Oracle and the MIT Technology Review have released a new study that highlights the importance of collaboration between finance and human resources (HR) teams with a unified cloud.
The study, Finance and HR: The Cloud’s New Power Partnership, outlines how a holistic view into finance and HR information, delivered via cloud technology, empowers organisations to better manage continuous change.
Based on a global survey of 700 C-level executives and finance, HR, and IT managers, the study found that a shared finance and HR cloud system is a critical component of successful cloud transformation initiatives. Among the benefits of integrating enterprise resource planning (ERP) and human capital management (HCM) systems is easier tracking and forecasting of employee costs for budgeting purposes.
Additionally, integrated HCM and ERP cloud systems shows improved collaboration between departments, with 37 percent of respondents noting that they use the cloud to improve the way data is shared.
The report also reveals the human factors behind a successful cloud implementation, with employees’ ability to adapt to change standing out as critical. Among organisations that have fully deployed the cloud, almost half (46 percent) say they have seen their ability to reshape or resize the organisation improve significantly – as do 47 percent of C-level respondents.
Nearly one-third of respondents (31 percent) say they spend less time doing manual work within their department as a result of moving to the cloud, and that the automation of processes has freed up time to work toward larger strategic priorities.
“As finance and HR increasingly lead strategic organizational transformation, ROI comes not only with financial savings for the organization, but also from the new insights and visibility into the business HR and finance gain with the cloud,” said Swami Natarajan, SaaS Sales Development & Strategy Leader – ECEMEA, Oracle. “People are at the heart of any company’s success and this is why we are seeing finance and HR executives lead cloud transformation initiatives.”
Natarajan added, “As organisations navigate technological changes, it’s critical for the C-suite to empower its employees to evolve their individual business acumen. Many businesses understand this and it’s encouraging to see 42 percent planning to provide their teams with management skills training to help them break out of their traditional back-office roles. The learnings from the move of finance and HR to the cloud will ultimately spread across the organisation as, together, they conceptualise the shape of the next disruption.”