As a young budding “intrapreneur” who is often behind innovation is very often asked a question “is the marriage on cards?” and I always reply “I don’t know. (period) but what I do know is that the marriage of Human resource with Finance is definitely on cards.”
It is said the marriages are made in heaven. Considering “cloud” an anecdote of heaven we can say that the marriage of HR with Finance is made in the cloud. Let’s try to understand whether is it necessary to couple HR with Finance using a cloud suite
I am seeing the beginnings of a trend where the chief financial officer is taking a greater interest in the human capital management [HCM] suite of applications.
-Cameron, (Research director for HCM technologies at Stamford, Conn.-based research firm Gartner.)
In today’s business world ROI (Return On Investment). is the most important acronym. Initially, HR, marketing, finance, and operations are considered to be independent departments. But this mindset of viewing them as independent entities is now becoming antediluvian. Business leaders in today’s environment must try to connect these independent entities (dots) and try to get a bigger picture. Connecting Finance with HR is the first step towards it.
Human Resource is an integral part of any organization. Most of the business leaders today are looking at metrics such as the percentage of high performers or reports that display a relation between high and low performances. But are these metrics and reports increasing earnings per share? or in simple terms is the human employed in the business giving the required Return On Investment. The moot issue that needs to be addressed is developing a metrics which gives insights to the revenue generated per employee?
This is where aligning HR with finance becomes imperative. We need to connect talent performance with corporate performance and Oracle Cloud helps you to unify HR with Finance. Oracle’s unified cloud suite enables business leaders to get deeper insights and make cross-functional decisions whether it is related to financial or people measure.
Oracles unified cloud suite enables the decision makers to get a clear picture of their departments. The image below is a dashboard that tells us the relationship metrics between Finance and HR.
Oracle ‘s unified cloud suite gives a consistent modern user experience. This enables the users with a modern consumer-like experience thereby reducing the cost and time of training resulting in an increase in ROI.
Managers receive cross functional analysis for historical, current and forward-looking insights.
Greater control and Consistency is achieved. This brings in standardization and greater control over operations as only one master data is created, unlike multiple employee records.
Oracle cloud suite is faster and innovative
One provider that is oracle will provide a united ERP and HCM cloud with simplified change management and flexible updates across cloud services.
To conclude I would just say that is time to unify HR with Finance and Oracle unified cloud suite is the next big thing.