By Mike Vilimek
One of the main advantages of Cloud solutions is the rapid availability of innovation. Cloud computing allows organizations to take advantage of upgrades at a far more frequent pace than with traditional on-premise solutions. As organizations begin moving their systems to the cloud, the question of which are the most important systems, and which areas should benefit first from the rapid innovation cloud solutions can deliver will likely be examined. The answer to this question will often depend on who you ask.
Many in Finance would say their Enterprise Performance Management (EPM) system is the most important. After all, it manages all the financial budgeting, planning, forecasting and reporting needs of the organization. All of which are very important from a financial perspective.
If you ask someone in Operations, they may say their Enterprise Resource Planning (ERP) system, that manages their procurement, supply chain management and even GRC for those compliance and risk focused individuals. Again, all are very important from an operational perspective.
But what if you ask the CEO or other senior leaders, whose views cover the entire organization as a whole, not just individual departments? What would they say are the most important software systems? Where do they see the organization benefiting the most from the increased technological innovation cloud solutions can offer?
It’s reasonable to assume that if we uncover the most significant areas of concern for senior leadership, it will give us insight into where they see the most dramatic need for change and innovation.
PwC's 17th Annual Global CEO Survey found that 63% of CEO's are concerned about availability of key skills. And a Bersin by Deloitte study found that CEOs now rate "human capital shortages" as the #1 item on their priority list. Finding and retaining the best talent is clearly a significant area of concern for CEOs.
Oracle’s Global Customer Experience report surveyed more than 1,300 senior executives across 18 counties. In it, 97% of executives agree that delivering a great customer experience is critical to their business advantage and results, with 93% stating it’s one of their organization’s top 3 priorities. I believe it is also safe to say that customer experience is a global strategic priority with huge financial stakes.
The Most Important Systems Are…
With the majority of CEOs seeing better talent and happier customers as their top priorities, this has led to a renewed focus and increasing interest in cloud solutions for Human Capital Management (HCM)and Customer Experience (CX). And it’s not hard to understand why. If an organization does not have top talent delivering great, innovative products and services and happy customers consuming them, everything else becomes secondary. Without top talent and happy customers, the greatest supply chain management system in the world for example, will not do much good. It all starts with your employees and customers. Individuals now hold the power and are the new priority for any business.
The Power Has Shifted to the Individual
The rising expectations of top employees and customers, the relative scarcity of each, and the impact of social media on their ability to broadcast good and bad experiences are seen as key drivers for the shift in power towards individuals. In today’s culture, the individual is king, or queen. Organizations must be cognizant that every misstep, or conversely, good deed, quickly makes its way to the masses courtesy of social media and the proliferation or mobile devices. No longer do you have to be in a “traditional” position of power to have a voice and influence others.
Employee experiences matter when trying to attract and retain the best talent. Customer experiences matter when trying to win happy customers. Choosing the right HCM and CX systems to support your organizational goals may be the most important technology decision your organization makes in the coming years.
Mike Vilimek is an experienced technology professional and an active blogger and presenter on topics including recruiting and HR technology. At Oracle he is responsible for global positioning, messaging, and go-to-market strategies for Oracle HCM Cloud solutions. Prior to joining Oracle, Mike led the product marketing teams at Talemetry, a recruiting technology provider, and data analytics provider ACL Services.
Mike graduated from Simon Fraser University with a degree in Marketing and International Business and was a member of the SFU Football team. Following graduation, Mike had a 7-year professional football career in the Canadian Football League (CFL). Follow him on Twitter: @MikeVilimek