Embracing Finance as the next logical step into ERP cloud
The organization had recently worked with Deloitte to select, design, and implement Workday Human Capital Management (HCM) and Workday Payroll, realizing significant productivity gains and efficiencies. The next logical step was to move into Finance, or more specifically into Workday Financial Management, in order to further realize efficiencies that came with increased collaboration between Finance, HR, and IT.
The health system reached out once again to Deloitte to plan the next phase in their ERP transformation. It quickly became clear that a key aspect of the solution would involve redesigning the company’s financial processes in order to leverage the attributes that Workday Financial Management brought to the table.
- Completely overhauled the chart of accounts, reducing the number of entries from 3,000 down to fewer than 200
- Designed a new financial data model, taking into account interrelationships within HCM data
- Redesigned key financial processes and then engineered the system to match the desired changes
- Created executive scorecards within Workday that allow end users to see where they stand against budgets and targets
- Managed change for end users, many of whom were comfortable with the status quo. This required building trust through effective communication, flexibility to adjust as the project progressed, and the tenacity to not give up
As expected, the implementation delivered greater flexibility around reporting and better operational efficiencies. The new system greatly reduced manual use of spreadsheets, and the Finance organization condensed its monthly close cycle from seven days down to four. The new system also introduced a simpler way of resolving problems, directly adjusting the system to adapt to business changes rather than requiring manual intervention. Collaboration among the IT, HR, and Finance departments also improved as a result of working together across the implementations.
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