It seems that while CFOs and chief human resource officers (CHROs) manage two of the most strategic enterprise resources — financial capital and human capital — CEOs focus their technology investments in other directions. According to the Harvard Business Review, this suggests that today’s CFOs and CHROs may want to join forces in the pursuit of big data agendas.
Creating new ways to gather and analyze big data is no longer the domain of marketing, sales and product development. Finance and human resource departments, often in collaboration, are discovering that they too can determine new insights and improve strategic decision making — thanks to harnessing the power of big data.
To recognize the full benefits of business intelligence solutions, HR and finance teams need to dive into big data — just as marketing and sales do — to collect, track and analyze information.
That means, as the Harvard Business Review suggests, HR and finance need to win the approval and support of the C-suite for funding, as well as demonstrate they can create a culture that emphasizes scientific methods and data-driven decision making to fuel inquiry and innovation.
In recent years, marketing departments, customer service initiatives and even product development teams have received the lion’s share of attention — and technology investment. However, with far less fanfare, today’s accounting and human resource teams, often in collaboration, are starting to fight for the promise of big data.
Big Data Buddies
Over time, successful, growing companies embrace technology across the enterprise. For colleagues in finance and human resource departments, benefiting from big data can mean optimizing Enterprise Resource Planning (ERP) solutions.
With ERP solutions, big data opportunities including everything from accounts receivable, cash management, bank reconciliation and budgeting to employee lifecycle management, personnel recruitment and employee resourcing are automated — and built on a platform strong enough to power 24/7 mobile management.
A cloud-based ERP solution, for example, enables finance and human resource team members to keep up with vital tasks 24/7. With ERP software in place, diverse reporting operations and real-time analytics can be tailored for finance and human resource pros — contributing to better operational management and enterprise-wide accountability.
For today’s finance and human resource colleagues, seeking out the right ERP software solution can usher in a new era of data understanding and executive decision empowerment. All it may take is dedicated ERP software research and comparison shopping, a lot of determined collaboration — and a well-planned lunch with the CEO.
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