To win, a business needs two things: people and cash. The HR team’s job is to attract, retain, manage, grow and develop the workforce while keeping the company compliant with HR laws. The finance team is there to grow revenue and profit and keep cash flow healthy while managing other types of capital, controlling expenses, maintaining compliance with finance and accounting laws and reporting financial results.
These two functions form the backbone of every company. HR manages people, finance manages cash.
Yet even though HR, payroll and finance are intertwined, often these functions are managed using separate systems from different providers. Adding a workforce management solution to the mix just increases the complexity. With so many systems, how do companies keep all relevant data synchronized? Well, usually with a mix of spreadsheets, file transfers, integrations, duct tape and glue.
With employee salaries and benefits accounting for 40% to as much as 80%(opens in new tab) of an organization's gross revenue, any mismanagement can impact the bottom line. Overstaffing is a waste of labor dollars, and understaffing may be just as costly if the business fails to meet obligations or delivers poor customer service. To avoid these problems, it's critical that HR and finance have access to unified workforce management tools and data.
Adi Brings New Workforce Management Capabilities
Recently, Oracle NetSuite acquired Adi Insights to provide those added workforce capabilities to SuitePeople,(opens in new tab) NetSuite's human resource management solution. Workforce management software helps businesses increase employee efficiency and productivity. It allows managers to optimize the deployment of people while considering productivity, compliance and financial impact.
These added capabilities will provide:
> Time and attendance to enable employees to clock in and out on Android tablets, iPads or using a mobile app while providing staff-schedule insights, including forecast-versus-actual comparisons.
> Visual scheduling to evaluate whether a location is overstaffed or understaffed, make it simple for managers to share workers across locations and allow employees to swap shifts or seek availability adjustments.
> Labor forecasting to optimize staffing at one or across several sites based on data from point-of-sales systems, foot traffic, sales and customer visits.
> A configurable wage rule engine to automate compliance with many state and federal overtime laws.
> Insights and analytics to help decision-makers better forecast labor needs, schedule employees and optimize your staffing mix.
Bringing Together HR and Finance
The combination of these capabilities with NetSuite financials will help our customers across many industries optimize employee staffing by accurately forecasting labor needs, lining up the right employees and then dispatching people to the appropriate locations, eliminating double scheduling and unexpected overtime.
Finance teams benefit from accurate capture of time data, which can then be sent to payroll in an automated manner, minimizing payroll errors while improving process efficiencies. HR will like the increased employee engagement that comes with the ability to allow employees to choose their schedules, swap shifts or take extra shifts when authorized. We call that a win/win/win.
Learn more(opens in new tab) about SuitePeople and the benefits of a unified HR and financial solution.