The use of data in business decision-making is an increasing priority at every organizational level. The need for information about demand, costs, productivity, and other areas is more urgent than ever and also shines a spotlight on the need for collaboration and information-sharing to break down siloes. One of the most critical areas to do so is in the unification of HR and finance in back-office software.
Labor costs are both an essential strategic investment and one of the biggest operating costs businesses have. A unified HR and finance team presents enormous opportunities to foster understanding between the two disciplines. Finance can help HR understand the true cost of labor, while HR can help finance understand the value of team members beyond their hard costs. Working together, both teams can improve the value of a company’s employees by identifying opportunities in career development and talent deployment. Here are five ways that unifying HR and finance can get the most out of each line of business.
1. Data Sharing Leads to Deeper Insight
A unified finance and HR team works best on a unified cloud. Software as a service (SaaS) gives end users, including those without formal training in data or