According to a recent study from MIT Technology Review and Oracle, 35% of businesses plan to create a shared finance and HR function within the next year.
It’s only natural that they pair up when transforming their back-office systems to the cloud, especially since they are being asked to think more strategically about the future of the business and have joint stakes in many processes that feed into business strategy.
Collaboration between HR and finance requires constant communication and an alignment on strategies, which requires a free flow of data between teams as well as a unified back office approach from the inside out. In response, businesses are shifting their HR and Finance operations onto a unified cloud system.
According to the survey, 37% of companies are transitioning their HR and Finance systems to the cloud to improve the way data is shared between departments, and 71% have already seen positive results in this regard. Also, 41% of businesses expect moving to the cloud will make their HR and finance employees more productive.
No matter how far along you are in your digital transformation, change is in the future and you and your employees must adapt your skill set to new ways of working. As HR and finance come together and build crossover skills, they’ll set the tone for the rest of the company’s transition.
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