Category: Blog

Introduction

In today’s world, data has become a valuable asset for organizations. Every organization collects data from various sources, and it is essential to analyze this data to make informed decisions. However, with the increasing amount of data, traditional methods of data analysis are no longer sufficient. Artificial Intelligence (AI) can help organizations to analyze large volumes of data efficiently and accurately, making informed decisions. In this blog, we will discuss the benefits of using AI in data analytics.

What is AI?

AI is a technology that enables machines to learn and adapt to new situations without explicit programming. AI makes use of algorithms and statistical models to analyze data and make accurate predictions. Machine Learning (ML), a subset of AI, allows machines to learn from data and improve their accuracy over time. Deep Learning (DL) is another subset of AI that uses neural networks to analyze complex data.

Why use AI in Data Analytics?

The benefits of using AI in data analytics are as follows:

1. Automation: AI can automate tasks that were previously done manually, reducing the time and cost of data analysis. AI can also help in automating the data cleaning process, which is crucial in data analysis.



2. Accuracy: AI can analyze large volumes of data accurately and identify patterns and anomalies that might be missed by human analysts. AI can also help in reducing errors caused by human bias.

3. Efficiency: AI can analyze data much faster than humans, enabling organizations to make informed decisions quickly. AI can also help in optimizing resources by identifying areas where improvements can be made.

4. Predictive Analytics: AI can predict outcomes based on historical data and identify potential risks and opportunities. AI can also help in forecasting future trends and predicting customer behavior.

How AI is used in Data Analytics?

1. Natural Language Processing (NLP): NLP is a subset of AI that enables computers to understand and interpret human language. NLP is used in data analytics to analyze text data such as customer reviews, social media posts, and emails. NLP can help in identifying sentiments, opinions, and trends.

2. Image and Video Analytics: AI can analyze images and videos to identify patterns and anomalies. Image and video analytics can help in identifying defects in products, detecting fraud, and improving customer experience.



3. Recommendation Engines: Recommendation engines are used in data analytics to recommend products or services to customers based on their previous purchases and preferences. Recommendation engines can help in improving customer engagement and increasing revenue.



4. Predictive Analytics: Predictive analytics is used in data analytics to predict outcomes based on historical data. Predictive analytics can help in identifying potential risks and opportunities and forecasting future trends.

Challenges of using AI in Data Analytics

1. Quality of Data: AI depends on the quality of data for accurate analysis. Poor quality data can lead to inaccurate predictions, which can result in incorrect decisions.

2. Lack of Transparency: AI models can be complex, making it difficult to understand how they arrive at their predictions. This lack of transparency can make it difficult to trust AI models and can raise ethical concerns.

3. Cost: Implementing AI in data analytics can be expensive, and organizations may need to invest in new hardware and software.

Conclusion

AI has revolutionized the field of data analytics, enabling organizations to analyze large volumes of data accurately and efficiently. AI can help in automating tasks, improving accuracy, and predicting outcomes. However, implementing AI in data analytics comes with challenges such as poor quality data, lack of transparency, and cost. Despite these challenges, AI is an essential tool in data analytics, and organizations that embrace AI will have a competitive advantage in the market.

Hybrid Cloud at a Glance

A hybrid cloud is where the on-premises data centre interacts and shares data and applications with the public cloud. Although there are many definitions of hybrid cloud, the benefits are the same. Any business can instantly scale capacity up with this capability to handle the excess workload. It’s a bet for government agencies as it offers flexibility to use the public cloud for data that can be stored outside of premises and keep the confidential and agency-specific data on-premises and avoid any risk. The shifting landscape of technology offers a constant challenge for public agencies. Governments are looking for cost-effective ways to efficiently deliver essential services on tight budgets, and a hybrid cloud is one solution.

Hybrid clouds also eliminate the need for expensive data centers and reduce operational costs. Here are ten reasons why pivoting into a hybrid cloud is the best way forward for your agency:

• Successfully manage risk
• Fast-track digitization with a clear hybrid roadmap
• Maximize flexibility
• Keep the lights on while transforming.
• Innovate faster based on hybrid cloud data insights
• Create a network without data silos
• Adopt DevOps and agile methodologies
• Bring your legacy to the cloud safely and securely
• Bring order to data chaos with a unified interface.
• Utilizing the hybrid cloud, especially in their data and IT departments, for compliance

Hybrid cloud solutions offer public agencies the opportunity to build a foundation for future innovation and security concerns. By utilizing this solution, agencies can ensure that their information is flexible and secure. A hybrid cloud is no longer an option for agencies looking at innovative ways to improve their tech. It’s a requirement if they hope to be up to date with the latest technologies and services.

