Overview: Oracle Fusion HCM (Human Capital Management)
It is a next generation of application that Oracle has came up with, previously Oracle was only associated with database products, then it came up with ERP(Enterprise Resource Planning) as well, it started acquiring other ERP products as well like PeopleSoft, Seibel etc.
Previously if a company wanted to implement HCM it has to go for products like PeopleSoft which was specialized in a particular area & Seibel for CRM (Customer Relationship Management) & Oracle was very well known for supply chain & financials, so there after a situation came up where if a customer wanted to use HCM it has to use Peoplesoft & if wanted to go for CRM it had to opted for Seibel in all they had to opt for two different product at the same time which raised the cost of operation for them.
Then Oracle came with a solution of coming with a unique way which had the best of both HCM, E Business Suite & CRM, it took best in class features both from Peoplesoft & Seibel and they came up with a new product from scratch using application development framework, Oracle fusion was created.
Cloud computing was upcoming product in the market, companies were more on a move towards cloud technology and replacing the server system. When it comes to undertaking a Fusion HCM implementation, especially if this is your first experience with Software as a Service (SaaS), the same logic applies – it makes sense to work with someone who knows the lay of the land and what to expect.
Oracle Fusion has been further categorized into Workforce Deployment, Workforce Development & Compensation Management. Mainly these are the 3 primary business processes included in Oracle Fusion HCM.
Workforce Deployment
It has been further categorized into:
1. Global Human Resources: It deals with the core HR (Human Resource) activities. It enables organizations to maximize employee value, by aligning resources with people & also includes localization i.e. setup, processing, monitoring, internal & external touch points & reporting.
2. Global Payroll & Localization: Fusion payroll, it comes under HCM, it consist of full fledge payroll service for both global i.e. par with the world or local i.e. for a particular country.
3.Global Payroll Interface: It is used only as an interface and not for full fledge payroll service E.g. If a company is already using a third party product for executing payroll and only uses Oracle Fusion as an interface application. Oracle Fusion HCM collects the data & send it to the third party payroll provider.
4. Workforce Prediction: It uses “what if” scenario modeling, it uses historical, current and indicators to predict the performance & attrition & provide the ability to enable corrective measure.
5. Workforce Lifecycle Manager: It covers all the stages of workers association i.e. creation of an employee in the database to termination of work relationship. E.g. Hiring, Promotion, changing assignment etc.
# For the next assignment I will be covering workforce development & Compensation Management.