Objective:
In this article, we will discuss the best five ways to maximize the Workday Financial Management Investment.
Introduction:
Any person who has deployed the transformative financial system of large-scale like Workday Financial Management will let you know about the complete pressure they encountered to prove the financial investment business value. “How much will it take to save?”, “How can it make the accountancy and finance teams more efficient and productive?”, “How can it help us to be more competitive and to attain our ambitions towards growth?.”
How to maximize your Workday Financial Management Investment?
In order to know these values and take advantage of the insights of real-time business a cloud-based option might generate, you are required to effortlessly and quickly shift away from the legacy systems. As soon as the user implements the new system, all these insights will assist the business and make competitive decisions, use skills and resources in better areas, and demonstrate return on the solution investment.
So, what is the user required to get the benefits of Workday Management Solution? Here are the five ways:
- Align platform design to your business needs
- Focus on the speed from the beginning
- Focus on quick implementation
- Focus on the resources on high-value jobs
- For experts, skillset look outside the business
1. Align platform design to your business needs:
Often, the powerful platforms could prove their worth if they are developed to satisfy the requirements of the business and are completely based on the skills of the team. Also, try to ensure the solution is very much fit for the alignment and purpose with the processes of business and the working ways to provide the required user data.
2. Focus on the speed from the beginning:
The management team will not wait 12 to 24 months for the purpose of payback. All they need to see is the process itself. But, the user can plan this advantage even before any investment. But, it can’t be the next thought. In order to deliver the value faster, first and foremost, determine how the user can accelerate the transition from the ERP legacy to the cloud-based system. Also, find which workflow the user can automate and how the user can ensure the practices. Always consider collaborating with the partners who have good knowledge and experience in this area and could share the practice from other transformations.
3. Focus on quick implementation:
As soon as the user designs the solution, he is required to have it running very quickly. Following the best practice must be ideal, accessing the complete knowledge often to prove the difficulty if the user hasn’t conducted a Workday implementation which is like the previous one. Working with any partner can share the technical experience and abilities that will help. Also, it can ensure the platform works effectively to deliver good value and increased performance without any disruption of the many other business areas.
4. Focus on the resources on high-value jobs:
In order to focus on drawing insights from the information rather than the jobs of labor-intensive transactions, freeing up your teams like invoice processing and manual journal entrances will increase the value that can deliver finance. You may wonder how to make this happen? When this is applied to meet the enterprise’s objectives, few advanced technologies like robotic process automation and artificial intelligence can make a good impact.
5. For an expert skillset, look outside the business:
We all have a shortage of skills in the workspace, and getting the most appropriate skills could be expensive and time-consuming. Hence, think about various methods to access the skills that are required to maximize the Workday option. Also, it is a known factor that recognizes first the gaps that a user has and ways to fill them.
Related Blogs: Top 8 Most Common Workday Implementation Challenges
Detailed Insights about Workday Financial Management:
In today’s business, competition in the markets is rapidly changing and increasing globally. Many accounting teams face mounting pressure to deliver more value to the companies, which need to shift the balance of where they are spending all their time. If you want to go beyond simply managing the financial statements and core accounting processes, a new way of working and thinking is needed.
Time spent manually reconciling, entering transactions, and searching for exceptions requirements to be replaced with the activities that can drive the profitability, meet the changing requirements of the complex business environment companies, and support global growth goals can now find themselves in.
There is a solution, fortunately. It is through doing the technology work for the customer with the architecture of in-memory. Also, Workday delivers a system for supporting multi-dimensional reporting, transaction processing, compliance, and consolidation, all with user experience consistently accessible from mobile or desktop devices.
Flexibility at the core:
Workday Financial Management is established on a global foundation that offers companies the core financial management capabilities expected from the agile cloud solution. Beyond just managing the finance process, it goes beyond well to reduce time to close and improve financial consolidation, instill audit ability and internal control, and attain consistency across international operations.
The innovative technology may give the business power to respond to the business, organizational process, and changes in the reporting after the deployment without additional cost. Besides, Workday captures the details from the financial transaction by including what, who, why to serve better and to inform all the teams.
Executive Locally, Managing Globally:
Frameworks of Workday finance allow the users to meet the multinational needs without any hard-code customizations. A standard reporting framework and common workflow framework known as the Business Process Framework (BPF) can make the financial reporting results based on various accounting principles. Also, Workday supports companies with operations in more than 120 countries having standard configurations that are out of the box.
Conclusion:
Maximizing the Workday Financial investment benefit doesn’t need to be complicated. Embedding the above five essential aspects and working with the best partners could make the process more rewarding. To learn more about Workday Financial Management Investment, visit our website: Gologica or call us: 82969 60414.