Data analytics is transforming the public sector by enabling agencies and departments to make more informed decisions, improve efficiency, and increase transparency. By analyzing large datasets, agencies can now identify patterns, trends, and relationships that may not have been apparent otherwise. This allows them to better understand their operations, serve their constituents more effectively, and allocate resources more efficiently.

One example of how data analytics is being used in the public sector is in farming. This area will be a focus of 6e Technologies in 2023. By analyzing data on farm yields famers and associated businesses can identify best practices and areas for improvement, which can help to improve the yield per acre while simultaneously reducing costs.

In addition to the farming sector, data analytics is also being used in a variety of other areas in the public sector, such as transportation, healthcare, education, and public safety. By leveraging the power of data, agencies can gain valuable insights and make more informed decisions that can have a positive impact on society and allow them to be good stewards of taxpayer funds.

 

2022 Changes that Occurred

There have been many changes in automation over the past 12 months. Some of the key developments in this area include the increasing use of robotics and artificial intelligence in manufacturing, the development of self-driving vehicles, and the growth of the gig economy and the use of on-demand labor.

In manufacturing, advances in robotics and AI have led to the development of more flexible and adaptable production lines, as well as the use of robots for tasks such as inspection, sorting, and packaging. These developments have helped to improve efficiency and productivity in manufacturing and have also led to the creation of new job opportunities in areas such as programming and maintenance.

Self-driving vehicles have also made significant progress over the past 12 months, with several companies developing and testing autonomous cars and trucks. These vehicles have the potential to revolutionize transportation, improving safety and efficiency while also reducing the need for human drivers. This also applies to farming where self-driving harvesters could harvest crop 24/7 during season.

In addition to these developments, the gig economy has grown significantly over the past 12 months in a respond to COVID and at-home work policies, with more and more people working on a temporary or on-demand basis. This has been made possible by advances in technology, which have made it easier for businesses to connect with workers and for workers to find and perform tasks. The gig economy has also led to the automation of certain tasks, as companies seek to use technology to streamline processes and reduce the need for human labor.

 

Upcoming in 2023

There are several trends in automation that are expected to continue to develop in 2023 and these will be a focus of 6e Technologies in automation. Some of the key trends we see are:

1. The increasing use of artificial intelligence: AI is expected to play a larger role in automation in the coming years, with more advanced machine learning algorithms being developed and more companies adopting AI technologies.
2. The growth of the internet of things (IoT): The IoT refers to the interconnected network of devices that can communicate with each other and exchange data. This technology is expected to continue to grow in the coming years, with more devices being connected to the internet and more automation being enabled using IoT devices.
3. The continued evolution of autonomous vehicles: Self-driving vehicles are expected to become more common in the coming years, with several companies working on the development of autonomous cars, trucks, and other vehicles.
4. The increasing use of robotics: Robotics is expected to continue to play a significant role in automation, with the development of more advanced and flexible robots that can perform a wider range of tasks.
5. The continued escalation of the gig economy: The gig economy, which refers to the use of temporary or on-demand labor, is expected to continue to grow in the coming years, with more companies using technology to connect with workers and automate tasks. This could solve a particular issue in the federal government. With the retirement of a large number of public employees, the federal government has had a hard time finding people to fill the gap; utilizing a gig economy system might allow workers the flexibility to work for the government who may have not considered it otherwise.

Federal agencies face new regulations and contract management challenges for procurement and vendor-related issues. In addition, the Freedom of Information Act (FOIA) covers contract-related requests are an all-time high. Maintaining records of all the vendors and other business relationships can be exhausting. Agencies must manage these contracts efficiently; otherwise, it can open them up to several problems. Automation can be the right solution for contract management, as it can help agencies handle multiple contracts daily.

Contract lifecycle management (CLM) automation is the current industry standard to streamline contracting processes. However, with artificial intelligence in the picture, the next level is contract intelligence. Contract intelligence uses a combination of AI and machine learning (ML) to automate tasks and natural language processing (NLP) to understand the legal areas of any contract can reduce the time of the CLM lifecycle. This automation uses and provides higher contract performance while lowering the risk for the agency. This approach ensures that the intent of every contract is fully realized, from start to finish.

How is automation used in contract management?

The automation starts at the ingestion stage, where a large amount of contract information is ingested; it is compared with historical data for any correlations and patterns. These patterns help to make predictions and suggestions, making a given contract better for the organization.

