Automation in your financial processes
In a study conducted with global financial leaders, 65 percent said having standardized and automated processes was a significant priority to their business. Why? Because automation for your workforce means a reduction in the repetitive daily tasks that take up much of their time, such as transaction processes, auditing and compliance, that they could be spending on higher-value tasks. In fact, it’s estimated that 34 percent of a financial manager’s time could be automated by adapting the most current technologies. Imagine what that could mean for your other business goals.
Lucky for you, Workday provides the ideal automation platform. Whereas other technology platforms are open-ended frameworks that require a process to be built, Workday starts with a standard set of end-to-end processes and discourages customization where it’s not needed. Standard processes mean fewer exceptions. Fewer exceptions mean more automation and an improved ROI. You can read more about how to approach automating your financial processes here.
Seamless system integration
From an upfront cost perspective, it makes sense for many organizations to start out just deploying Workday CORE HCM. But how does working in different systems that can’t effectively communicate affect your workforce’s ability to complete their daily tasks, and more pressing, their employee experience? Spreading out your data and your workforce’s tasks across different systems can lead to
- Dual keying of data and increased risk of entry errors
- Fragmented employee experience
- Compliance risks
- Inability to run reports across multiple data sources
- Confusion over a single source of truth
- Halted processes due to third-party integration failures
To mitigate these risks, and to enhance the ease of experience for your employees, it’s important to understand the benefits of hosting all your organizational processes on your same Workday platform. Our advisory services can help you understand the best path forward to migrating the rest of your organizational systems over to Workday so you can fully enjoy the Power of One.
One of the reasons your organization probably selected Workday as your main ERP system was because of its great analytics capabilities and your ability to leverage this to create a competitive advantage for yourself in the market. But, are you taking advantage of all of Workday’s Core Analytics available to you right now? Making your analytics strategy a top priority for your 2021 goals positions you be an agile business capable of predicting your future needs in today’s ever-changing landscape.
- Over 3,000 Workday-delivered reports
- Data visualization capabilities, including Dashboards and Discovery Boards
- Scorecards that allow you to configure a graph with Workday-delivered metrics that are predefined and optimized calculated fields
- An opt-in service called benchmarking, also known as Data as a Service or DAAS, that gives you access to Workday’s vast client base to do comparative analytics with your organization against aggregated data.
- Ad Hoc Modeling, which is an Excel-like worksheet functionality that allows users to develop advanced reports and analytics will collaborating in real time with other users.
- Machine learning tools, including Retention Risk and Customer Collections, which are Workday provided analytics solutions that allow you to give visualizations that trend your worker data to predict outcomes.
- Workday Prism Analytics, which enables data administrators and data analytics to create and datasets for blending Workday and non-Workday data to be analyzed within Workday.
Workers are ranking their employee experience higher than ever before when it comes to job satisfaction. Two huge factors that influence employee satisfaction are feelings of inclusion in the workplace and the ability to effectively use workplace technology to take care of themselves and their career. Workday’s commitment to helping their customers in both these areas present a great opportunity for you to focus on your people and their workplace experiences this year by road mapping out the below two Workday functionalities into your 2021 goals.
- Workday VIBE Central gives you the analytic tools to help you assess your organizational diversity and inclusion current state, create informed future commitments and monitor progress. You can find out more about Workday VIBE Central in our newsletter article here.
- Workday Talent Marketplace helps your workforce see their future at your organization and understand their potential career opportunities by connecting them via their skills and interests to their most relevant internal opportunities.
- Workday PEX (People Experience) also uses machine learning to curate unique experiences for your workforce in the way that they use your Workday system. It can help with everything from questions around HR and payroll, to predicting what tasks your workforce uses Workday for and predicting what they want to see first when they sign in.