ITC Business Council Highlights: Brad Price

Brad Price – Chairman of the Business Council for Innovation and Technology.

Meet Brad Price, the Chairman of the Business Council for Innovation and Technology within the International Trade Council. Brad is a seasoned business expert with a deep-rooted understanding of international trade, supply chains, and the intricacies of payroll services in the modern world.

As the CEO of KarbonPay, Brad leads a company specializing in Payroll Software as a Service (SaaS). KarbonPay provides a comprehensive platform that includes cross-border payments and regulatory submissions. Their cutting-edge software automates compliant calculations across various jurisdictions, delivering immediate, precise, and compliant results. One of the standout features of KarbonPay is its ability to process payroll in multiple languages, transcending language barriers and enabling global businesses to streamline their payroll processes efficiently. This not only eliminates redundancies, slow processing times, inaccuracies, and errors but also provides substantial cost savings and invaluable data insights for data-driven decision-making.

Brad’s journey into this industry was sparked by his background in international HR and payroll, where he repeatedly encountered cross-border payroll challenges with existing providers. His expertise and firsthand experience led to the founding of KarbonPay, aimed at revolutionizing the payroll landscape.

Brad’s qualifications include a Global Professional in Human Resources certification and extensive experience handling multi-billion-dollar acquisition transitions across 35 countries. He has successfully grown and led startup teams and has received recognition as a Top 10 HR/Fintech for HR Tech Outlook magazine. KarbonPay boasts customers in over 20 countries, with tens of thousands of daily users and successful capital fundraising efforts.

Over the years, Brad has witnessed significant transformations in the payroll industry. These changes include the shift toward cloud-based solutions, the integration of automation and artificial intelligence, closer ties between payroll and other HR and accounting systems, the rise of employee self-service portals, enhanced data security measures, mobile accessibility, and improved analytics and reporting capabilities. Additionally, the globalization of businesses has fueled the demand for payroll software capable of handling the complexities of multiple countries’ tax regulations and labor laws.

Despite these advancements, the industry faces ongoing challenges, including the need for strict regulatory compliance, safeguarding sensitive employee data, managing a diverse workforce with different compensation structures, facilitating user adoption, and providing software that can be tailored to specific organizational needs.

Looking ahead to the next 5-10 years, Brad anticipates even more advanced automation and AI integration in payroll software. Predictive analytics, AI-powered chatbots, and further automation of compliance-related tasks are on the horizon. He envisions the adoption of blockchain technology to enhance data security and transparency in payroll processes. Real-time payroll processing and personalized compensation packages based on individual skills and performance are also potential trends. Brad is particularly excited about the role of Artificial Intelligence (AI) and Robotic Process Automation (RPA) in shaping the industry’s future.

To those starting in the industry, Brad emphasizes the importance of understanding payroll basics, staying current with industry trends, remaining adaptable to changes, paying attention to detail, and upholding the highest ethical standards.

In dealing with setbacks and challenges, Brad adopts a resilient and solution-oriented approach. He acknowledges issues, communicates transparently, collaborates with colleagues, adapts strategies as needed, and celebrates each step forward.

Outside of his professional life, Brad’s interests extend to politics and Padel, highlighting his diverse range of passions and pursuits. Brad Price’s extensive expertise and forward-thinking leadership make him a driving force in the Business Council for Innovation and Technology, contributing significantly to the advancement of international trade and technology-driven payroll solutions.