Benefits of Contract Intelligence

1) Automation achieved with tools like AI and ML can help scale compliance across thousands or even millions of contracts across all agencies.

2) Contract intelligence reduces wastage and provides value by generating new insights with every transaction.

3) Quickly understand the risk and take measures to reduce the risks.

4) Fast turnaround of contract and shorter review processes of the contract.

5) Efficient maintenance of the clauses and terms across all the contracts

6) Advance search feature to analyze the terms and clauses across contracts

7) AI-based predictions based on historical data analysis

This more innovative and powerful technology will help agencies instantly analyze the contracts at one glance but also will help gain a comprehensive overview of the complete management. It acts as an initial quality check enabling legal operations to identify inconsistencies. It also helps the operations look for critical terms that might need re-negotiation before renewal and can help increase the agency’s reputation. To mitigate risk and uncover potential opportunities, now is the time for federal agencies to push the boundaries. Are you ready to improve your operations with new-age technologies that you never imagined?

Automation has existed for over a decade but has seen exponential growth with recent advances. The advances have seen significant change as there has been an increase in automation tools that replicate and automate transactional processes while improving process accuracy and speed. RPA offers the untapped potential of removing human bias and providing valuable insights that have further catapulted digital transformation. We can define automation maturity level as the extent of RPA used in the public sector, based on using data effectively to deliver citizen services while transforming and managing operational workflows. The public sector can increase this capacity and tackle its tactical priorities by using new innovative solutions such as AI, machine learning, and the Internet of Things.

Automation and Cognitive Technologies Aren’t Magic Bullets — But They Can Take You a Long Way.

The public sector has been growing, with organizations and service delivery adopting automation technologies to improve efficiency, respond to increased demands and maximize resources. However, before we jump on this bandwagon and start using automating agencies, there are a few things you need to know about automation. Artificial intelligence and RPA are essential in the public sector, how they can be used by small and large agencies alike, and why your federal agency won’t be left behind if you choose an adaptive approach.

Government Agencies Are on the Cusp of Major Transformation — Many Won’t Realize It.

We’re in a unique moment in time for public sector organizations. Government agencies are facing an aging workforce, budget reductions, new expectations from citizens, and new standards for efficiency and transparency. In recent times, technology has been touted as THE ANSWER. The popularity and use of digital tools rapidly find inroads into governments and governance worldwide. It develops operations with a series of “if/then” decision-making that handles tasks based on those guidelines, ultimately freeing up staff to focus on activities of higher value. The rapid growth of technology and AI will be a game changer and define the future of government agencies’ operations. It will also create incredible opportunities for people who work in these organizations. The good news is that there are plenty of examples where RPA has already transformed businesses and agencies; for example, The U.S. Postal Service automated 80 percent of the supplier request with RPA. The bots now run one hour daily, five days a week, processing 375 transactions with 100% accuracy.

Government and public sector organizations can leverage automation for the following activities:

1. Data digitization: By converting physical data into digital data, agencies can provide services that fulfill citizens’ expectations.
2. Data migration: Can help governments run crucial administrative processes across from a centralized locus, thereby enhancing data-driven processes and eliminating errors
3. Communication with the public: Enhanced communication channels can help in information dissemination to citizens, peer-to-peer sharing of data, and co-creation of solutions
4. Public opinion analysis: Automatically extract relevant information and help analysts derive actionable insights.
5. Healthcare management: Manage public records of healthcare and vaccination information, communicate with citizens about healthcare updates, and generate timely reports for Government action during health crises.
6. Public security: The security can enable the safe storage of citizens’ sensitive data, such as their Social security numbers, license numbers, tax IDs, and other sensitive information behind layers of security.

The Path Forward for Public Sector RPA and Intelligent Automation Is Governed by Rules, Processes, Data, and Analytics, All together!

Automation, leveraging artificial intelligence (AI) and other technologies, has opened up new possibilities. In the real world, people working with technology can deliver the most outstanding value if the automation aligns with their vision and purpose. A clear strategy and implementation plan can effectively manage digital transformation. Not to forget, this will bring datasets together and insights that would not previously have been possible. So rules, processes, data, analytics, and good governance can get relevant, significant, and proportionate changes.

We believe intelligent automation will change everything about the public sector, radically rethink how these agencies deliver services to the public and find newer ways to tackle national, regional, and local issues.

 

Source:

“RPA Streamlines Payments, Powers Efficiency.” Cognizant https://www.cognizant.com/us/en/case-studies/postal-service-robotic-process-automation

With the world embracing its new norm of vastly accepting flexibility at the workplace, businesses are spearheaded toward changing work dynamics. The pandemic taught us to attain maximum productivity within four walls, and organizations have continued to succeed in this remote culture. Public Sector is not far behind. Government employees embraced digital tools to facilitate remote work when their offices reopened.

