In this blog, you will get to know about Companies that use Workday Financial Management Software to improve their financial performance
Workday Financial Management, as we all know, is a unified application that covers a wide gamut of services for global organizations to manage their financial processes and provides analytics and metrics besides supporting their main finance functions.
These financial functions include, but are not limited to accounting, general ledger, accounts payable and accounts receivable, cash and asset management, employee expenses, revenue management, etc.
The major advantage of Workday Financial Management is that it does not upend an organization’s existing accounting system but rather complements it by providing additional features such as reporting, analysis, and planning.
With more than 1,100 customers to its credit, companies with a global presence and huge bottom lines trust Workday Financial Management to work seamlessly and expand their businesses.
Let us now look at a few companies that rely on Workday Financials to ensure that their processes remain steady, resilient, and adaptable to ever-growing client demands.
A global commercial real estate services firm headquartered in the United States, it has around 51,000 employees worldwide and clocked in revenues of US$9.4 billion in 2021.
With a physical presence of 400 offices in 70 countries around the world, you can fathom the level of complexity in dealing with their financials.
Though they had a legacy ERP system before being introduced to Workday Financials, they had one major problem. Their existing ERP system worked in silos, and since they were in a consolidation phase and trying to maximize synergies from their mergers, CW was finding it tough to navigate the landscape.
This led them to select Workday Financial Management, which allowed them to tap into continuous innovation and not spend time improving processes. The tools in Workday Financials made sure that their requirements were delivered to them and helped them to build their business.
Now, with Workday Financials, the management at CW believes that change, which earlier used to be measured in years, could now be measured in months.
Who does not know Netflix, right? With over 230 million paid subscribers in more than 190 countries, Netflix is an American super brand providing on-demand over-the-top streaming services and manages its own production company.
Apart from this, it is present in 50 countries with an annual revenue of US$29.69 billion in 2021. Netflix used an ERP system that exchanged data through interfaces and was not customizable.
However, they were amazed when they saw that Workday Financials enabled them to access a single business process and also tailor their specific business needs. It has enabled them to focus their time and effort on value addition rather than focusing their time and effort on managing complex financial and reporting processes.
Aon PLC is a multinational financial services firm that is in the business of selling risk mitigation products. These include products for Commercial Risk, Health, Wealth, and Reinsurance.
Known globally for their technical expertise and industry knowledge, they are present in more than 120 countries through their 500 offices with a staff strength of around 61,000.
The existing structure at Aon PLC was a result of more than 500 acquisitions in the late 1990s and early 2000s, and this adds to the complexity of their business. Owing to this huge span, they were unable to extrapolate their financial information or results.
Aon has facilitated Workday Finance training for its Finance team, which has shown tremendous results. Their finance team is now able to access the required information to run the business effectively, which was once considered unthinkable.
A full-service bank headquartered in Cincinnati, Ohio, USA, First Financial Bank must meet a lot of regulations and hence always has to keep an eye on various parameters.
Choosing Workday financials and facilitating their employees to get trained in Workday Finance training has paid them rich dividends. It has enabled data to be produced and presented at the click of a button.
It has also made First Financial Bank save a lot of time and effort in pulling up and analyzing data for their regulatory requirements.
A professional services company specializing in tax, Ryan LLC boasts of the top Fortune 500 companies as its clients. They help their clients from getting overtaxed and thus free their capital to invest or expand their organizations.
Before Workday, their legacy systems required them to operate in a manual mode in a digital world. This made it cumbersome for them to deal with their client's expectations and requirements, and they wanted a system to let them grow at the pace that they wanted to.
Workday Financials enabled them to access the entire firm’s data in a single place and use a single tool to streamline existing processes and drive efficiencies.
One of their major success stories was that Workday enabled them to access the firm’s receivables on a single dashboard and hence saved them a lot in terms of both time and money in this dynamic operating environment.
One of the pioneers in advanced health technologies and medical devices, Philips generated revenues of EUR 17.2 billion in 2021 from its global businesses.
Largely dependent on Excel for its various financial processes and owing to its geographical complexity, Philips wanted a system that could provide deep insights, accuracy, and consistency in its business.
The introduction of Workday Financials has helped Philips to overcome several obstacles in its financial teams and has also helped it to plan more effectively. It has also found Workday Financials to be very helpful in its highly active Mergers and Acquisitions programs.
With the entire financial information available to it on a single screen, the management at Philips can drill down data to the last dollar and make decisions in a reasonable amount of time without getting bogged down by data inconsistencies and inaccuracies.
The above examples obtained from the real world of the business show just how crucial Workday Financials have played a role in transforming the finance teams of businesses and have also helped them become more innovative and remain agile, resilient, and dynamic in the current complex business environment.
Apart from that, Workday Financials enables organizations to improve their efficiencies, make decisions based on data-driven insights and prepare themselves for a future that is dynamic and unpredictable. The platform is also reputed to empower senior staff and enable them to weed out inefficient processes and focus on value addition and innovation.
To sum up, we can confidently conclude that Workday is a system that accepts and embraces change and simultaneously lets organizations be agile and respond to systemic changes with minimal disruption to their day-to-day business activities.
The future of business, irrespective of the industry, will be all about capturing data and utilizing it for the advancement of the organization.
Hence, Workday financial management, with its unique tools, provides greater insights to managers and supervisors to foresee inadequacies, manage risks and also stay ahead of the competition.
Since Workday Financials utilizes both Artificial Intelligence and Machine Learning in its tools, it is a future-proof and great software for the workforce of the future.
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