Blackrock Moves to Oracle HCM in Less Than Five Months
By HCM-Oracle on Jan 29, 2014
Originally featured in Constellation's Research Report: The Untold Stories behind the Traction in Oracle Fusion HCM Adoption.
This well-known name in the investment industry, with over 10,000 employees and over 2,000 contractors, operates in over 30 countries. The executive management of the firm wanted to apply a traditional financial portfolio approach to the HCM field and it was clear that the existing Oracle E-Business Suite HCM implementation would not be able to satisfy that philosophy.
The selection committee looked both at ERP competitors and the usual cloud vendors and ended up selecting Oracle due to its better integration capabilities. The firm has over 100 interfaces that are fed from its core HR system.
Moreover, the firm liked the flexible deployment options with Oracle. Currently, it runs Fusion applications in a separate instance but in an Oracle data center, fully managed by Oracle. This setup allowed the firm to keep running some key integration custom software without modification even after moving to Fusion. The firm is considering moving to a shared instance. In the meantime, it values the capability to run the complete Fusion HCM instance in-house as well, since it does not know where regulatory and compliance considerations may take system deployment preferences.
Thanks to the implementation of an interface abstraction layer, the firm was able to go live on Oracle Fusion HCM in July 2013, after starting the implementation only in February. This was remarkably quick given that the firm decided to implement Fusion HCM from scratch to ensure the new financial portfolio-oriented system philosophy. Despite this significant scope, the firm was able to implement Oracle Fusion HCM on a remarkably small budget, largely because of similarities between the Oracle E-Business Suite and Fusion HCM.
Currently, both payroll and benefits are handled by third-party vendors, but the firm is evaluating whether to move payroll to Fusion HCM or look into an Oracle Talent Management Cloud rollout.
The firm is particularly positive on the new user interface in Oracle HCM Cloud that has proven very popular and has received high marks from the line managers and employees using the product. Moreover, the new philosophy of applying a financial portfolio management approach to the HCM function was implemented and is live in less than two quarters, giving management a new and innovative way to lead HCM.