How to Enhance Reporting in Workday HCM?

Workday HCM is one of the most demanding software nowadays. It offers several unique features which simplify the work of Human resources in the organization. Along with this feature, it provides reporting and financial analytics, which is used to summarize the information included in the program. It enables you to view all your business, financial, and workforce information in one place. Its purpose is to bring a combined finance and HCM policy to the customer which helps them to manage their business in a better way. Reporting provides a complete view of the people and operations related to your business. The utilization of reporting in Workday HCM provides several benefits to its users.

With reporting and analytics, the business people are able to make a decision with live data. Its in-memory capacity removes the group procedures, which helps to make quick decisions and spend more time developing a strategy. With the help of reporting you can view the combined financial results anytime with an automated exclusion, conversions, and retained remunerations. It helps to develop all the reports and analytics using the same real-time transactional data. Also, it allows you to make more informed decisions without outdated ETL processes. Workday reporting has one system with numerous dimensions. With Workday reporting, you can analyze and report on any business dimension in finance, HR, and payroll. You can pivot through and around the measurements on any report. The reporting in Workday replicated new dimensions automatically in transaction entry, accounting, and reporting. Direct action can be taken from a business process with embedded analytics.

Workday reporting provides analytics to the business people. With the help of reporting and analytics, people’s engagement can be improved by giving the exact information at the right time. It produces formatted financial statements and regulatory reports. With the help of reporting, the scorecards with embedded comments can be organized, also the nested reports are easily generated to communicate results and drivers to the stakeholders. It focuses on the areas that needed instant attention with visual indicators. The important work can be prioritized and the exceptions are organized using delivered and custom dashboards. Also, it is possible to observe the performance of the employee anytime, anywhere from any device.

Workday HCM provides one security and data model, using which you can completely have control of your data. You can unite finance, HR, and payroll data make the decisions based on a single source of reality. It is possible to keep a single security model for processes, devices, data as well as reports. It provides secure and eruption reports by role and organization hierarchies to manage reporting packages flawlessly. The reporting combines the data that comes from any source. Workday’s prism analytics combines financial data with non-workday operational data in order to disclose deep business interpretations. The analytics can be utilized to take action and drive the performance. All the important data can be taken together and kept in one place. The combined workday and non-workday data which are more familiar with the reporting and analytics can be viewed easily.

The Workday HCM supports various types of reporting such as simple and advanced type, as well as composite reporting. The advanced and simple type of reporting is the easiest report to be created. A simple report gives a direct design option for the new and occasional users to create the design quickly and easily. Advanced reporting, on the other hand, has additional options that allow more control within the report. The composite report is utilized to merge the data found on different data sources involving sub-reports into a single report. It allows you to perform column, row, and cell calculations, filter rows and relate formatting styles with outlining by several business objects and applying outlines to the iterating columns.

Traditionally, we worked with the automated financial reporting system, in which the HR and Finance system was problematic to each other. They won’t like to share the information and have created an organizational barricade that raised the isolation. It was a difficult task and created a burden for the department to provide the information because it was extracted, combined, and analyzed data on spreadsheets. Workday developed a cloud-based financial system integrated with the HCM that interrupted all the processes. Its in-memory, object-based architecture, combined code-based, and composite reporting allow the users to utilize the business intellect that was not available without costly BI systems. With this functionality of Workday’s HCM reporting, it is easy to use reporting and analytics. The Workday HCM reporting can be enhanced in the following ways:

Upgrade the skills of your staff:

It does not require hiring a data scientist team to obtain the business intellect out of the Workday. A person who has knowledge of spreadsheet formulas, pivot tables, and charts can become proficient in the Workday procedure in a few days. There is also an option to outsource report development. With the help of an implementation partner or an analytics consultant, you can develop your ability and skills to generate reports.

Scope through the Boundaries:

Workday’s composite and combined code base reporting eliminates the structural problem of internal information sharing. If the organization has some policy obstacles in place, it’s better to re-examine them. It is worth carrying out this effort if your existing security setting prevents you to analyze the organizational productivity and performance measures influenced by the HCM programs. It is better for the organization to work with Finance to lower the barriers so that the effect of your program can be analyzed in an effective way.

Use of Work tags:

The financial systems are basically created on a chart of accounts, i.e. a list of assets, accountability, equality, revenue, and expenses. Its main objective is to impose structure on every transaction to automate the journal entrances. It is an inflexible structure and a legacy ERP system. It is very expensive and time-consuming to adjust to the changing business requirements. When the work tags are used in the reporting it offers you the flexibility that does not occur in traditional platforms. This concept is not new. This concept was found useful by most organizations, but it is not much flexible. The time and cost of carrying the work tags in the reporting infrastructure prohibited the clients from utilizing them to their potential. The Worktags are flexible and easy to use in Workday’s reporting. The program, project, and learning activity in work tags help you to show the financial effect of  HCM initiatives to scratch the guesswork.

Checkout the Workday HCM Article

Customize Your Reports:

There are different standard reports which are offered by Workday. These reports are useful, but you can use them as a template and create your own reports. Initially, the standard reports cannot be used in web services to share data with other applications, and then they can be copied into custom reports, and the web services are supported. The web services are not only being available for data integration, but it also enforces the validation of the reports which make them more stable. Secondly, you will be able to find the extra competencies such as the calculated fields to be useful. Also as per your skills and knowledge, you can enhance the reports.

Workday’s composite reporting technique has provided a new dimension to Human Capital Management reporting. The composite reporting is part of the core platform and it is used by almost every Workday user, whether they are using the HCM, Financial management, or Big data analytics. This not only helps the financial professionals, those who handle association, to perform actual budget comparisons and offers other financial reporting, but it also helps the HR, departmental, and line of business managers who take care of budgets and reports on operational conditions. The composite reporting is called composite as it begins by combining the master reports that involve the traditional data, budget, performance data, and more. Since Workday had the cloud-based platform which was announced a long year ago, the composite reporting effectively uses in-memory database competencies. There is an advantage of using this in-memory capability that, it does not require to have a separate data warehouse or a BI system. With the help of the in-memory feature, fast analysis and reporting against the real-time data that lives in the underlying application can be retrieved easily.

Conclusion:

Workday’s reporting feature provides a way that enables the user to view their business and financial needs in a single place. Its main objective is to bring the combined financial and HCM policy to the customer so that they can organize their business in an efficient way. The workday HCM provided a composite reporting capability using which the financial professionals are able to enhance their financial reporting and to perform the budget comparison.

These are the related articles that you check

1. How to Start Your Career with Workday HCM
2. Comparison between SAP SuccessFactors and Workday HCM
3. Comparison between Workday HCM and PeopleSoft HCM
4. Why is Workday HCM the Top HCM Software?
5. Role of Workday HCM in Simplifying HR Functions

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