Access to data has long been a struggle for HR given the number of data sources and tools required for analytics. This can obscure critical metrics such as turnover rate, cost per hire, headcount, attrition, span of control, team effectiveness, and other people-related processes. At the same time, the role of HR has moved to the core of the organization, providing Finance and other lines of businesses with data and decisions that drive significant impact. Because of the shift from an HR role to a business partner role, Human Resources and Finance need to be connected through data and analytics.
According to Deloitte, “Analytics is no longer about finding interesting information and flagging it for managers. Now, data is being used to understand every part of the business operation.” This means that data beyond day-to-day reporting is needed to inform important business decisions across the entire organization. Because HR, more than any other line of business, needs to collect data from multiple sources, manual processes become cumbersome and questions still go unanswered.
HR analysts, HR business partners, and executives need to answer specific questions, such as:
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Answers to these questions and more require data: HR data, external data, and cross-functional data. HR analytics is specific to HR metrics such as attrition and employee headcount. Using this HR data, HR professionals now need to expand the data in Oracle Cloud Human Capital Management (HCM) to understand how HR factors impact the operation of the business. This needs to be done quickly, with a goal of 1) reducing the time spent gathering data while 2) increasing the time spent drawing conclusions and analyzing data that tells a story.
The story, for example, can focus on understanding the financial implication of increasing salary across a sales department due to large turnover costs. How are budgets impacted? How would the payroll cost change based on hires and leavers?
Ideally, Finance and HR are connected through data and analytics for a single view of the entire workforce to answer questions based on cohesive evidence and numbers. The hiring process provides a good example: HR has to plan for headcount, talent, and growth within an organization. If Finance and HR collaborate and partner together, the business benefits from understanding the qualifications needed to hire top talent, while understanding the necessary expenses and budgets to affordably streamline the workforce.
To make this connection, Oracle offers Oracle Fusion HCM Analytics, a pre-built HR analytic solution for Oracle Cloud HCM customers. For a deeper look at this powerful combination, Oracle presents a free webinar overview to review the features and benefits for organizations.
The webinar shows how packaged analytics applications were built using Oracle’s own data and analytics platforms Oracle Analytics Cloud and Oracle Autonomous Data Warehouse. Customers can easily extend and customize the packaged offering thanks to the inclusion of platform services. With Oracle Fusion HCM Analytics, you can bring in data from any data source, create new reports and dashboards, and take advantage of self-service discovery, machine learning, and predictive analytics capabilities to dig deeper into your data. Other features include:
Connect to Cloud HCM: From extraction to transformation to loading data, Oracle Fusion HCM Analytics accelerates extraction of analytical data from Oracle Cloud HCM. This eliminates the need for building data models, and in many cases, relieves IT departments from such responsibilities.
Pre-built Data Models: Pre-built key performance indicators (KPIs) differentiate Oracle Fusion HCM Analytics from other solutions because it allows for extensibility, customization, and a fast time to value. Using a single data model, customers can break down the data silos across processes, facilitate collaboration with consistent data definitions, and connect to finance to create the cross-pillar capability needed to effectively guide the business.
For customers of Oracle Cloud HCM, Oracle Fusion HCM Analytics delivers immediate benefits by removing the most time-consuming and tedious steps from the analysis workflow. All of that time spent in different data sources can now be focused on delivering insights, looking for solutions, and examining trends—either with pre-built or customized reporting. Users get the best of both worlds. It’s pre-built, it’s Oracle managed, and it’s customizable and extensible.
To watch the full webinar on Oracle Fusion HCM Analytics, register to receive an on-demand view link.