The decision to move Oracle Human Capital Management (HCM) to the Cloud requires a solid business case to gain the support of key executives. While many leaders are likely to be involved, significant decision-making power rests with the CFO.
CFOs speak the language of business cases. Chief Human Resource Officers (CHROs) must learn to speak their language in order to make a case for the Cloud. Today, CFOs play an integral role in making technology decisions for their organizations. But at the same time, many are not as knowledgeable about technology as they’d like to be. In healthcare, building a business case should tie directly to specific business outcomes or process improvements that will be realized from the shift to HCM Cloud.
For example, a new talent acquisition platform may shorten the length of time to hire or to source a candidate. Shaving just two days off the hiring process could put a direct-care provider on the floor sooner, creating a top-line growth opportunity with billable patients and a bottom-line reduction in costs, such as nurse overtime, otherwise incurred during a vacancy.
Presenting a variety of specific improvements that could be made possible by the Cloud is extremely important when speaking to a broad array of stakeholders. For example, augmenting staff more quickly resonates with the CNO, who is responsible for overtime, work relationships, and managing burnout. Top- and bottom-line savings resonate with the CFO. And, providing more efficient patient care and improving patient experience resonates with the COO.
Consider these steps when looking to convince your CFO to move to the Cloud:
- Inform the CFO. Make sure that the CFO knows that you’re exploring and implementing the best technology.
- Develop a vision. Illustrating how HR operates today and what its capabilities will include through the Cloud in the future.
- Define the stakeholders. The stakeholders should consist of a team that includes the project champion, executive constituents, division and business unit leaders, HR stakeholders, and IT.
- Illustrate ROI. The plan must contain quantitative and qualitative data. The project should be pitched on the quantitative data, but should be closed on the qualitative value.
When presenting your business case, make sure to highlight these key business metrics:
- Cutting overtime costs
- Shortening the hiring process, increases revenue
- Reducing turnover
- Increasing quality of hires
- Decreasing payroll costs
- Refining mobility and succession
- Improving the patient experience
Even though there continues to be significant risk aversion, especially around employee and patient data, healthcare organizations have begun adopting HCM Cloud. Hence, each hospital or healthcare system needs to map its own journey, identifying a solution unique to its readiness and needs.
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