Effective asset management is essential for organizations to maximize the value of their investments, ensure operational efficiency, and maintain financial accuracy.
Workday Asset Management offers a comprehensive, cloud-based solution that simplifies asset tracking, management, and optimization throughout their lifecycle. By integrating seamlessly with Workday’s comprehensive suite of enterprise applications, this module provides real-time visibility, streamlined processes, and advanced analytics to help organizations make informed decisions about asset utilization and maintenance.
This article explores the key features and benefits of Workday Asset Management, highlighting how it enhances asset tracking, reduces costs, and supports strategic planning for long-term success.
Inventory Insight and Control with Workday
Workday improves visibility across the entire asset lifecycle, empowering organizations to optimize inventory stock levels, facilitate greater cost control, and support critical growth initiatives.
Fully automated and integrated tools enable users to access critical asset data at their fingertips, further simplifying management for crucial assets, processes, and human capital.
Flexibility
Leverage Workday’s intelligent Business Process Framework (BPF) to add new sites, modify stocking locations, and improve approval processes for critical assets.
Mobile Access
Access critical asset data and complete tasks like creating dashboards, approving change requests, completing conversions, and other key transactions anytime, anywhere.
Analysis
Gain real-time reporting and analytics for assets on hand, enabling better cost management and greater asset control in the future.
Control
Track assets across the complete asset management lifecycle, from initial delivery to storage, usage, replenishment, and everything in between.
Comprehensive Visibility and Replenishment
Workday’s flexible framework empowers organizations to generate accurate asset stock requests and facilitate automatic replenishment through ad hoc requests, requisition sourcing, stock transfer requests, and other key inventory replenishment workflows.
By providing a comprehensive and connected architecture, Workday also ensures accurate reporting and analytics for key assets on hand. Greater insights into core transactions and relevant business dimensions also help companies reflect operations in real time and create reports that keep everyone on the same page across the asset lifecycle.
Tools for a Streamlined User Experience
Workday offers a unified suite of critical organizational information, including employee, purchasing, budgeting, and financial management. This reduces the number of manual handoffs and promotes greater opportunity for growth across business units.
Here are a few key features that promote a better user experience in Workday:
Mobile functionality
Users can leverage the Workday mobile app for both iOS and Android-compatible devices to perform transactions, approve requests, and maintain dashboards for critical asset data.
Self-service tools
With an intuitive interface and user-friendly tools, Workday empowers users to control their own experiences, execute transactions, manage data, and create requests at their own pace.
Managers can also leverage self-service capabilities to drill down into asset reports and monitor key performance metrics over time.
Unified platform
With Workday’s business process framework, security rules, and comprehensive workforce data, organizations can manage and optimize key business processes simultaneously, further streamlining efficiency and improving asset availability.
Key Benefits of Workday Asset Management
- Compliance: Ensure compliance with regulatory requirements through automated tracking and reporting features, comprehensive audit trails, and detailed reporting.
- Reduced costs: Identify underutilized assets to enable better allocation and utilization and reduce unnecessary expenses. Proactively manage maintenance schedules and repairs for asset life extension and reduced downtime.
- Scalability: Scale with organizational growth, adapt to changing asset management needs, and integrate with other Workday modules and third-party systems, providing a unified solution for enterprise-wide asset management.
- Efficiency: Automate asset management processes to reduce manual effort and minimize the risk of errors. Enhance coordination and efficiency by integrating all asset-related activities into a single platform.
How Can We Help?
Whether you need help facilitating a comprehensive Workday implementation project, additional support navigating complex operational planning initiatives, or just an extra hand driving efficient integrations between Workday and third-party systems, Surety Systems can help.
Our senior-level Workday consultants have the skills and experience to understand your critical project needs and prepare your internal teams for long-term success.
Contact Us
For more information about our Workday consulting services or to get started on a project with our team of expert consultants, contact us today.
