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Oracle Cloud Is Making HR and Finance Better Together

12-Sep-2022 07:07:01 / by Prashant Joshi

Prashant Joshi

 

The principle – a system is only as good as its components and the coordination amongst the said components – largely applies to an organization's different systems and departments. And two of the most critical cogs in the machinery of any business are its Human Resources (HR) and Finance departments. 

Oracle cloud HR and finance-Blog image 

Finance and HR have traditionally been largely disconnected from each other. This is because of the variance in the focal areas of each department while the HR department is focused more on people, the Finance revolves around funds.

The truth, however, is that these departments are closely intertwined, and the synergy between them is pivotal to a business' operational efficiency. 

Over time, the significance of solid coordination and data exchange between the Finance and HR departments has been emphasized. With information driving modern-day businesses, these departments are increasingly required to be aware of each other's goals and find common ground.

Not only is this understanding and cooperation critical to the operational efficiency of a business, but also a key driver of increased employee engagement and productivity, and higher profits.  

The significance of data sharing between the different departments of an organization has necessitated the transition to a cloud-based system.  

There are several benefits of unifying cloud-based ERP and HCM, including:  

  • Optimization of business strategies and their seamless execution 
  • Centralization and easy accessibility and shareability of data 
  • Elimination of the redundancy created by multiple systems
  • Overall reduction of operational costs  

A combined cloud-based ERP and HCM system is the strategic path forward for organizations aiming to leverage technology for storing and timely sharing important information and driving informed decision-making. 

One Solution for Your Organization 

Harvard Business Review (HBR) and Oracle recently conducted a studyon the transformational impact of switching to a cloud-based ERP and HCM system.

Comprising 505 respondents from the diverse reader base of the esteemed HBR, the study has revealed the following key findings:  

  • 43% of the respondents were in favour of a single-vendor HCM and ERP Solution instead of multiple systems.  
  • 52% of the respondents concurred that the implementation of a combined HCM and ERP solution can help the IT department deliver a better user experience.  
  • 67% of the respondents believed both the Finance and Human Resources departments can achieve better and more accurate forecasting, particularly collaborations in said forecasting, with the adoption of a combined HCM and ERP solution.   

By adopting cloud-based Oracle ERP and HCM systems, your organization can benefit from a one-stop solution for different functions and departments. Be it Finance, HR, IT, Operations, Supply Chain Management, or Customer Service, a combined HCM and ERP system delivers the functionalities required by major departments.   

Driven by cutting-edge technology, Oracle's HCM and ERP system can help optimize processes and data sharing across your organization. Powered by technologies such as IoT, RPA, Blockchain and Machine Learning, it is a holistic solution for all your business needs.   

Therefore, opting for combined HCM and ERP software can help your organization achieve efficiency in end-to-end business operations.  It can also enable the upscaling of the business.   

Multiple HCM and ERP Best Practices in One Software  

Oracle's cloud-based ERP and HCM software encompasses a range of HCM and ERP best practices. The primary focus is the seamless and timely flow of information between the Finance and Human Resources departments, including information on accounts receivable, accounts payable, expenses, fixed assets, purchasing, and sales & marketing.  

Establishing an efficient network of data sharing across an organization may seem like a herculean task, but the Oracle Cloud makes it work effortlessly.  

Several organizations have already benefitted from using Oracle ERP and HCM Cloud solutions, including a leading natural gas organization in the US. Within 36 weeks of adopting the ERP and HCM software, the company registered the following key improvements:  

  • 100% enhancement in their payroll processing speed 
  • Transition of the benefits system to an in-house system 
  • Elimination of redundancies and costs resulting from multiple legacy systems 
  • Automation of time entries calculations 
  • End-to-end business process re-engineering   

Switch to a Combined Cloud-based ERP-HCM System Now 

Owing to the wide range of benefits of a combined cloud-based solution for both Finance and Human Resources teams, it is strategically wise to make this switch soon. With this, you can drive the optimization of various processes across your organization and make expansion plans easier to execute with a high degree of efficiency.  

We can help transform your business through our Cloud Applications, Cloud Transformation, and Managed Services capabilities.

Reach out to us today and watch your organization usher in a new era of possibility and profitability through Oracle ERP and HCM solutions. 

  

Topics: oracle, erp cloud implementation, oracle erp cloud, hcm

Prashant Joshi

Written by Prashant Joshi

Principal Consultant

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