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Data Analytics Brings Finance and HR Together

By Net Assets posted 02-05-2019 09:32 AM

  

(from FEI Daily) Why should HR and finance collaborate more closely on long-term decision making? To provide organizational leadership with insights that support better long-term decision making. It's particularly important for finance and HR to communicate and collaborate on the cost and value of the workforce, and how that resource compares to others, according to Tom Davenport, an analytics expert and professor at Babson College. The use of data and analytics is one area where the two functions can meet on common ground, he added, in spite of often long-held cultural differences that keep them apart. "Both HR and finance increasingly want to make decisions and take actions on the basis of real evidence. And they both need each others' data to understand the implications of people-related decisions across the organization."

More than 80 percent of organizations are investing in more collaboration between finance and HR, according to a study by Oracle.

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