Oracle

Redefining Success for Modern Finance and HR:

5 Ways the Cloud Drives Strategic Transformation

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.

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1. The Cloud Fosters Increased Collaboration Between Finance and HR

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.

 
IT Staff & Skills Shortages
 
Data Sharing
 
Productivity & Performance

38%
are motivated by IT staff or skills shortages to run existing systems

2. The Cloud Allows IT to Become a Strategic Partner

Without the burden of daily server management, upgrades, and patches, the cloud frees IT to contribute more guidance to organizational strategy.

 
IT Relations with Finance & HR
 
Innovation Production
 
Strategic Partnerships

76%
say the cloud improves IT relations with Finance and HR

3. The Cloud Improves Decision-Making

Moving Finance and HR functions to the cloud improves information flow and increases agility and responsiveness, often exceeding expectations.

 
Market Opportunities & Changes
 
Senior Management Requirements
 
Improved Data-Driven Decision-Making

90%
say the cloud improves their ability to respond to market opportunities and changes

4. The Cloud Helps Organizations Thrive Amid Continuous Change

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.

 
Resistance to
Internal Change
 
Internal Communication & Change Management

88%
say that staff is less resistant to internal change

5. The Cloud Requires Broader Employee Skill Sets

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.

 
IT Knowledge
 
Management Skills
 
Internal Automation
 
Data Science & Statistical Analysis

43%
plan to bring IT people into Finance and HR to help employees take advantage of new technologies

Want to take a closer look at the survey results and findings?


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Source: Oracle Corporation and MIT Technology Review Custom, Finance and HR: The Cloud’s New Power Partnership, July 2017


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