Moving to HR and Finance Cloud applications, today, is no longer a fancy good-to-have, but a strategic necessity within an organization and not just a means to cost cutting. Scarcity of skills to run existing systems, and new improved ways of sharing data across the organization are a few key factors that motivates clients to move to the cloud. See this SOAIS’ blog on the top 5 Cloud Adoption considerations to know more on this topic.
As companies plan to migrate their HR and Finance functions to the cloud, they realize that the journey is more meaningful rather than the destination. Moving to the cloud gives companies the all-important opportunity to relook at their processes and policies and redefine them to enhance enterprise agility. This also gives the companies to plan a business model that can scale and cope with continual change. Also, collaboration of both the HR and Finance functions promotes operational excellence and motivates innovation.
Looking at end-to-end business processes that involve both HR and Finance, is a best practice for a Cloud implementation to be successful. For example, an integrated HR and Finance system helps the top management to track and forecast costs related to employee and helps in judicial budgeting. The journey to cloud also exposes shortcomings in skills in both the HR and Finance functions, also highlighting processes that hamper productivity.
The benefits of a unified approach are multifold:
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- Improvement in efficiency by several notches
- Ability to meet senior management’s information requirements
- Quality of decision making is enhanced, since it is largely data driven
- Flow of information between the departments significantly improves
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A combined HR and Finance Cloud rollout has released customers from constraints that often challenged their performance and hindered their innovation. With both the functions in the cloud, there is no lag time and there is no need for manual updates or any resources to be spent to make sure that the two systems are in sync. Common data for analysis is available on Self Service dashboards which radically improves the productivity and the decision making across departments.
Oracle has smartly positioned its Cloud offerings to enable customers to leverage the power of both the HR and the Finance functions simultaneously. The HCM Cloud for Midsize & ERP (Finance) Cloud for Mid-size are a classic example of how the cloud can be a powerful tool of change.
Contact us on how we can help you tap the potential of a unified implementation.