As rightly said, ‘The future is remote,’ with digitalization conquering the world along with Intelligent Automation (IA) and Artificial Intelligence (AI), the workforce now focuses on flexibility. With the pandemic, many businesses had to ensure all employees had every resource to work efficiently from home; although it was tedious, we all adapted well for two long years. The information the federal workers deal with is crucial and needs no additional flub; instead, a structured approach. A survey conducted by Accenture in early 2021 shows that the fastest shift to the road of effectiveness is digitization; even then, some agencies have not been able to adapt to this fully. The remote working culture has been thrilling and challenging. Remote work accompanied by next-gen technologies like AI and IA has its positives and negatives. Here are a few points of discussion:

Time management – While working from the office involves time on the commute, remote work helps to stay away from these distractions and saves time. This flexible future for government work can improve employee morale as it gives time to deal with other things. If allowed to be in a hybrid system, most federal workers could complete jobs faster, as automation takes care of the daily tasks, allowing federal workers to be flexible and more productive in less time.

Work-life balance – No doubt remote work opportunities can offer work-life balance opportunities. For example, a federal worker could acquire different skills or pursue a hobby while doing his or their job remotely; this keeps up his or their morale. The Office of the Revenue Commissioners in Ireland (Revenue) is a use case. Receiving a vast three million customer service calls a year, John Barron, CIO at Revenue, took this as an opportunity to integrate AI into his workforce. In just the first six weeks of initiation, 50-60% of calls were handled entirely by a voice bot. Employees not only got a chance to focus their efforts on tasks that can help them grow in and outside the workplace, rather than answering calls all day.

Increased employee loyalty – Federal workers are bound to be loyal, and there can be a decline in resignations if the work environment is wholesome. Although working from home can dampen an employee’s creativity as there is less human engagement. With some simple programming, the monotonous, repetitive tasks can be fully autonomous and can make employees happier when their day-to-day projects are intriguing. Why use human intelligence on redundant tasks when automation can take up this role?

Effective decision-making – Imagine a specific decision that needs to follow a traditional method, especially in the age of zoom meetings and digitized collaboration. Wouldn’t it be time-consuming? Of course, it will. Imagine an automated system set to specific rules that links data to decision-making, equipped with a feedback process that continuously self-learns and self-corrects. This system is IA at work. Having an artificial assistant inform you when it needs human revision for difficult judgment calls rather than pouring over volumes of issues by hand sounds nice, right?

Save Resources– Automating data storage processes is moving towards a green system. According to the Lawrence Berkeley National Laboratory, the transfer of widely used software applications to the cloud would reduce energy usage by 87%. With remote working culture, all organizations encourage and support reducing the carbon footprint. Intelligent automation in the small world can help the agencies’ sustainability efforts.

Although there are some issues like security as a growing number of remote workers means a vastly distributed network with numerous access points, fortunately, zero trust architecture is a way forward that will vet every digital interaction. 2-way or 3-way authentication, i.e., can further enhance security. To avoid the human error that primarily causes the security breach, if more efforts can be put into training and changing workforce management, this issue can be dealt with efficiently.

According to a report by CISCO, as of July 2022, 58% of federal employees are working from home five days a week, and 52% are satisfied with the current remote work arrangement. In this technology-driven world, getting ahead and staying ahead, the benefits mentioned above can help us weigh both sides of the coin of evolution in the workplace. Remote or hybrid work certainly brings a lot more to the platter and can be improved from time to time with newer technologies. All this brings us to the conclusion that ‘The future is hybrid’ With so many job opportunities, it doesn’t matter which part of the earth you may be all you need is a set of skills, secured systems, and proper remote working structure to embark on this journey.

“Artificial Intelligence: Paving an Easier Path for Remote Working.” AI Paving the Way for Remote Work | IEEE Computer Society, www.computer.org/publications/tech-news/trends/remote-working-easier-with-ai.

“Automated Decision Making.” Oliver Wyman – Impact-Driven Strategy Advisors, www.oliverwyman.com/our-expertise/insights/2016/aug/automated-decision-making.html.

A Real Conversation Starter – Accenture. www.accenture.com/_acnmedia/pdf-96/accenture-hps-ira-creds-d5-final.pdf.

