Five ways to maximize your Workday Financial Management investmentCategory: Workday Financials Posted:Sep 23, 2020 By: Alvera Anto
Anyone who has deployed a large-scale, transformative financial system such as Workday Financial Management will tell you about the pressure they encountered to prove the business value of the financial investment. “How much money will it save?” “How will it make our finance and accountancy teams more productive and efficient?” “How will it help us be more competitive and achieve our growth ambitions?”
To understand this value and take advantage of the real-time business insights a cloud-based option can generate, you need to quickly and effortlessly shift away from your legacy systems. As soon as you implement your new system, these insights will assist your business make precise competitive decisions, use resources and skills in the right areas, and demonstrate return on investment of the solution.
So what do you need to get the full benefits of your Workday Financial Management solution?
1.Focus on the speed from the beginning
Your management team will not wait 12 to 24 months for payback. They need to see it now. But you must plan this benefit before any investment. It can not be a second thought.
To deliver value faster, first determine how you can accelerate your transition from your legacy ERP to the cloud-based system. Determine which workflows you can automate, and how you can ensure you’re following best practices. Consider collaborating with partners who have experience and knowledge in this area and can share best practice from other transformations.
2. Align platform design to your business requirements
Powerful platforms can only prove their worth if they’re designed to satisfy your business’ requirements and are based on your team’s skills. Ensure the solution is fit-for-purpose and aligns with your business processes and ways of working to offer you the data you need.
3. Focus on quick implementation
As soon as you design your solution, you need to have it up and running quickly. Following the best practice is ideal, yet accessing this knowledge can often prove difficult if you have not conducted a Workday implementation like it before. Working with a partner who can share technical abilities and experience will help. It can also ensure the platform is working in the most effective way to deliver better value and increased performance without disrupting other areas of business.
4. Look outside the business for expert skillsets
We all have skills shortages in the workspace– getting the appropriate skillset can be time-consuming and expensive. Think about different methods to access the skills needed to maximize your Workday option. However, first, recognize the gaps you have and ways to fill them.
5. Focus your resources on high-value jobs
Freeing up your team to focus on drawing insights from data rather than labour-intensive transactional jobs such as manual journal entrances and invoice processing will increase the value that finance delivers. But how can you make this happen? When applied tactically to meet enterprise objectives, advanced technologies such as artificial intelligence and robotic process automation can make a remarkable impact.
Maximising the benefit of your Workday Financial investment does not need to be complicated. Embedding these five essential aspects and working with the right partners can make the entire process much more rewarding.
To learn more on how to obtain greater value from your Workday Financial management investment, visit our website.
At ZaranTech, we also offer a wide range of self-paced, online Workday Financials certification program. Browse through our course pages for further information.
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