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What are the top touch points between finance and HR that you need to get right? Find out what they are, and how a single cloud can help.
Unified Finance and HR in the Cloud
Today’s modern business is connected, intelligence-driven and pulls the future forward by harnessing emerging technologies such as social, mobile, analytics, Big Data, Internet of Things and AI to not only address current market demands but to revolutionize for tomorrow.
Functional and data silos of the past simply cannot support a modern business. Today, every business process needs to be connected and the power of your data unlocked to flow seamlessly through end-to-end transactions. No two functional areas are as befitting to be unified as the Finance and HR organizations – easily understood when we examine the interdependence and impact of changes in HR policy, employee status, or workforce planning. In a world where there's a real shortage of talent—policy, structure and status seem to be in constant flux. Further, whether your planning organizations for the future or making routine workforce updates, both scenarios can trigger the need for significant changes across Finance and HR related to security, budgets, approvals and workflows, access, role-based privileges, business rules and of course compliance.
The benefits of a unified ERP and HCM Cloud have never been clearer. With connected and scalable Modern Best Practice processes that leverage next-generation technologies, and that are built into Oracle’s ERP Cloud and HCM Cloud, you can quickly become the transformative and collaborative business of today and the agile and innovative business of the future.
Transform Your Business by Bringing Finance and HR Together
Organization Change Impacts Approvals—a regional CFO is promoted to a global responsibility; it's important from day one that the new Global CFO has access to dashboards that cover the entire operation. Simultaneously, the regional CFO replacement gains access to appropriate dashboards and gains approval privileges that reflect their new role. Learn more about Oracle Modern Best Practice for Daily Close to Financial Forecast
Policy Change Impacts Compliance – all purchases of a certain category, say for contingent labor must be subject to VP level approval within the accounting function. If HR and Finance are in sync, the policy is immediately reflected in all the appropriate workflows without the need for human intervention. Learn more about Oracle Modern Best Practice for Requisition to Receipt
Organization Change Impacts Budgets—your company has decided to increase the amount of sales personnel to capitalize on new products in the marketplace. New departments and budgets will need to be created and approved. Learn more about Oracle Modern Best Practice for Budget to Approval
Organization Change Hinders Contract Negotiations— to reap the benefit of smart sourcing, there are many departments involved: purchasing, subject matter experts, contract specialists, and accounting. Any personnel/organization changes in these departments can hinder the effectiveness of negotiations. Up-to-date organizational records allow review and approval routing to be executed without a hitch. Learn more about Oracle Modern Best Practice for Insight to Smart Sourcing
Policy Change Reduce Expenditures—the office of the CFO found travel costs to be considerably over budget after an analysis of expenditures. Adopting a new travel policy across the entire organization which requires video conferencing first or a travel justification and management approval second will reduce unnecessary travel. Learn more about Oracle Modern Best Practice for Expense Report to Reimbursement