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HOW AN HCM CAN HELP CFOS INCREASE EFFICIENCY
CFOs have a lot on their plates. Managing a company’s entire financial strategy, understanding accounting trends, and reporting data in an actionable format is par for the course. We understand the importance of efficiency in a role that relies heavily on numbers, statistics, and hard data to make the best and most financially strategic decisions for a company.
In our two-part blog series on increasing efficiency for CFOs, we will look at how human capital management (HCM) technology can help CFOs streamline their processes, particularly with reporting. In part one, we will identify the efficiency challenges CFOs face when their data is not easily accessible and how an HCM system can resolve these issues.
WHAT COMPANIES LACK WHEN AN HCM IS MISSING
In a recent article about why CFOs need more efficient reporting, the case is made that successful companies do not develop efficiency organically. It takes hard work, the right tools, and collaboration among like-minded people working toward a common goal. And tools like a unified HCM platform bolster these efforts to create a stronger and more strategic organization.
Why This is a Problem:
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Why Use a Human Capital Management System
HCM systems unify HR and finance data to streamline organizational processes. A great example is using analytics dashboards for instant access to key information. Rather than financial teams and CFOs spending only 17% of their time on strategy when using inferior reporting tools, they can devote more attention to producing beneficial tactics with an HCM that offers dashboard metrics at their fingertips.
The Benefits of an HCM:
Still Not Convinced?
Hopefully after reading this piece, the benefits of an HCM are clear. But if the information provided still hasn’t convinced you an HCM is a more efficient solution to your HR and financial needs, we’re sure our guide to help CFOs put an end to profit leaks will do the trick.
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