Organizations can benefit by implementing cloud collaboration between HR and Finance. By migrating Finance and HR to the cloud, organizations can reap the benefits of leveraging their two best assets: people and money. Oracle’s Enterprise Resource Planning (ERP) Cloud and Human Capital Management (HCM) Cloud, allow organizations to drive major operational change, remove barriers, and increase financial results.
Overall, this collaboration between finance and HR can further boost productivity and innovation, emphasizing the necessity and importance of moving finance and HR systems to the cloud. Both HR and finance are imperative parts of the business, ensuring that the organization has the management and talent needed to properly capitalize on any opportunities. Both of these branches have joint stakes in areas like budgeting and workforce planning. Moving to the cloud will allow organizations to have real-time access to vital information that empowers employees, bolsters decision making capabilities, increases agility and flexibility and reduces the need for IT intervention.
Both Oracle ERP and HCM provide enhanced security and consistent data governance, allow for shared workflow processes and allow for deeper analytics and better reporting. In commissioned research by MIT Technology Review Custom, Oracle found that 94% of respondents agree that cloud delivers on their expectations, while 70% said that the collaboration between ERP and HCM exceeded their expectations. Additionally, 52% of C-level executives say that It, HR and finance relationships have been better than expected after using ERP and HCM. Thus, by moving to a single, unified cloud-based ERP and HCM system, organizations can garner insights into how business decisions affect budgets, forecasts, talent, resource allocation and more.
To implement this partnership, Oracle identified seven critical success factors for successful implementation. In order of importance, the success factors include: IT cooperation, picking the proper cloud provider, encouraging a partnership and collaboration between HR and Finance, putting together the right internal team, picking the right specialists for integration, encouraging a positive culture that embraces digital, and a simplified and standardized process in advance. Utilizing cloud-based finance and HR applications not only improve collaboration, productivity and decision-making but also provide more time available for organizational strategy. And these benefits will only continue as HR and Finance cloud implementations continue to improve. According to Oracle, organizations can expect growths process quality, data quality, flow of info, collaboration and organizational integration in the next two years alone.
Moving forward, cloud technology is expected to have a longer-term and growing impact. It will act as the basis of business transformation across multiple industries. In Oracle’s study, over one-third of respondents said that moving to the cloud allowed them to spend less time on low-value and menial work, thus allowing more time to spent on strategic priorities like predictive analytics. Thus, implementing cloud technology will act as a strategic weapon for many organizations, allowing them to quickly and cost-effectively adapt to changing marketplace demands. It will take some adjustments, but the sooner an organization implements these changes and accepts the impact of technology, the better and faster a company can perform and grow.
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