Oracle has extended its push into the realm of human capital management (HCM) via an update to a cloud service that takes advantage of machine learning algorithms and other forms of artificial intelligence (AI) to automate tasks and identify potential recruits.
The update to Oracle Human Capital Management (HCM) Cloud also adds an option under which employees can track their performance over the course of a year, a newsfeed, improved search capabilities, a helpdesk, additional security controls, and the ability to seamlessly engage human resources (HR) applications across multiple devices.
Announced at the Oracle HCM World 2018 conference, Gretchen Alarcon, group vice president of HCM Strategy for Oracle, says the continuous performance capability will go a long way to eliminating any surprises that might occur during annual performance reviews because reviews will no longer be an annual event. Instead, employees will know where they precisely stand at any given moment. Oracle HCM Cloud even includes a “self-driving” capability that provides alerts to employees concerning the need to reach certain goals and objectives.
Alarcon notes that HCM software is also in the process of being transformed as digital assistants infused by machine and deep learning algorithms become more sophisticated. Digital assistants will not only automate much of the paperwork associated with compliance processes, Alarcon says, they will begin to make suggestions to managers regarding when certain tasks should optimally be completed.
In terms of artificial intelligence (AI) capabilities, machine learning algorithms can be employed to identify best-fit candidates and proactively identify candidates and employees who should be invited to apply.
“They can identify candidates that have similar histories with people that have already been successful in their organization,” says Alarcon.
Oracle HCM Cloud also now includes chatbot capabilities to enable candidates to search for jobs and get questions answered directly through channels such as Facebook Messenger.
Even though most managers correctly identify people as their greatest assets, most organizations today still rely on antiquated HR processes. But as AI continues to be applied to HR in general, and talent management specifically, organizations that fail to modernize their HR processes soon find themselves being left far behind.