Now more than ever, it’s critical that every organization be able to turn on a dime. Responding to an ever-changing environment requires the ability to be nimble and agile, and to rapidly shift gears. This is particularly important for finance and HR. As your business strategy shifts, you must be able to scale your workforce up or down to match it.
Your CHRO is responsible for the people side of the business, while the CFO is responsible for the cost of your workforce. Any impact on one has an immediate impact on the other. The two lines of business are (or should be) joined at the hip. You need software that underpins that connection.
Unfortunately, as companies grow, silos tend to form. Lines of business might buy their own finance or HR software that don’t connect with each other. That might have been okay a few years ago, back when we had small pools of data. But today, every company has massive amounts of data that everyone needs to share, analyze and report on. The last thing you want is to throw up walls between these two parts of the business that are intimately connected.
You need to support the bridge between finance and HR with a single cloud spanning both lines of business. A single source of truth helps teams work together more closely to deliver more value to the organization. Enterprise resource planning (ERP) and human capital management (HCM) are among the most strategic investments you can make, so it makes sense to streamline them wherever possible and find opportunities for maximum ROI.
In Oracle’s white paper, The Imperatives, 43+ Touch Points in Finance and HR, we demonstrate how the two functions overlap in dozens of ways that span the organization. When HR and finance teams work from shared data in a unified cloud application, not only can you make better budgeting and workforce planning decisions, but you can reduce errors, duplication of work, and information siloes that drag down efficiency and productivity. Read the complete paper to find out more.