Ventana Research today released its 2020 Value Index on Payroll Software, a quantified, research-based index evaluating technology providers and products. This Value Index assesses product adequacy based on the functional requirements and capabilities of our payroll software blueprint, which reflects what every RFI/RFP should include in an evaluation. The Payroll Software blueprint includes all aspects of the gross-to-net calculation process, compliance support, as well as tax withholding, reporting and remittances; it also covers integrations, mobile self-service, digital assistant strategy and analytics and decision support for executives, managers, analysts and operations supporting the administration of payroll and the workers themselves.
Using the Value Index, businesses can mitigate risk and reduce the time it takes to assess and select workforce management software. Ventana Research's Value Indexes are the result of decades of experience and over 17 years of research and knowledge of the market for payroll software. It provides an in-depth analysis of technology suppliers' products, evaluating their strengths and gaps compared to competitors’ products.
The Value Index for Payroll Software is based on a comprehensive examination of eight vendors' products in seven evaluation categories, five that evaluate the products' ability to support the breadth and depth of business needs around payroll and two that address vendor validation and total cost of ownership/return on investment.
The 2020 Value Index for Payroll Software identifies the companies that deliver the highest value based on an overall weighted evaluation. The Overall Value Index Leaders in the 2020 Value Index are ADP, Oracle and Ultimate Software. Companies that score in the top three in any category earn the designation Value Index Leader; ADP, Ceridian and Oracle have done so in four of the seven evaluation categories; Ultimate Software is in three categories; and Kronos, SAP and Workday are leaders in two categories. The Value Index leaders for overall product across five categories are ADP, Ceridian and Oracle. Leaders in customer assurance across two categories are Ultimate Software, Oracle and Kronos. Criteria for inclusion in the Value Index include minimum annual revenue, geographic operations and product areas of support for payroll software, which are outlined in more detail within the report.
The Value Index is not just a listing of vendors or a selection of “cool” products; rather than evaluating a vendor primarily on its vision or market execution, the Value Index provides specific numerical ratings, both overall and for each of the seven components of the Value Index, for technology buyers to consider. Organizations can also use the Value Index as a guide to assess existing technology providers and determine if their provider best meets their needs today and in the future.
“With the help of new technologies, the payroll function today is delivering new value to the business through data-driven decision support as well as a better employee experience,” said Steve Goldberg, VP and Research Director at Ventana Research. “In our view this technology-mediated shift to a new style of payroll management is well worth the effort. We advise that organizations seeking improvement embrace an integrated approach that not only optimizes the payroll function but also connects payroll with other HRMS, talent management and workforce management systems and their related information and processes.”
The Payroll Software Value Index is neither sponsored nor influenced by technology vendors and is conducted solely in pursuit of Ventana Research's mission to provide value to business and IT through advisory services, benchmark assessments and workshops. Ventana Research's goal is to help guide organizations to optimal efficiency in their use of technology investments for business and IT. To learn more and read the market report of the 2020 Value Index for Payroll Software, please visit https://www.ventanaresearch.com/value_index/hcm/payroll_software/market_report/2020
About Ventana Research
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