Truly Human Automation – Accenture. www.accenture.com/_acnmedia/accenture/redesign-assets/dotcom/documents/local/1/accenture-truly-human-automation-manchester-metropolitan-university.pdf.

“Uncovering the Environmental Impact of Cloud Computing.” Earth.Org, 30 Sept. 2021, earth.org/environmental-impact-of-cloud-computing/.

Cisco_Hybrid_Work_in_Government_Survey_Report_FINAL, Cisco, July,2022

https://www.cisco.com/c/dam/m/digital/elq-cmcglobal/OCA/Assets/Federal/Cisco_Hybrid_Work_in_Government_Survey_Report_FINAL.pdf

Benefits and Advantages of Cloud Computing

Local servers are a thing of past now. You may want to choose just one backup for emergency rather than having number of servers saving the same data. Cloud computing is the future these days undoubtedly and it is going to change how we do business. It can be compared to a powerhouse meant to run a business efficiently, hence the reason for its popularity.

1. Lesser Issues:

Cloud based computing services may appear complicated to a layman’s eye but in reality, it poses meager issues as compared to server based solutions. There are companies whose sole job is to make cloud functional at all times, therefore they run cloud service on its servers dedicated to just this cause.

It is much more trustworthy than a local server.

2. Saving money with Cloud:

If a bug is noticed in a system, be assured that the company maintaining cloud network is looking for its solution. But if it happens to be your remote server than you may like to file a complaint with technical support staff or have an engineer come down to your locale to fix it up.

A normal server owner may let a small issue let go by but these issues snowball into a major breakdown if not fixed in time costing time and money to the company.

In the longer run, cloud based IT solutions helps in saving huge money provided you don’t take services of tech support teams to fix issues from time to time.

3. Require Lesser Capital:
One of the most difficult parts to run a startup business is to create capital to run your business and have your employees paid at the end of the month. Servers will cost a fortune to buy, run and maintain and thus adds to the working cost of the company.

On the other hand, cloud computing is less expensive than running a server. You only pay for storage required by you per month. It is also less hassle to upgrade your systems with the latest software patches as is done automatically by a cloud running company. You save money on fancy hardware upgrades and extract purely what you desire.

4. Enhances Team Collaboration:
With help of cloud computing, team collaboration also increases. In a study, it was revealed that seventy-nine percent of companies get requests from potential clients to procure more cloud applications to encourage collaboration for want of file sharing. Cloud computing is carving a niche for itself in the business sphere. Cloud computing is meant for file sharing and connectivity. It helps one team to edit files and share them in real-time across the globe. The team can operate as one from anywhere in the world.

5. Decrease Carbon Footprinting:
Reducing carbon footprint with cloud computing is as easy as it gets. Cloud computing demands less physical space than installing servers allowing the companies to reduce their data centers or maybe remove them completely.

Fewer servers mean that fewer resources are utilized. Cloud computing offers enhanced ability to share files and fewer requirements of printouts between team members resulting in saving the planet.

6. It’s Always On:
With cloud computing, you don’t have to remember to save an important file on a pen drive as everything is on the cloud. Sometimes flash drives don’t work properly and emails don’t get sent timely but with oracle cloud applications, you don’t have to worry as your data is accessible all the time round the clock.

7. Perfect Work-Life Balance:
Cloud computing offers a reliable work-life balance. Cloud is always on and helps in collaboration. Cloud computing also assists in maintaining a great work-life balance among your employees.
Employees get the freedom to work from anywhere and anytime which allows them to run home to attend to their children or run errands for the house. It allows them to spend quality time with their children while enjoying a tropical locale yet do their job via cloud computing.

8. Enhanced Security:
Better security is being offered by the cloud. It provides better security than local servers. You don’t have to fret about losing data because of a natural disaster such as an earthquake destroying your server rooms. There is far greater flexibility in working via the cloud than with physical servers. Safety is one of the biggest advantages which cloud-based computing services offer.

You can let go of your worry of a breakdown at your physical server center if you have switched over to cloud-based computing. There are various cloud providers who also go a step ahead and create backup data adding redundancy to the remote servers. Such measures help prevent the loss of data at any stage.

Cloud providers offer more security protocols than anyone would probably do on his local server. Such stringent measures make the security airtight and foolproof.

9. Control Over Documents:
Easy control over documents via cloud computing: It is important to maintain document control when you want to run a successful business. You can never know what might just happen to the document if it falls in the wrong hands. Security is important and all employees are sensitized on the subject but with paperless documents which are being accessed centrally over the cloud, administrators can review the security in a simplified manner.

