How to Achieve Synergy Within Your Finance and HR Departments
Rethink Financial and HR Systems with Oracle Fusion
Synergy occurs when two separate entities—even within the same organization—work together to produce better results than either could on its own. In business, interactions between finance and HR departments present a huge opportunity to achieve synergy; however, reaching that goal does not come without challenges. This post goes over some of the methods and tools from the HCM Cloud that organizations can put to use during the drive toward synergy.
HR and finance departments originally moved to digital systems with very good reason: Digitizing sped up data analysis and allowed for greater automation. However, HR and finance departments often deployed separate systems, which made collaboration more difficult. Issues such as duplicate data and disconnected systems hampered businesses.
The Cloud-Based Solution
HR and finance departments intersect in many ways. They share a number of touchpoints. In fact, Oracle has identified 43 of them. Those touchpoints make the two ideal candidates for sharing a system—specifically a cloud-based solution, like Oracle’s HCM Cloud, that unifies HR and finance.
Uniting HR and finance under a single banner has a number of positive impacts. For example, HCM fusion reports can deliver easy-to-interpret data to both departments, allowing for collaborative, speedy decision-making. Automated systems also cut down on the amount of time employees spend entering data by hand. Additionally, cloud-based systems, by their very nature, are well suited to remote work, which companies are relying on now more than ever.
Using the Data
Setting up a new system and then using the data it provides is made easier by the Business Intelligence Applications Configuration Manager ( BIACM), which allows users to implement features like marketing and financial analytics. Bringing HR and finance under one analytical allows for easier collection of concrete data and the performance of useful analysis, too.
For instance, finance professionals can use their skills to determine how much ROI is being generated by HR’s efforts to develop employees, meaning the company can increase its emphasis on the development efforts that work and shift away from ones that don’t. In sum, the two can work together to retain, engage, and develop talent—a task that is much more difficult when using disparate, scattered systems rather than a single, unified cloud-based setup.
Let DataTerrain Help With HCM Fusion Reports
If you have been undecided about migrating your finance department to the cloud, you are missing out on advantages such as low maintenance costs, increased data security, and enhanced employee productivity. Contact DataTerrain here and let us demonstrate what advanced HCM reports can do for you and your team.