Analytics Promote Stronger HR-Finance Collaboration
Data silos are notorious for prohibiting cross-department collaboration within organizations. Yesterday, I read an article about the growing need for better data-sharing between finance and HR teams, and how workforce data integration and analytics can help.
Authors Jeremy Ames and Michael Moon make the point that it is "vital for HR practitioners to speak the language of finance and apply financial concepts to HCM to make evidence-based decisions." They go on to add that "organizations should think about how they can either minimize the cost per employee or increase the amount of revenue generated by each one. This cannot be done effectively without a joint effort between finance and HR."
The challenge, according to the article, lies in the lack of integration that often exists between finance and HR systems. These silos make it impossible for decision makers to understand and investigate the relationship between data about human capital and data about financial performance - unless, or course, integration and analytics technologies are strategically used.
French logistics company Bolloré truly understands the value of keeping HR and finance teams in synch, and has turned to our technologies to help. Our WebFOCUS BI and analytics platform allows staff across three distinct groups - HR, finance, and operations - to closely track metrics related to HR activities, payroll and other costs, policies, workforce trends, and productivity. This improved monitoring of HR procedures and related expenses is enhancing performance at each level of the enterprise through better work organization.
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