Oracle announces updated cloud-based HCM system
Amongst a flurry of various launch and update announcements, Oracle’s Human Capital Management Cloud portfolio will receive an update to streamline all major HR functions on one platform and improve hiring functionalities.
The update from the software company includes three new apps, major user experience enhancements and extensions to existing HR modules to the cloud-based HR platform. The platform, which, like HRIS, allows human resource and benefits managers to look at employees as company assets, will also feature AI-enabled recruiting features and new health, safety, governance and risk capabilities.
“The latest additions to Oracle HCM Cloud incorporate simple but powerful features that enable organizations to leverage the latest innovations to anticipate and plan for the future,” says Chris Leone, senior vice president of Oracle Applications Development. “By combining innovations in AI and user experience with major enhancements to core HR modules, we are able to help HR leaders drive digital transformation and positive business outcomes.”
The upgrades aim to manage and retain talent, optimize the employee experience, and anticipate and respond to changing workforce needs, the company says.
For example, candidates can access chatbots to inquire about open positions and learn of the company’s recruiting process, as well as help increase candidate engagement and conversion. The software also employs algorithms to assist users in making better hiring decisions.
Oracle says it uses AI to leverage company talent data and candidate information to improve the process as well.
“Human resources information technology organizations will benefit from the streamlined administration and ongoing maintenance that comes with everything being on a common platform, helping to eliminate challenges of account management, single sign-on, data integrations and reporting,” according to the company. “All users will benefit from new algorithmic data surfacing and chatbots that help improve recommendations and overall decision support.”
Employers can also access workforce health and safety incident management to ease OSHA compliance and help identify, remediate, monitor, and manage risk by streamlining governance and compliance initiatives in the wake of cybersecurity attacks.
The added features aim to deter employees from exploiting the system through clearer segregation of duties and more security features to prevent potential fraudulent activities, according to the company.