Finance Insights

Oracle Fusion HCMMoving from a legacy HCM system to an application such as Fusion HCM can bring a moment’s pause – but talk about making that transition in less than 10 weeks and you’ll hear words like “impossible”, “risky” and “ridiculous”. Time frame aside, take a moment to really think about how much it’s worth it to replace systems that require constant “care and feeding” and serve only as a rolodex of information that must be constantly exported and manipulated in spreadsheets for use with other systems. Wouldn’t it be great to move from “inefficient” to a new level of functionality? We did just that for a bank holding company.

So I have to wonder what everyone is waiting for in order to implement an application that moves your organization to the forefront of your competitors by deploying an HCM application that delivers a whole range of efficiencies that enables HR to shift from processing transactions to providing strategic value to the business. Not that it needs to be done in 10 weeks.

What really made the difference at our client- the bank holding company, given the tight time frame, was what makes any implementation successful - a dedicated and integrated team along with strong project sponsorship and keen oversight.

Taking it to a New Level

Consider these data benefits Fusion HCM offers and how they could transform the way you operate:

  • One Single Source of Record: Data entered once into Fusion Core HCM would seamlessly integrate with all other areas of the system like benefits, compensation, payroll, and goal/performance management. This ultimately results in a reduction of cost with data available for export to health benefits carriers and other third parties. Minimizing multiple data entry points reduces the likelihood of errors and any related overhead.
  • Automated Workflow: An integrated suite of applications also allows for standardized processes with built-in notifications/alerts and approvals which speed up tasks.
  • Improved Decision Making: Without information siloes, users can access data and interpret it more easily than ever before through embedded analytics; role-based interactive dashboards for managers, workers, and HR professionals; and on-the-fly ad hoc reporting capabilities. Users gain the ability to compare data from performance management with data from compensation, succession planning and LDR within the system without exporting to spreadsheets.
  • Data Security. If you’ve been relying on emailing spreadsheets or posting them to a repository such as SharePoint for salary planning, implementing an integrated Fusion HCM system can help increase data security by eliminating the possibility of links inadvertently breaking and causing a flaw in data integrity. Configured through Oracle’s Identity Manager (OIM), you can create an audit trail that includes time/date stamp which satisfies internal Risk and Compliance Policy as well as simplifying the search for the source of data transaction errors.
  • Move Data Seamlessly: When it comes to Compensation Cycles, getting ahead of the curve by leveraging seamless integration with payroll makes it easier for Finance to receive historical and real time data on information related to HR incentive bonus projections. Fusion HCM provides the import of detailed stock grant information for use in real-time in-house Total Compensation and Confirmation Statements.

Why Make the Move to Fusion?

So let’s take the long term view. More and more, operational departments are being asked to contribute to a business’ strategic goals. You need to ask yourself if you have the ability to provide solutions your organization needs today as well as those in the future as your company continues to grow. What could your organization do with real time and predictive analytics that allow Senior Management to ensure results map back to strategic initiatives? Consider the answers to these questions and think about whether moving to Fusion makes sense for your business.

Design of Everything Fusion and User Experience

While our approach to get the “end state” moved quickly, we didn’t sacrifice quality for speed – reality dictates that the “design of everyday things” needs to resonate with users of such sophisticated HCM applications. Intuitive design where visual cues guide us through our lives must be embedded within the system in order to minimize/reduce the time for training, “go-live” and ultimately User Acceptance. After multiple projects involving Oracle’s Fusion HCM application, this is the product that delivers the total user experience which I call the “Design of Everything Fusion”. More on that in a future post so make sure to stay tuned!

Written by Emtec Blog Team

The Emtec blog team is proud to bring you the latest IT insights and best practices for the enterprise to optimize and empower IT, Finance, HR, and Sales and Marketing. The team includes thought leaders globally across sectors, technologies and specialties with their unique experience and acumen. If you would like to connect with the Emtec Blog Team: Insights@emtecinc.com

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