COVID-19 has prompted enterprises to accelerate adoption of Human Capital Management (HCM)suites, upping the deployment rate. The pandemic has forced enterprises to seek low-and no-touch solutions for HR operations. Consequently, organizations are accelerating their digitization and automation of manual HR processes. This has led to a 1.5X surge in the number of active discussions between buyers and HCM suite vendors. Workforce management, compensation, learning and development, recruitment, and employee engagement have emerged as the most sought-after functions for leverage of HCM suites.
These and other trends are explored in Avasant’s new report – Human Capital Management Suites 2020 RadarView™, a comprehensive study of enterprise HCM suite adoption trends and the vendor landscape. The report addresses the need of enterprises to understand the capabilities of key HCM suite vendors that are best-suited for human resource function transformation, and provides in-depth analyses and perspectives for the leaders, innovators, disruptors, and challengers in this space.
Avasant evaluated 20+ vendors offering HCM suites, using a rigorous methodology against the dimensions of product maturity, enterprise adaptability, and innovation roadmap. Of those 20+ vendors, we recognize 12 that have brought the most value to the market during the past 12 months.
The report recognizes HCM suite vendors in four categories:
Figure 1 from the full report illustrates these categories:
“The COVID-19 pandemic is putting pressure on CHROs to optimize cost, enhance productivity, and improve employee experience. This has warranted the need for comprehensive digital transformation of the HR function,” said Avasant Research Leader Saurabh Verma. “Deploying an HCM suite is one of the most effective ways to transform HR operations. With HCM vendors integrating OCR, NLP, ML, RPA, and advanced analytics and offering pre-built connectors and bolt-on apps, organizations can meet their immediate objectives and also be ready for future challenges.”
Key findings from the report include:
The full report also features detailed RadarView profiles of the 12 HCM suite vendors, along with their solutions, offerings, experience in deploying financial management solutions.
This Research Byte is a brief overview of the Human Capital Management Suites 2020 RadarViewTM report. The full report is available at no charge for Avasant Research subscribers, or it may be purchased by non-subscribers directly from our website (click for pricing).
Avasant’s research and other publications are based on information from the best available sources and Avasant’s independent assessment and analysis at the time of publication. Avasant takes no responsibility and assumes no liability for any error/omission or the accuracy of information contained in its research publications. Avasant does not endorse any provider, product or service described in its RadarView™ publications or any other research publications that it makes available to its users, and does not advise users to select only those providers recognized in these publications. Avasant disclaims all warranties, expressed or implied, including any warranties of merchantability or fitness for a particular purpose. None of the graphics, descriptions, research, excerpts, samples or any other content provided in the report(s) or any of its research publications may be reprinted, reproduced, redistributed or used for any external commercial purpose without prior permission from Avasant, LLC. All rights are reserved by Avasant, LLC.
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