A set collaboration between finance and human resources (HR) teams with a unified cloud will enable organisations to grow in a digital marketplace.
This is the finding of a new Oracle and MIT Technology Review study, Finance and HR: The Cloud's New Power Partnership, which is based on a global survey of 700 C-level executives and finance, HR and IT managers.
According to the study, a shared finance and HR cloud system is a critical component of successful cloud transformation initiatives. "Among the benefits of integrating enterprise resource planning and human capital management systems is easier tracking and forecasting of employee costs for budgeting purposes. Additionally, integrated cloud systems improve collaboration between departments," the report stated.
The study found 37% of respondents said they use cloud to improve the way data is shared, while 46% of finance and HR professionals said the complete deployment of cloud has improved teamwork between departments, and almost 50% anticipate an improvement in the coming two years.
"As finance and HR increasingly lead strategic organisational transformation, return on investment comes not only with financial savings for the organisation, but also from the new insights and visibility into the business HR and finance gain with the cloud," said Swami Natarajan, SAAS sales development and strategy leader at Oracle.
"People are at the heart of any company's success and this is why we are seeing finance and HR executives lead cloud transformation initiatives.
"In addition, improved collaboration between departments enables organisations to manage the changes ahead and sets the blueprint for the rest of the organisation's cloud shift."
In SA, however, Deloitte's 2017 Global Human Capital Trends report, Rewriting the Rules for the Digital Age, found HR is failing to keep up with technology innovation and development. The study revealed that only 35% of global HR professionals rated their digital capabilities as "good" or "excellent" - and in SA, this figure sits at 31%.
"As organisations navigate technological changes, it's critical for the C-suite to empower its employees to evolve their individual business acumen. Many businesses understand this and it's encouraging to see 42% planning to provide their teams with management skills training to help them break out of their traditional back-office roles," Natarajan concluded.
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