Government, healthcare, utilities, manufacturing, and other highly regulated industries face numerous unique challenges. Beyond navigating the day-to-day complexities of delivering their products and services to clients, customers, patients, and taxpayers, industries operating in spaces with an increased level of regulation often require special consideration and approval when it comes to the tools and internal resources they can use. Security clearances, background checks, specialized training, and government compliance across multiple unions, are just some examples of hurdles personnel working in these industries can expect to encounter.
The same kinds of checks and clearances are often required before these industries can implement or upgrade to new software. For ERP and Human Resources software, cloud-based options are the future. With Oracle Cloud HCM delivering a fully FedRAMP certified solution, highly regulated organizations are turning to Cloud HCM. Below, we’ll explore what makes the Oracle HCM Cloud solution a great choice for organizations that are in highly regulated spaces.
According to a recent report published by the Connecticut-based technology research and consulting company Gartner, Oracle Cloud Infrastructure plays an important role in the IaaS/PaaS solution marketplace. Oracle’s Cloud HCM FedRAMP certification makes it one of the only platforms fully approved and available in a cloud environment. FedRAMP is a security framework created to protect data confidentiality, integrity, and availability in cloud environments. FedRAMP certifications carry great weight for public and government organizations and are an important marker of cloud security, while often being a prerequisite to implementing cloud software.
For organizations looking to implement a cloud HCM solution, Oracle Cloud is the clear choice for highly regulated and public sector industries. As an application, the track record of Oracle Cloud speaks for itself. Oracle Cloud is one of the most reliable products available in the HCM marketplace due to Oracle’s history of providing consistent service with minimal downtime, outages, and service disruptions.
The security of Oracle’s cloud-based solution has proven to be highly dependable. Though hacking efforts, attempted service disruptions, and all the other threats to software security exist, Oracle Cloud has to date, maintained its security. With the rise in recent ransomware attacks and security concerns, other HCM and ERP software providers have experienced disruptions and attacks.
For example, the 2018 Atlanta government ransomware attack exploited the Georgia state capital’s government’s security weaknesses with a brute-force attack strategy that was used to guess weak passwords until a match was found. The cost to recover from this ransomware attack, for approximately $51,000 USD in Bitcoin, was over $2.6 million in emergency response costs.
Most of the expenses associated with this $2.6 million dollar figure relate to incident response, digital forensics, additional staffing needed to investigate the attack, and infrastructure consulting and expertise, while the Oracle Cloud remained unaffected. Having a robust internal security strategy and entrusting tools with a proven track record of security will give you and your organization peace of mind.
Beyond the dependability of Oracle’s Cloud HCM solution in terms of security and reliability, one of the key advantages of choosing to go with Oracle Cloud HCM is the breadth and strength of the Oracle product and name. Organizations that operate on both a global and local level can rely upon a solution that has the ability to meet both corporate and regional needs for over 200+ jurisdictions and in over 25 languages. A key benefit is that the Cloud HCM system can be viewed as a local system for end-users, and the local solutions can be rolled up as part of a global solution to the organization.
Additionally, with a community of more than 55,000 Cloud HCM members, there is an abundant community ready to help you in your journey. The knowledge-sharing potential of this group is huge, and Oracle HCM Cloud users have a distinct advantage by having access to this user community.
As a large and globalized corporation, another key benefit of choosing Cloud HCM is the commitment to future innovation. Oracle continually invests in new features for its HCM application with elements like artificial intelligence, a digital assistant, and embedded predictive analytics. Every year, Oracle invests over $6 billion USD in research and development of new products, features, and ideas.
Choosing to make the move to a cloud HCM solution while working within the confines of a highly regulated space can be quite the challenge. As an implementation partner, Elire has a whole host of experience working within these industries. Our client work with organizations such as Nashville Electric, four Department of Energy National Lab Sites, and the U.S. Navy has given Elire the opportunity to gain experience problem-solving and navigating the challenges of implementing in a highly regulated sphere.
In our work with a United States Department of Energy national laboratory, Elire’s Cloud transformation team worked to implement Oracle Cloud HCM to provide secure and sustainable business systems that supported their internal processing and services. Our teams worked with the regulations put into place in the federal space, which required increased security measures and limits on the type of data the team was able to use in testing scenarios.
One key challenge we were able to overcome at the time was aligning the system architecture with federal security policy, seeing as Oracle Cloud was early in the FedRAMP approval process. We were able to work through this and successfully navigate this challenging sphere for our public sector client. Read the full success story here.
For more information on undergoing your cloud transformation, reach out to [email protected] [email protected] to set up a time to discuss your organization’s needs. In the meantime, check out our Oracle Cloud Services page here and register for our upcoming webinar, “Modernizing IT with Oracle Government Cloud”.