How Oracle Cloud Synergizes HR and Finance for Better Business

Finance and human resources have only interacted a little in the past. This is because each department has a different focus; while the HR department is more interested in people, the Finance department is more focused on finances.

However, these divisions are linked in practice, and a company’s operational performance depends on their cooperation.

In the current business environment, the HR and Finance departments each have significant duties, and their roles are becoming more and more entwined. The modern organization is based on the necessity to plan, budget, and anticipate business activities, which has the biggest impact on these two crucial systems.

The importance of strong communication and information sharing between the Finance and HR departments has been emphasized over time. Data drives modern businesses, so it is becoming more and more expected that these departments are aware of each other’s goals and can find common ground.

This collaboration and understanding are crucial for a business’ operational efficiency and play a significant role in increasing employee engagement and productivity as well as total revenues.

The significance of data sharing throughout an organization’s numerous departments made the switch to a cloud-based system necessary.

Accelerate Ahead with Oracle Cloud ERP and HCM

With Oracle Cloud, HR and finance can effectively work together and make plans for the future knowing that the information supplied is reliable and consistent. In times of sudden change, prepackaged, real-time analytics aid teams in making strategic choices and enhancing business agility.

ERP and HCM are combined on a single cloud platform with a common data model thanks to Oracle Cloud. One employee record for finance and HR simplifies operations, gets rid of duplication, and lowers error rates. Workforce planning, payroll, time and labor, procurement, and accounting are just a few financial and HR-related operations that might benefit from a unified solution’s increased productivity and reduced procedures.

Oracle Cloud offers end-to-end solutions that are flexible, scalable, and intelligent. It has integrated chatbots, conversational digital assistants, and machine learning for simple, straightforward engagement. Oracle Cloud allows you the ability to add cloud services to other areas of your business in addition to finance and HR.

Reasons to Unite Finance and HR With Oracle Cloud

Implementing a combined cloud-based ERP and HCM solution is the ideal course of action for firms wishing to use technology to store, quickly share, and support informed decision-making. Some of the reasons to merge finance and HR with Oracle Cloud as are follows:

• Modern users’ experiences

A modern, conversational, and cohesive user experience will boost adoption and cut back on training costs.

• Solitary analytics approach

Combine knowledge from all areas of your company to quickly and accurately plan and forecast.

• Common data platform

Gain access to higher-quality data, hone your analytical abilities, and chart your trajectory using real-time reporting.

• Only one vendor

Reduce complexity at each cloud level. When you need to get things done, Oracle Cloud HCM and ERP will be “one hand to shake.”

• Streamlined internal procedures

Vulnerabilities can be removed by simplifying access and keeping a single, consistent governance with distinct hierarchies throughout the company.

• Integrated security

Eliminate vulnerabilities while preserving unified, consistent governance and making access easier.

A One-Step Solution to Streamlining Your Organization

Oracle and Harvard Business Review (HBR) recently conducted research on the transformative effects of moving to an ERP and HCM solution that is hosted in the cloud.

The study, which included 505 respondents from the varied HBR readership, produced the following significant conclusions:

• 43% of respondents chose a single-vendor HCM and ERP solution over several different systems.
• According to 52% of respondents, an integrated HCM and ERP solution can help the IT department deliver a better user experience.
• According to 67% of respondents, the Finance and Human Resources departments may both achieve better and more accurate forecasting with the implementation of a combined HCM and ERP solution, particularly partnerships in said forecasting.

By installing Oracle ERP and HCM systems on the cloud, your business will benefit from having a central location to handle multiple jobs and departments. The functions required by crucial departments, whether they are in Finance, HR, IT, Operations, Supply Chain Management, or Customer Service, are provided by a combined HCM and ERP system.

The cutting-edge technology behind Oracle’s HCM and ERP solution could help your company’s operations and data exchange be optimized. It is a comprehensive solution for all of your company needs, powered by technologies like IoT, RPA, Blockchain, and machine learning.

Therefore, choosing HCM and ERP software that works together can help your company improve the effectiveness of all aspects of corporate operations. It may also make it possible for the business to grow.

Upgrade to an Integrated Cloud ERP-HCM Solution Today

Oracle’s cloud-based ERP and HCM applications contain numerous HCM and ERP best practices. The fundamental objective is the seamless and rapid movement of data between the Finance and Human Resources departments, especially data related to costs, fixed assets, procurement, sales, and marketing.

Despite the fact that it may appear unachievable, the Oracle Cloud makes it simple to build up an efficient network for data interchange throughout a business.

It is strategically shrewd to make this changeover soon due to the broad variety of advantages a combined cloud-based solution offers to both the Finance and Human Resources teams. With this, you can promote the optimization of various organizations and make it simpler and more effective to carry out expansion plans.