One cloud solution for finance and HR
74 percent of businesses say cloud migration will enable greater cross-team collaboration, but can HR and finance truly align? As a finance or HR leader, you shouldn't have to struggle to share information from disparate systems. A unified solution for finance and HR provides insights into how change impacts budgets, forecasts, talent, resource allocation, and more.
Start your journey with Oracle Cloud ERP and HCM now
Oracle offers a complete suite of integrated SaaS cloud applications built on Oracle’s next-generation infrastructure and built-in advanced technologies designed to run your entire business, not just parts of it. Customers can start their cloud transformation immediately and spend less time integrating, managing, and upgrading.
Pivot forward with Oracle Cloud ERP and HCM
With Oracle Cloud, HR and finance can efficiently collaborate and plan for the future, with confidence that the information shared is consistent and accurate. Prepackaged, real-time analytics help teams make strategic decisions and improve business agility in times of urgent change.
Oracle Cloud brings together ERP and HCM on one cloud platform with a common data model. Having a single employee record across finance and HR streamlines processes, eliminates redundancy, and reduces errors. With a unified solution, many functions that span finance and HR—workforce planning, payroll, time and labor, procurement, and accounting—gain increased productivity and streamlined processes.
Oracle Cloud offers an end-to-end solution that is agile, scalable, and intelligent. It includes built-in artificial intelligence and machine learning as well as conversational digital assistants and chatbots for simple, easy interaction. Oracle Cloud also offers the flexibility to expand cloud capabilities to other areas of your business beyond finance and HR.
Collaborative enterprise planning
Check out this research report to learn how companies worldwide conduct strategic enterprise planning. MIT Technology Review Insights, in association with Oracle, surveyed more than 860 executives across various departments including finance, human resources (HR), supply chain and logistics, and information technology.
Six reasons to unify finance and HR with Oracle Cloud
01Modern user experience
Increase adoption and reduce training costs with a modern, conversational, and unified user experience.
02Single analytics solution
Merge insights from every corner of your business to plan and forecast with precision and speed.
03Common data platform
Gain access to higher quality data and greater analytical acuity, with real-time reporting to chart your path forward.
04One provider
Reduce complexity at every level of your cloud. With Oracle Cloud HCM and ERP you will have that “one hand to shake” when you need to get things done.
05Streamlined business processes
Eliminate vulnerabilities while simplifying access and maintaining unified, consistent governance with clear hierarchies across the business.
06Unified security
Eliminate vulnerabilities while simplifying access and maintaining unified, consistent governance.
Benefits of a single analytics solution
- Gain a deeper understanding of workforce issues and how they correlate to profitability using embedded machine learning.
- Uncover and connect latent data across your back-office to identify critical areas of focus and predict business outcomes.
- Find connections between HR data and finance and/or operations data to make quick and accurate decisions.
- Foster synergistic partnerships between the CFO, CHRO, and CIO using cross-functional analytic views that improve decision-making and planning.
73%
of organizations consider it important to package analytics within business applications
60%
of organizations that integrate non-HR data with HR data do so with finance data
Analytics-leader firms are
8 times
more likely than laggards to make at least moderate use of predictive analytics
Sources: Ventana Research, "Empowering Line-of-Business Employees with Packaged Analytics Applications", The State of HR Analytics 2021 (PDF)
A tangible reason for unified security: detecting asset misappropriation
Reduce the risk of payroll fraud and errors with connected HR payroll and finance
- Cost-effectively monitor user access and enforce separation of duties, with AI-driven control automation, to ensure data integrity and audit readiness.
- Create and enforce processing rules and calculations without the need for IT resources.
- Rapidly identify and remediate fraud and error with automated monitoring for overpayments, ghost employees, payroll changes, and other suspicious activity.
- Eliminate expensive third-party integrations with native cloud integration between Oracle Payroll and Oracle Cloud ERP Financials.
$62,000
median loss per case in payroll fraud
24 months
duration of payroll fraud schemes
Source: Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse (PDF)
