The promise of the cloud includes reduced costs, improved scalability, and faster deployment times. But as Finance and HR functions migrate to the cloud, they discover that the cloud is a strategic weapon capable of fundamentally transforming how they operate.
Here are five ways a cloud-based unified Finance and Human Capital Management (HCM) system drives strategic transformation. These strategies are based on new global research with 700 respondents across finance, HR, IT, and C-level executives, conducted by MIT Technology Review Custom in collaboration with Oracle.
With joint stakes in budgeting and workforce planning, the Finance and HR functions have always been intertwined. But moving to the cloud recalibrates those roles and strengthens these relationships.
are motivated by IT staff or skills shortages to run existing systems
Without the burden of daily server management, upgrades, and patches, the cloud frees IT to contribute more guidance to organizational strategy.
say the cloud improves IT relations with Finance and HR
Moving Finance and HR functions to the cloud improves information flow and increases agility and responsiveness, often exceeding expectations.
say the cloud improves their ability to respond to market opportunities and changes
Finance and HCM cloud integration gives better visibility into how organizational change impacts areas including budgets, travel and expenditures, forecasts, and approvals. This holistic view into Finance and HR information empowers organizations to better manage continuous change.
say that staff is less resistant to internal change
The cloud highlights skills deficits that organizations can improve in order to continuously thrive. Organizations, in turn, are taking action to expand Finance and HR skill sets.
plan to bring IT people into Finance and HR to help employees take advantage of new technologies