Despite the vast amounts of data created and stored by their businesses, far too many companies find themselves unable to gather critical insights and act on the information they’ve gathered. Why? Outdated and siloed technology. Using separate tools to capture and report data means that, whenever anyone wants to try and connect the dots to see the big financial picture, they have to rely on overly complex manual processes. Luckily, there is a solution to this problem: Workday Financial Management.
Workday Financial Management combines operational processes with the latest standards for insight and analytics. With this tool, finance teams can use a single platform to capture and transform data to produce advanced analytics—a simpler and smarter way to manage your accounting. In this article, we’ll explain four reasons why Workday’s cloud-based ERP tool will quickly become your CFO’s best friend.
1) Consolidate Data and Processes
Traditional finance operations rely on separate processes and gathering data from each system. Accounting used general ledger data, the planning and analysis teams gathered data through forecasting tools, and so on and so forth. Add in the fact that ensuring manual errors throughout these disparate processes don’t lead to data inconsistencies requires a considerable amount of time and energy, and it’s easy to see areas that could be made more efficient.
Workday’s intelligent data core helps organizations reconcile these processes, making the close process easier to monitor and manage with dashboards that provide visibility into all the information to ensure accurate numbers and reporting. By consolidating data and processes into a single system, finance can surface insights and take action quickly.
2) Increase Automation
Homegrown ERP systems can keep employees from drawing the insights they need. Upgrading to a quality ERP platform that combines financial management, procurement, adaptive planning, and expenses, (like Workday, for example), ensures your organization will have a fully automated and integrated system that empowers all users to tap into financial data and make informed business decisions. With a fully automated financial management process, your teams can improve efficiency, lessen the need for manual processes, and reduce errors, allowing them to focus less on transactions and more on analysis.
3) Empower Employees
When leading transformation through finance, you need more than just the right technology. You need to be able to empower employees to leverage data for insights and action. That’s why businesses must break down traditional data silos and consolidate their financial data into a single source of truth. Doing so ensures everyone is working on the same real-time, accurate datasets.
Workday Financial Management allows you to do just that—maintain all your details, from transactions to financial statements and management reports, in a single place—enabling you to analyze your business across cost center, account, campaign, suppliers, customers, and more. You can extend this data model by ingesting high-volume operational data along with financial information to give employees more comprehensive datasets. You can even perform drag-and-drop analysis to reveal new insights from blended data analysis.
4) Prepare for the Future
As we’ve witnessed throughout the ongoing pandemic, future-ready companies are able to thrive even at the most volatile times. Now, more than ever, organizations need to do more than merely solve the problems of today—they need to prepare for the future, whatever it may hold. By investing in an integrated, scalable ERP system, you can boost your company’s resilience and help finance teams better prepare and react to risks and opportunities. With everyone operating from a single source of truth, you can foster better decision-making at every level and future-proof your company.
Getting Started with Workday Financial Management
If your CFO or finance department is ready to meet their new best friend, we can introduce you. Our team of senior-level Workday consultants has a long history of matching businesses with the perfect Workday finance solutions, so that they can experience the benefits for themselves.
If you’re interested in learning more about how you can modernize your finance operations with Workday Financial management, or you could use a helping hand with any other Workday projects on your plate, contact us today.
