Oracle unveils latest versions of cloud-based human resource systems
Tuesday, 29 April 2014 00:00
By Shabiya Ali Ahlam
Oracle last week unveiled the latest version of its cloud-based HR systems that allow organisations to align talent with current and future business needs.
Via the latest versions of Oracle Human Capital Management (HCM) Cloud, including Oracle Global HR Cloud, and Oracle Talent Management Cloud, there have been significant updates to its cloud-based solutions for managing and optimising the end-to-end employee lifecycle.
As finding, growing, and retaining leading talent is a key challenge for countries such as Sri Lanka that is aspiring to be a hub in many aspects to the region, Oracle’s latest upgrade will allow local companies to maximise the potential of their talent pool, and optimise resources.
With more than 200 new innovations, including an integrated time and attendance solution, workforce modelling, additional global support for payroll and new languages, Oracle said it continues to deliver solution that address the most important HR priorities for businesses.
By enhancing this complete cloud-enabled HR system with user experience innovations, new mobile functionality, additional global support and deeper analytics, Oracle extends to corporate entities the capabilities they require to meet the changing needs of modern business.
The comprehensive modelling functionality enables the testing of large-scale changes while understanding the impact of costs, headcount, and engagement. The upgraded HCM cloud now supports 14 compliant localisations in 34 languages.
Launched globally in the mid of 2013 the system is already used in 180 countries, and top blue-chip companies of Sri Lanka are noted to have an appetite for this system.
Acknowledging that Sri Lanka is faster than its SAARC peers in adapting cloud technologies, visiting Oracle ASEAN Regional Director Application Business Akkasha Sultan Shaikh said most of the entities will embrace the technology since they understand its significance.
Since currently most local enterprises employ a basic HR system, he suggested for companies to start off by using smaller systems on cloud, such as for Talent Management, to get the flair of operating systems using cloud technology.
“Sri Lanka is a market where organisations start by putting up infrastructures for financial processes. Now they are going to the next level which is about retaining their talent. With the country competing locally and globally, this system is the need of the hour. We feel that HCM is going to be the next big thing in Sri Lanka. If they (local entities) do not know and manage to retain their talents, they will suffer in the long run,” said Shaikh.
He pointed out that with Oracle’s new system, the 80% of the IT budget which is spent on maintaining software can be brought down to about 40% since the latest system is an OPEX model and not a CAPEX.
“Companies do not have to by an HCM suite. However, if they want to expand it, it is possible with Oracle software. In IT the biggest issue is integration and this cost can be avoidable with Oracle systems,” Shaikh added.