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Advice and Information for Finance Professionals

Boost collaboration with your finance department and drive productivity

Guest Author

By Susan OConnor, Product Marketing Director, HCM, Oracle

Previously posted on the Oracle Fusion Cloud HCM Blog.

HR leadership is more essential than ever.

The pandemic has put the HR organization in the spotlight, requiring its expertise to keep employees safe, engaged, and productive in fully remote or hybrid workforce scenarios. At the same time, HR is also being called upon to offer C-suite peers strategic guidance on what skills are needed in the near- and long-term to drive competitive advantage in a rapidly changing and unpredictable market environment. Having a complete and real-time picture of the workforce – consisting of current talent and skills, talent composition, budgets, compensation trends – will give HR the agility to meet unexpected change and drive growth.

In this webcast, Pamela Fagan-Shull, Certified Payroll Professional (CPP) and a Senior Professional in Human Resources (SHR), makes a case for why it’s essential to leverage one common cloud platform to support your finance and HR organizations as you navigate through this time of unprecedented change. Fagan-Shull offers insights from her decades of experience in executive HR and finance roles, along with research from HR industry analysts and academic researchers.

Why one cloud platform for finance and HR

We are now in an environment where employees, customers, and partners have anytime, anywhere expectations, and leaning on outdated IT systems that cannot meet this basic requirement will become expensive. Additionally, the skills needed to support older systems are increasingly difficult to find and will become more costly to source. It is better to invest in technology that will help you retain and reskill valuable IT professionals while attracting a new generation of workers who will have the skills to future-proof your HR and finance IT systems.

With one cloud platform, it is possible to track and analyze labor costs against corporate performance with greater precision and zeal. If business conditions deteriorate, executives can also quickly identify and understand root causes, in turn helping HR and finance teams decide how to address the underlying issues and which organization is best equipped to solve it.

Fostering collaboration 

When information systems supporting finance and HR are connected and trusted, both functions can act as the business partners a well-performing organization needs. Understanding the unique perspective each department brings to the table – alongside the data to back up those perspectives – will enable HR and finance teams to work together and problem solves much more effectively.

Fagan-Schull explores use cases that have accelerated the performance of both organizations and improved the bottom line, particularly in the area of workforce composition and strategic hiring decisions. Conversely, she highlights the downside of what can happen when HR and finance operate on disparate systems, spotlighting a case where $1.2 million was forfeited because a firm lacked the requisite visibility to comply with the Paycheck Protection Program requirements.  

The bottom line 

A unified cloud platform for finance and HR enables their access to critical people and financial information at anytime, anywhere, with both organizations confident that the information is current, accurate, and complete. This truth serves as the basis for fostering a productive partnership that is resilient and responsive to change, helping companies optimize the human and financial assets needed to drive growth.

To learn how leading organizations are using cloud technologies to drive strategic collaboration between finance and HR, read Collaborative Planning in an Uncertain World from MIT Technology Review Insights. See how Oracle customers are succeeding with Oracle Cloud ERP and HCM

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