10. Easy Implementation:
It allows you to conveniently decide which document to choose and which to be edited, shared, or viewed by the selective users out of the lot. It offers real-time sharing preventing the floating of thousands of versions of the same file leading to confusion. One copy of the document is easy to manage, review and edit and there are cloud-based IT solutions doing just the job for you.
Easy implementation is the forte of ORACLE cloud applications.
It seems like a herculean task when you think of beginning to use a cloud-based service. But it is just a piece of cake.

11. Convenient M&A Activity:
M&A activity is also facilitated by them. Cloud computing promotes swift changes enabling two completely different companies to integrate as one much faster. Traditional computing methods will take ages while migrate applications or remove data centers before these two different companies begin to run on one single IT stack. Such convenience and ease of doing work have catapulted cloud computing to the center stage. It has become the backbone of the growing IT industry and a favorite method of doing business with start-ups mushrooming all over the world.

12. Reduces Environmental Impact:
Fewer data centers mean less impact on the environment. Collectively such actions will save the environment. Companies that are into sharing resources are also improving their green ratings.
It also enables the latest software applications easily available to every customer no sooner than they are launched in the open market. These upgrades fix new features directly into workers’ hands, hence enhancing their productivity. Software updates are launched very frequently and cloud running company incorporates them as soon as possible, to prevent any virus/malware attack.

13. Increased Speed to Market:
Many companies run their business model on the philosophy that their product should reach the market more quickly than their competitors, just to have an edge over them and reap profits. With the advent of cloud computing, the stakes have got much higher.
For instance, some cloud companies deliver custom-based IT solutions to their clients by manufacturing innovative products as well as services. This ultimately helps them in enhancing the production in a matter of weeks as compared to months earlier.

14. A Level Field:
For small business houses, cloud computing offers major benefits as it enables them to compete as equals with renowned business houses. It gives SMEs an added advantage by granting access to latest software and applications which otherwise would be exorbitantly expensive.

15. New Software:
Competition is critical much more today than it ever was. The companies are vying for the top slot and making advancements in innovation, market appeal, and security to attract business. It is about getting more facilities with less dollar investment. Software’s enhancements and immediate upgrades are released on a routine basis to cope up with the competition.

Conclusion:
Cloud computing is offering a greater advantage when compared to traditional physical servers. 85% of companies/enterprises have incorporated it in their business in the past few years. To migrate to a cloud-based system has become affordable and easy since last year. It is a sure-shot way to save time, resources, effort and money in this emerging business cloud world.

Role Played by Cloud Technology in Modern Finance Business

If you are thinking of building the finance organization for the future using the old tools of the past, then you are definitely doing something wrong.

There can be no better solution to the problem other than the cloud to transform your dreams into reality. Cloud-based computing services are gaining immense popularity in the IT sector due to their myriad advantages.

Read on to know about the benefits of cloud-based IT solutions:

Driven by Insight

It is important to have round-the-clock insight for everyone to make the right decisions at the right time. And with Cloud, you are able to achieve it:

1. Finance Analysts – The professionals are able to carry out analysis on a temporary basis without IT. This way they create live fiscal reports.
2. Business Managers – These experts obtain an insight with the help of built-in analytics and self-service reporting.
3. Finance Clerks – They obtain instant intelligence for accelerating decision-making in the context of transactions.
4. Finance Managers – The professionals recognize and determine exceptions with the help of the process of self-monitoring.

Secure in-context partnership with the help of an incorporated social network

1. Better visibility- Look into the details of “who did when and what” for improved issue resolution.
2. Collaborative- Speed up the close process with alliance directly tied to processes and transactions.
3. Constant Feedback- Set up a culture of consistent process improvement.

Premeditated

1. Scalable worldwide development with the help of convenient business modeling.
2. Suggest the effect of changes to the growth of your business with multidimensionality.
3. Regulate high transaction-based volumes with the help of unmatched speed of processing.
4. Get improved forecast correctness with prognostic preparation and rolling forecasts.

Ultra Competent: Enhanced employee experience with the help of design that is user-centered

• Adapt the experience of the user experience to be in sync with the business processes and the company’s identity.
• Give power to your on-the-go personnel via voice entry and mobile expense scanning.
• Finish tasks speedily with the help of role-based work areas and dashboards.

In Control and Acquiescent: To have faith in the numbers in accordance with this century’s accounting

1. Fulfill local regulations and varied requirements based on reporting with localizations that are country-specific.
2. Regulate taxes, accounting, payments, intercompany, banks, payments, currencies, suppliers, and customers with a central fiscal structural design built from established practices.
3. Hold up to the manifold representations concurrently, services offered across various entities, and goods movement with local reporting requirements.

