Businesses across various domains are looking to leverage HCM or Human Capital Management Solutions to change their payroll, talent management, and HR. The need to compete in the ever-tightening job markets has seen a tremendous surge in HCM solutions.
However, when choosing a new HCM system, one of the most crucial choices one makes is whether to opt for cloud-based HCM or on-premise HCM solution.
On-premise HCM requires recurring expenses for maintenance, coaching, and updates. In contrast, cloud-based HCM includes new strategies and best practices to enhance the management and empowerment of employees.
Cloud-based HCM solutions comparatively require a shorter implementation time and assure enhanced security and cost optimization.
Whether at home or work, we expect businesses to use technological modifications to create productivity. Technological innovation allows us to pick up previously existent behavior and grow upon it.
It is no wonder why CIO’s rely on Oracle HCM to help advance HR’s role and redesign their business for the future.
The change is currently under process. If your business hasn’t yet made plans to elevate HR by using Oracle HCM, now is the time.
So, what Exactly is HCM?
HCM utilizes cloud technology to achieve a collaborative, talent-centric, and pleasant experience to help businesses improve their Human Resources (HR) capabilities.
The principal advantages of adopting cloud technology are that all upgrades are automated, save time, lower costs, keep data safe, and provide competitive advantages.
With a cloud-based HCM system, businesses can swiftly execute cutting-edge solutions without lost time or cost.
Here are the primary benefits of implementing an HCM Cloud solution:
Employee Data that enables business Decision-making
HR, which usually completes administrative tasks, can adjust itself with overall business plans and help build a digital workforce and participate meaningfully to ROI.
With Oracle HCM, one can instantly configure a model workforce with compensation data, and set up processes without involving IT.
Embedded analytics enables a personalized dashboard with the data one needs to make better decisions. Dashboard and metrics are simple to configure, delivering the power of the consolidated, global data to essential stakeholders in the company.
The resulting data is crucial to companies in headcount analysis, organizational growth, and development into global operations and added products and services.
Oracle HCM Cloud helps businesses maintain their entire employee lifecycle. It is a global cloud solution based on human resources, talent management, talent acquisition, work-life, HR help desk, payroll, compensation, benefits, and time.
It can combine your business by creating a more extensive Oracle enterprise cloud with applications across various domains. It drives business value by better user engagement and adoption, smooth processes, enhanced productivity, more straightforward IT deployment, and lower cost of ownership.
Reduce IT and Testing Costs
HR functions have various software to assist them in maintaining their data and processes. It becomes an almost full-time job to manage updates and contracts.
Oracle HCM Cloud links all of these functions and technologies into one system. All upgrades are automatic, at little or no additional cost with no interruption in service.
Add the AI element to this, and the HCM Cloud solution becomes more intelligent and lethal by learning repeatable processes. AI can recognize employees who might be a potential flight risk. Being smart to predict likely outcomes is core to business strategy in this century.
Increase Security
When sensitive information like employee compensation and social security numbers are in multiple systems, it increases the threat of a data breach.
A single-sign-on with two-factor authentication is becoming the new norm because it protects classified data from getting into the wrong hands.
It also helps restrict the Personally Identifiable Information compliance practices that are standard in today’s world.
Oracle HCM offers multi-layered security and state-of-the-art data centers and security, scalability, and performance by running on best-in-class Oracle cloud infrastructure.
Seamless Integration
Instead of reinstating existing on-premise HCM applications, Oracle HCM lets you take a hybrid approach.
It empowers you by migrating some of your HCM applications to the cloud while supporting core HR activities on-premises.
The robust pre-integration ability seamlessly connects cloud and on-premise applications, helping automate the entire onboarding process and expediting time to productivity for new hires.
Compliance
Monitoring rules to ensure compliance demands smart solutions that can identify any irregularity and allow all workers to perform in the right direction and join with business objectives.
Oracle HCM ensures all objectives are pre-defined concerning all laws, and usual risk management systems are recognized and rewarded.
Single Source
Cloud technologies allow a high-growth business to store all data from disparate sources in one place, or data lake. Due to this, companies can trace the changes, provide more precious data for analytics across the board, and secure more impactful insights.
Having a single source of truth encourages all managers to generate accurate and dependable reports in real-time with the best possible data.
Final Thoughts!
The ability and agility of Oracle HCM Cloud unquestionably give the HR practitioner the capability to add value beyond the core HR functions.
Oracle HCM enables them to have a seat in the boardroom and produce critical insights to enhance business decision-making.
