Fusion Extracts and HCM Reports at Your Fingertips
Digital transformation is critical for business survival and success. As more and more businesses move to the cloud, the benefits of having a common cloud platform for HR and finance have become apparent. To make the most of this technology, you need to understand the features of HCM Cloud and how they work together with your finance department. But what are the benefits of a unified HR and finance platform?
Here is what you should know:
Integration at the database level
An effective HR and finance cloud platform features a model where integration is done at the database level. When you run payroll, the platform will not only execute and complete the process but also automatically update your sub-ledger. Unlike when working with different systems, a unified solution allows the HR and finance departments to collaborate and make decisions efficiently.
AI and machine learning skills
The common platform comes with AI and machine learning skills, which improves forecasting capabilities and allows staff to get answers to common questions. Employees can access the information they need on issues like payslips and expense reports. This information enables you to understand where the business is as well as predict and forecast accurately. Executives can also plan for the future and prepare the business for the unexpected.
A common data platform can have pre-built analytics that generates reports for the HR and finance departments. Fusion Extracts enables both HR and finance to use the most current data to make informed business decisions. Such automation contributes to enhanced efficiency and improved bottom-line results.
Quarterly software releases
The cloud applications are automatically updated, a factor that eliminates the need to have the work done manually. You will not have to worry about whether you are on the latest version, applying patches, or making upgrades. This saves you time and increases your agility so you can adapt to market opportunities and challenges. Investing in a common platform provides an IT operating model that is both secure and scalable.
Support for remote workers
Turning to a solution that unites HR and finance in the cloud is a great way to support employees who work remotely. Automated processes, increased collaboration, having a single source of truth, and access to HCM fusion reports enables staff to perform their duties from any location. As such, the common platform can promote business continuity even when there are disruptions.
Let DataTerrain Help Your Business Reach New Heights With HCM Cloud
A single HR and finance cloud solution can go a long way in helping you increase efficiency and productivity. At DataTerrain, we offer business intelligence, reporting, and migration services. Contact us here to find out more and request our services.