goals

ICTSI

THE Export Development Council (EDC) is expected to meet in the first quarter to likely downgrade the targets set in the Philippine Export Development Plan (PEDP) for the 2025-2028 period.

In an online briefing last week, EDC Executive Director Bianca Pearl R. Sykimte said that proposed revisions have yet to be presented to the EDC.

She told reporters that the adjusted goals will “definitely (be) lower than what was originally reflected in the PEDP.”

As of October, the Philippines exported $61.8 billion worth of merchandise, slightly higher than the $61.6 billion it exported a year earlier.

“That is only a 0.4% growth, basically because of the lackluster performance of our semiconductors. As you know, 40% of what we export are semiconductors,” she said.

She said that the semiconductor industry saw a $2.8 billion drop in exports in the first 10 months, which overshadowed the export gains in electronic data processing, consumer electronics, telecommunications, other manufactured goods, coconut oil, machinery and transport equipment, chemical and petrochemicals, copper concentrates, tuna, and processed food and beverages.

Meanwhile, she said that the Philippines booked $37.4 billion worth of services exports in the first nine months, up 6.25% from a year earlier.

“Basically, there are two drivers of growth: travel services and information technology and business process management (IT-BPM),” she said.

“I think we had roughly $500 million of additional gains for travel services. And I think the IT-BPM sector grew by nearly $2 billion,” she added. — Justine Irish D. Tabile

Exporters urged to focus on products unique to PHL

PHILSTAR FILE PHOTO

EXPORTERS are being urged to develop products unique to the Philippines that will open up new Western markets, the Philippine Exporters Confederation, Inc. (Philexport) said.

In a statement over the weekend, Philexport said that Western countries are also looking at the Philippines as a possible gateway to the Association of Southeast Asian Nations.

Philexport Vice-President and Trustee Ferdinand A. Ferrer, Philexport said that Western businesses particularly in North America, Europe, and South America are looking for partners in the Philippines.

“In 2025, what we will do with our exporters is really to align and to match business opportunities with these foreign initiatives and partners that we have,” according to Mr. Ferrer, who is also an executive vice-president of the Philippine Chamber of Commerce and Industry.

“Likewise, they are looking for unique Philippine products to be able to open up new markets within their countries,” he added.

He cited as an example the traditional Batangas folding knife, known as the balisong.

Philexport and other associations are also working on servicing the demand for products and services in each province in Canada, he said.

“Canada (is) willing to train us suppliers for sustainability and compliance. Canada has very strict compliance and sustainability rules. They cannot be made by minors, and should be green type products,” he said.

“Of course we are not yet at that level but there is a program in Canada that will help suppliers reach the level of sustainability compliant with Canada’s rules,” he added.

He said the European Union is also looking for suppliers in Asia and is particularly interested in the Philippines.

“A lot of Europeans want to have manufacturing facilities in the Philippines amid President-elect Donald Trump’s proposed tariffs on all products imported from Canada and Mexico,” he said.

“So (Europeans) can still send products to the US,” he added. — Justine Irish D. Tabile

ERC amends resolution to keep Meralco regulatory reset on track 

THE Energy Regulatory Commission (ERC) has adopted amendments to its resolution aimed at minimizing delays in the regulatory reset process for privately owned distribution utilities (DUs), focusing on Manila Electric Co.’s (Meralco) fifth regulatory period. 

“This reset is essential to align distribution rates with operational realities and regulatory efficiency,” ERC Chairperson and Chief Executive Officer Monalisa C. Dimalanta said in a statement.

Ms. Dimalanta said addressing delays in the reset process is crucial to protect consumers and ensure that distribution utilities allocate their direct investments towards improving services.

The resolution will helping bridge regulatory gaps in rate-resetting timelines, the ERC said, noting that a number of years in Meralco’s original fifth regulatory rate process have lapsed pending resolution of legal challenges.

The ERC said the amendments center on Meralco’s fifth regulatory process but also set up guidelines to address similar delays encountered by other private DUs. 

The rate reset process influences electricity charges and allows the power regulator to evaluate the performance of distribution utilities and ensure that consumers pay the right costs for power.

“By addressing these delays, we reaffirm our commitment to protecting consumers and ensuring that our distribution utilities direct their investments towards improved services in the changing energy landscape,” she said.

Under the Electric Power Industry Reform Act of 2001, or EPIRA, the ERC is tasked with establishing and enforcing a method for setting transmission and distribution wheeling rates for distribution utilities.

The Commission said it plans to issue additional amendments in the future to spell out timelines and processes to ensure streamlined implementation across the sector.

“These amendments are designed to recalibrate the rules to ensure timely resets while maintaining fairness and transparency,” the ERC said.

The ERC initially issued a regulatory reset order fixing Meralco’s fifth regulatory period at 2025 to 2028, instead of 2022 to 2026. — Ashley Erika O. Jose

Enhancing payroll management with AI

IN BRIEF:

• AI-driven payroll solutions streamline complex international payroll operations, reducing errors and enhancing efficiency.

• Automating payroll processes with AI improves accuracy, compliance, and employee satisfaction.

• AI-powered chatbots provide quick, accurate responses to payroll inquiries, simplifying workloads and enhancing the employee experience.

