Savvy companies are starting to understand that paperless is the way of the future. With many options available to make the transition to a paperless office easier, it’s up to each company to decide how to best move forward. Two popular options are HR software and Document Management Systems (DMS). Though they have some overlap, each one of these options offers different features and has its unique advantages. Let’s compare the leaders in both areas to see how they compare and where they differ.
A New Partnership May Be Changing the Game
Before digging too deep into the specifics, consider that Workday, one of the most popular HR software options, is beginning a partnership with ADP, a payroll company. These closer ties have a single purpose: to assist multinational companies in standardizing their payroll across more than 100 different countries, all while ensuring they’re in compliance with local laws in these different countries.
This partnership will simplify the process with which customers of Workday manage their ADP payroll data within Workday software. This software is used to maintain records of employees as well as a variety of other types of human resources information. Companies that use ADP to pay their workers can access and manage the data they enter directly in Workday.
About half of Workday’s multinational customers currently use ADP for their global payroll needs. When companies reach a certain size, many of them outsource their payroll service providers and their in-house teams. Workday has more than 1,000 business clients overall, though they don’t disclose how many of those 1,000 are multinational.
The History of the Workday and ADP Alliance
Workday and ADP started working together when Workday was founded 10 years ago in 2005. When the HR software company first entered the payroll market three years later, the two companies became competitors. The integration of the ADP payroll system won’t be available in Workday until the second half of 2016, which is when they’ll deliver their next update.
For over a year, ADP has been investing heavily in technology to ensure their services work closely with other HR applications. This is what ADP is hoping to do with their new alliance with Workday. At this point, ADP has signed on with more than 100 software developers as official partners, including those who handle recruiting tools, timesheet apps, and even talent management systems. Applications for these partners can be found in ADP’s Marketplace, and ADP gets a transaction fee for any sale that comes as a referral from their marketplace listing.
How Does Workday Compare to DMS?
As a human resources management software, there are some ways in which Workday overlaps with DMS options like eFileCabinet, and some ways in which it differs. First of all, consider that at their core, they both have similar purposes: storing data for companies. Workday is an on-demand, cloud-based vendor that handles financial management and human capital management, while DMS can be used in virtually any sector from retail to accounting.
Both Are Cloud Based
One of the main similarities between the two is that they’re both cloud based. This means that companies can store their data without having to invest in expensive and difficult-to-protect servers in their own offices. It also means that as companies grow they can increase the amount of data storage they need without making additional investments. This is called scalability and is an important advantage of using these software options instead of trying to handle all these issues in-house.
Their Purposes Are Different
Human resources management (HRM) software like Workday is designed specifically for human resources needs, and in recent years has been more and more focused on international growth. The reality is that the laws and rules in one country are different from another country, and it can be challenging for companies who work with many companies to ensure they’re following the letter of the law. HRM can make this easier.
However, a DMS like eFileCabinet can also make this process easier, but instead of focusing on one specific need, DMS can handle a wide range of needs. It has built-in compliance rules that don’t just focus on human resource needs, but on a wide range of factors like HIPAA and FINRA compliance.
eFileCabinet boasts a wide array of features that makes it a truly flexible document management solution, especially when you compare it to the minimal features available in Workday. Perhaps one of the most impressive and necessary of its features is the capacity to create audit trails. Audit trails record when a file is accessed and altered, who altered it, and what they changed. This is useful for a wide range of reasons, including ensuring audit compliance and simply tracking employee use of data.