Thus, with so many benefits of cloud-based IT solutions, why should your business lag behind? We can help you in building your company’s model based on the cloud so that you leverage the maximum benefits and attain your business goals. To understand our Cloud services in detail, contact us.

The Growing Importance of Business Talent Management Cloud

Developing and retaining talent is becoming a significant challenge for employers all around the globe. While many organizations are learning to adjust to changing demographics and diversified employee preferences, they need to enhance their HR and Talent Manager’s capabilities.

While these managers concentrate mainly on hiring and sustaining outstanding talent, their focus should be on engaging the top performers to accomplish the most favorable outcome of a business, its goal.

A business can only grow if it has a talented workforce. But these days, it is hard to find, build and retain ideal employees. However, with the right tools and robust methodologies, getting the best people for your organization is achievable. Managing the current workforce and giving them the required training can also help in improving the performance of the existing Human Capital.

Talent Management requires strategic Human Resources to elevate the growth of a business and achieve the set business objectives by enhancing its culture and values. Whether it is giving rewards or developing the workforce, recruiting or conserving, everything that is done to improve business standards is a part of strategic workforce planning and talent management.

Talent Management strategy should be relevant to business and align the business with all the processes. The recruitment process is the most crucial stage of Talent Management, after which the recruitment performance is carefully evaluated. Then innovative business strategies are designed to enhance the performance of the workforce, and the necessary pieces of training are given to promote their talent. Succession planning plays a vital role to fill critical positions. It is paramount to recognize the skill gaps through gap analysis to provide the necessary guidance for preparation to reach that level.

Talent management has great significance as a management practice. Earlier HR was limited to recruitment, but now it covers vast areas. When a company invests in hiring people and building talent, it is considered to be a long-term association ensuring that the talent stays even if top management has to face issues and challenges keeping up.

Facing Challenges and Adapting the Futuristic Approach

HR plays a strategic role in promoting the growth of any business or company. It offers orientation to the workforce, set goals, makes business strategies, and aligns all of them in one direction.

From time to time HR needs to fulfill the talent demand of an organization. And not only to cater to the current demand, it needs to be prepared for future strategies and also to capture more skills in its skill inventory. With the advancement in technology, many organizations have included robots, cloud, IoT, and Big Data in their processes. Because of these, the business scenarios are also changing. The skill sets that were enough for any job, nowadays one-third of these skills are not even considered competent in the present scenario. That is why HR needs to be more agile, innovative, and futuristic.

It is now crucial for the management to adopt mandatory agenda to recognize the new skills keep the future in mind and run the re-skilling program. The development of resources through these dedicated learning programs should be able to connect them to their key responsibility areas (KRAs), individual goals, and organizational goals. The selection of candidates for re-skilling can be based on employee aspirations, appraisals, and feedback. It is essential that the re-skilling is associated with rewards and career development to make sure that the selected candidates are eager to acquire these new skills.

Another approach to re-skilling is job enhancement and job rotation practices employed by many organizations these days. Job rotation ensures that the right employee is shifted to a suitable job as per his skill set and other pre-defined criteria. It is a precise movement and is given a lot of thought. And after proper planning and procedures; the employee is moved to the right job in the same organization.

Job enhancement, on the other side, includes additional responsibilities and tasks that are given to the employee at the same level. This practice provides an opportunity for the employees to enhance their skills in order to boost their motivation.

Systematic and Holistic Approach to Strategic Talent Management
Talent management needs a holistic and systematic approach. It is vital to keep your talent pool updated because if any of the top talent or leader leaves the organization at a crucial time, and there is no substitute to fill the position, then it might create a gap that will break the equilibrium.

Succession planning basically includes the development of employees of an organization to strengthen it for achieving success. While the development of its talent is critical, it cannot be accomplished solely. Here comes the role of a holistic talent management strategy.

With Business Talent Management Cloud, you can

• Fascinate, maintain and motivate the best talent by utilizing workflow-driven and adaptable talent management
• Set individual objectives and align them with corporate goals. Also, define the ways in which an employee can contribute to the growth of the organization.
• Propel a comprehensive talent management strategy with a system that integrates all talent-related processes and activities.
• Include social media to widen the reach for employment and help in generating referrals, and high-quality talent.
• Boost employee engagements.

Strategic Talent Management And Role of HR
It is the key responsibility of HR professionals to hire the right talent for the significant roles at the right time. However, if done skillfully and strategically, the talent management module may lead to better results for the organization’s growth in the long run.