Managing payroll for a global workforce presents a myriad of challenges due to constantly evolving political, legal, social, and economic factors. These changes impact regulatory requirements and reporting, making it difficult to navigate diverse labor laws, tax regulations, data privacy standards, and payment procedures.

Consequently, the dynamic conditions increase employee inquiries, complicating payroll management. Companies need efficient, accurate, and cost-effective methods to address these inquiries, enhancing employee satisfaction and trust.

CHALLENGES OF GLOBAL PAYROLL MANAGEMENT
Payroll errors and delayed responses can lead to fines, damage organizational reputation, and frustrate employees, affecting costs and related functions like recruitment and retention. While preventing errors is crucial, traditional methods for handling these challenges are often costly and ineffective.

Businesses are ready for an innovation — a solution that offers something greater than the sum of its parts. Finding a time-efficient, cost-effective, innovative, and globally adaptable solution that can grow with the organization demands taking stock of the entire system and adding something more: an ecosystem approach.

HOW AI CAN HELP
Artificial intelligence (AI) presents a significant opportunity to transform payroll functions and enhance efficiency. By automating data collection and analysis, AI can identify trends and anomalies, providing real-time insights into payroll performance.

This technology can help monitor payroll metrics, track progress against targets, and identify areas where additional investment or action is needed. By leveraging AI, companies can improve the accuracy and reliability of their payroll processes while freeing up time and resources for more strategic activities.

CASE STUDY: AI-DRIVEN PAYROLL SOLUTIONS
Many organizations face the challenge of managing complex international payroll operations. One company needed a quick and accurate communication platform with their employees that would answer country- and employee-specific payroll questions within a broader global payroll operations environment.

Weighing the desired outcomes and challenges, the company implemented an AI-driven payroll chatbot. This chatbot addressed employee payroll questions efficiently and accurately, providing accessible answers to employee questions easily and quickly. The cloud-enabled development of a large language model helped create a payroll chatbot capable of answering complex employee questions.

The chatbot solved the company’s payroll needs in a way that was efficient for them as the employer, but it was also incredibly effective and beneficial for their employees. After the initial launch of a pilot version, the company scaled it to an enterprise-ready payroll chatbot that answered complex payroll questions by using an underlying large language model and vast compliance data. This solution helped reduce the burden on the employer while personalizing the employee experience.

In very real terms, there were improvements across the board in providing accurate answers to queries, employee satisfaction, and first call resolution. There was also an overwhelming decrease in cost to serve. This is just one example of how AI can help accelerate and improve payroll management while simplifying the workload.

AN INTEGRATED GLOBAL PAYROLL SOLUTION
Taking control and driving efficiency with an integrated global payroll solution involves transforming global payrolls through a unified managed services approach, integrating domestic, mobile, and global payroll services. A centralized, modular platform handles the complexities of an international workforce, connecting legal, advisory, and compliance knowledge for an integrated payroll experience.

In today’s fast-paced world, where talent is the key resource, managing the payroll of an increasingly international workforce has become complex and time-consuming. The rapid pace of regulatory compliance, labor and privacy law changes, managing the life experience of employees, and the scarcity of payroll talent are just a few of the hurdles that organizations face. Traditional payroll models struggle to keep up with modern business demands and new ways of working. The risks of noncompliance, data privacy issues, and the high costs and inefficiency of managing multiple vendors are significant challenges.

Taking initiative involves governance, oversight, and control. It means having single-process ownership across employee entitlement, compliance requirements, and pay distribution. This approach provides a unified view of data, reduces duplication, ensures consistent decisions and reporting, and offers a holistic view of talent and compliance, enabling organizations to plan.

Driving efficiency requires providing direct access to all subject-matter-experts and enabling effective risk management across the entire employee population. It helps reduce cost and labor leakage that occurs with disparate vendors, duplication of effort, gaps in essential knowledge and process, and inadequate business controls.

Additionally, it improves in-house technology and data assets. Planning enhances the employee experience through advanced technology, streamlined processes, and easy access to on-the-ground knowledge. It also reduces the cost of developing and modifying technology.

THE FUTURE OF PAYROLL
A next-generation payroll managed service approach combines global reach and deep capabilities, consistent multiservice integration, and direct access to teams across the globe. Across payroll, labor and employment law, and mobility, teams can work together collaboratively to meet workforce compliance needs wherever they are. Global processes, technology, and data models are smoothly integrated, providing a single, cohesive, high-quality service.

Access to core service delivery without subcontracting to third parties helps ensure effective communication and improved performance. Being part of an ecosystem facilitates the provision of comprehensive solutions beyond payroll, leveraging deep knowledge to address unique challenges.

Organizations can address global payroll operational and service challenges by leveraging AI technology to create innovative solutions, such as a payroll chatbot. The proper use of AI can help simplify employer workload, answer complex payroll employee queries, provide regulatory compliance information, and enhance employee experience, leading to increased operational efficiency.

This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinions expressed above are those of the author and do not necessarily represent the views of SGV & Co.

 

Aaron C. Escartin is a tax partner and Philippine Payroll Operate leader of SGV & Co.