5 Myths About HCM Suites
A common misnomer among organizations is that the rationalization of HCM solutions into a single suite lowers the total cost of ownership, increases visibility and achieves transformation. While HCM suites do finance, payroll, data and general workflows efficiently, most organizations recognize that they do not meet all of their business requirements – most notably those that demand agility to adapt to changing working models like we’ve seen recently. The lack of agility and flexibility requires organizations to devolve their processes and strategies down to their lowest common denominator which introduces more costs to the organization and sacrifices the employee experience.
In this blog post, we’ll discuss the 5 myths about HCM suite vendors and how best in breed solutions bust them.
1. Rationalizing tools under one vendor simplifies our tech stack and drives cost savings.
Reality: The rationalization of HCM technology is a minimum viable strategy rather than an investment in future organizational outcomes, with a significant increase in costs. Best in breed solutions deliver targeted experiences to employees which drives engagement and productivity and improves the lifetime value of employees.
2. A single database across all platforms provides better reporting, analytics, security and data lifecycle management.
Reality: Best in breed solutions with open APIs enable organizations to achieve the same visibility as HCM suite vendors. In fact, they enhance information sharing with additional data points enabled by more mature onboarding strategies that go further into the employee lifecycle to include promotions, transfers, mergers & acquisitions and offboarding.
3. “Digital strategy” is achieved through an HCM suite of applications.
Reality: HCM suites provide core capabilities yet do not deliver the innovation required to meet the demands of today’s workforce or address how the workforce needs to change for the business models and marketplaces of the future. Best in breed solutions are built with the agility and flexibility required to execute a transformative digital strategy.
4. An HCM suite will enhance the existing ERP system.
Reality: HCM suites do nothing to create or design competencies that go beyond its legacy capabilities. Best in breed solutions plug into existing platforms to modernize its capabilities beyond today’s requirements. They enhance the enterprise technology stack and prepare it for the next generation of complex needs.
5. Mobile capabilities and analytics will give us enhanced visibility and accessibility.
Reality: HCM suites are restricted by their ability to deliver beyond one-size-fits-all experiences. By nature, they are limited in scope, causing mobility capabilities and analytics to suffer as a result. Best in breed providers are built with the responsive agility to deliver these elements with efficiency.