Oracle ( ORCL Quick Quote ORCL - Free Report) rolled out its latest offering — Oracle Dynamic Skills — to enable businesses to gain a thorough understanding of their employees’ skill sets as well as help staff to upskill.
Oracle Dynamic Skills, which leverages Artificial Intelligence (AI), is a part of Oracle’s broader Fusion Cloud Human Capital Management (HCM) solution.
Oracle Dynamic Skills provides employees’ skills data record (capabilities, experience, skill strength and job titles) to assist Human Resource (HR) department to make talent management and acquisition process more effective and build a highly-competent workforce, noted the company.
A Look at the Features
Skills Advisor is a recommendation engine that works with employees to help them comprehend skills they need to acquire. Also, it assists the HR department to understand the talent requirement for a certain role as well as provide information regarding the presence of such skill among the candidate pool.
Skills Nexus feature of the Oracle Dynamic Skills solution maintains a constantly-updated database of staff skill set to help management understand the presence of gaps and highlight skills that require to be developed (either in-house or through acquisition), added Oracle.
Powered by AI, Skills Nexus is designed to help management in decision-making regarding training, hiring and project resourcing.
Skills Center refers to a “personalized portal” for the staff to help them update their skills as well as find newer and more fitting job roles within the company. Skills Center pulls data from both Skills Nexus as well as Skills Advisor to generate valuable insights for employees, revealed Oracle.
The latest solution is a notable addition to Oracle’s cloud-based HCM solutions. The new solution with robust features is expected to boost the uptake of the company’s HCM offerings in the upcoming quarters and boost the top line.
Abundant Opportunities in the Lucrative HCM Domain
Even before the pandemic struck, enterprises were readily adopting HCM solutions to enhance HR functions as well as drive deeper and actionable insights to boost employee productivity.
Owing to the ongoing COVID-19 crisis and continuation of remote work set up globally, there is an increased requirement for HCM offerings (especially cloud-based) to manage scattered workforce. This is providing further impetus to the HCM market.
The worldwide HCM software market is likely to witness a CAGR of 6.7% between 2021 and 2026 and reach $24.64 billion,
per a Mordor Intelligence report.
Oracle is one of the leading players in the HCM domain. The company’s HCM cloud solutions are widely being adopted by business as part of an Enterprise Resource Planning (ERP) cloud application suite. Further, the migration of several large-scale
SAP SE ( SAP Quick Quote SAP - Free Report) clients to Fusion ERP cloud and Fusion HCM is an upside. In the fourth quarter of fiscal 2021, Oracle reported 30% increase for its Fusion HCM business.
Nonetheless, Oracle needs to watch out for stiff competition in the HCM software space from the likes of SAP,
Workday ( WDAY Quick Quote WDAY - Free Report) and Automatic Data Processing ( ADP Quick Quote ADP - Free Report) .
At present, Oracle carries a Zacks Rank #3 (Hold). You can see t
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