Effective Recruitment Process
The recruitment cloud allows employers to assess, source, and hire the right kind of talent for their organization. With the help of Talent Acquisition Cloud, the recruitment process can be streamlined and automated. This enables HR to handle the most complex and demanding environments in even larger organizations, and they can efficiently deliver successful recruitments by strategizing and boosting the talent acquisition effectively and efficiently.

While with the recent increase in the unemployment rates, there are many job seekers in the market. But because of the talent scarcity, recruiters are facing numerous challenges. Recruiting cloud helps them design smart strategies to pull the top performers through multi-tiered assessments and screening. This process ascertains that the entirely suitable applications of the candidates reach the recruiter’s desk. That is the reason HR needs to be proactive as well as reactive to cope with the talent management needs and ever-changing industry.

Hiring managers and recruiters now streamline their processes with the help of tools like interview management, applicant tracking, and requisition management. At the same time, high-profile candidates are also given the positive impression of your organization as a most wanted employer through many career sites and social media ads, etc.

Sourcing through Social Networking
Talent Management Cloud utilizes social sourcing that helps HR to widen its reach and get higher referrals. While posting for a job offer on FaceBook and LinkedIn has become a common practice, it is not sufficient since the competitor may also use these sources to get to the best performers.
However, through social sourcing service, you can reach the network of your employees that can turn out to be the best recruiters through referral tools. You can manage your targeted campaigns through simple connections of employee networking. This way the employees provide you with the top profiles to contribute to the organization and in turn get credit for that.

Goal Alignment
The goal management module allows the corporate to set, manage and track the individual as well as organizational goals. It helps align these objectives with the entire talent management process. The talent management cloud provides the opportunities to create a culture where employee development is given importance. The high-level initiatives by the top management lead to collaboration between the workforce and the managers to set the objectives in the right direction.
Tangible task setting such as associating goals to competencies or designing goal-related duties also allows career development and monitors the individual growth of each employee. This does not only support employees to achieve their personal goals but also fosters their career growth. Work collaboration tools like wiki or forums enable the workforce to share goals as well as accomplish the shared objective, the success of the organization.

Performance Management
The performance management cloud is designed to track employee development and evaluate their work performance by the top management and immediate managers. This tool offers a template-driven and flexible system that allows the configuration of the performance process to match the corporate practices. The in-built analytics and user-friendly interface are advantageous for both leaders and the workforce.

Performance management tool offers supervision and decision support to accomplish the evaluation process effectively. The performance report consists of the analytical information along with worker ratings. This enables HR administrators and support managers to track the entire performance management process.

Building and Developing Talent
While acquiring the best talent has become a war for most companies, their HR managers are searching for the best sources to recruit the top talent. They can also nurture the talent and retain them within the organization by engaging them. This seems difficult but can be accomplished by using the capabilities of the Talent Management Cloud in the following ways:

• By developing an intelligent recruitment process to search, engage and handpick the best applicants and retain them via user-centric processes.
• By utilizing rich employee networks through Social media networking tools for referrals along with internal social networks through improved information sharing and employee engagements.
• By developing role-centric employee experience to increase the accessibility, productivity, and collaboration within the organization for all levels
• By employing the holistic approach to goal and performance management that provides flexibility
• By providing extensive solutions for the learning curve that deploys easy opportunities to get the necessary training and development plans fabricated to employees’ needs.
• By integrating embedded analytics into the system to promote the informed data-driven process of decision making
• By offering integration support in conjunction with the E-business suite, PeopleSoft and other core HR systems
• By providing diversified deployment with SaaS (Software as a Service)

Conclusion

Hiring the top talent and nurturing them to achieve corporate success can be attained with the help of Talent Management Cloud. Fostered talent is then moved up in the hierarchy. It improves their skill sets to deliver quality work, but at the same time, you need to increase the remunerations for handling additional roles and responsibilities.

Therefore, it is crucial to address the career development requirements of talented professionals. Along with this, a well-strategized communication system should be implemented to cover the gap between leaders and high performers to avoid personal as well as professional issues. It enables the HR professionals to understand the needs of the talented employees and create policies to support them.

Talent Management Cloud helps you to focus on workforce planning and strategic insights to develop talent and stay ahead of the competition. 6etech.com provides you with the successful implementation of Talent Management Cloud.

6e Technologies is a leading provider of Oracle solutions and Automation Solutions. The company has expertise in automating your IT processes and integrating them with other systems. Whether it is integrating ERP solution or migration, installations, or training, 6e Technologies offer best in the class services.