Creating an Effective Workday Financials Deployment Plan

In these times, it’s more important than ever that companies are nimble, adaptable, efficient – and decisive. That’s where Workday financial management comes in. Butyou need a consultant to help you implement the innovative finance system to avoid delays that can eat into your return on investment. After all, you’re losing money if the system you bought is just … sitting there. 

With that in mind, here’s what you need to know about creating an effective Workday Financials deployment plan.

What Is Workday Financial Management?

Workday Financials is essentially a cloud solution that you can use to manage financial processes – and more. It’s a single system that supports multidimensional reporting, planning and compliance, transaction processing, consolidation, and other functions.

And it all can be directed from a desktop OR mobile device, meaning you can access the web-based app while on the go or out of the office. In today’s digital environment, that’s vitally important.

What Does Workday Financials Handle?

The accounting and planning software handles a myriad of areas, including procurement, inventory, expenses, financial planning, projects, international financial reporting. revenue management, accounting and finance, audit, bank reconciliation, reporting and analytics, and internal controls.

Why Should You Consider Workday Financials?

Antiquated, obsolete systems and old, wasteful processes can impede business growth and are ultimately rendered less useable and adaptable. That’s unacceptable these days, as enterprises need every advantage to compete. For increased profits and to facilitate corporate strategy, you need a cutting-edge finance system that works in today’s world. That finance system may very well beWorkday Financials.

What Should You Consider Before Deploying Workday?

As fabulous (read: effective, efficient, profit and growth-producing, etc.) as Workday Financials is, deploying it can be a ginormous undertaking for any organization.

  • For one thing, you need to make sure you have the personnel to support the launch. This is where a consultant such as Mercer can help. More on that later.

  • You also must consider the scope of what you’re aiming to achieve, taking a wide view of all you want to tackle. You’ll need to lean on your implementation partner here, too, so that you know what is possible. Your consultant can help you get up to speed with Workday’s functions and workstreams.

  • You also need a well-developed achievable timeline. Implementation can take up to a year for large organizations, and up to nine months for smaller ones. Your deployment partner can help you develop a timeline and stay on track.

  • Another need is a consultant that has experience with Workday, as well as with different industries, that can assess your situation from a holistic point of view. Mercer, for instance, makes people the center of its deployment approach, then comes up with a plan to lower operating costs and ultimately heighten value-to-investment ratio and value, and basically make stakeholders and leadership happy, in terms of meeting their objectives.

When Should You Consider Deployment?

As soon as possible, experts say, since the list of tasks you can attack early is long. You could be cleaning up or purging data, for instance, or pinpointing integration plans. You also need to begin utilizing the Workday system right away so that you can become acquainted and comfortable with it. 

As you can by now see, creating an effective Workday Financials deployment plan requires the help of a launch partner that has deep experience implementingthe system as well as the tools and expertise, and can keep you on track and within budget.

But don’t wait until things go awry to ring up support, as some problems can’t be swiftly remedied. Get your assistance in place from the get -- and get going with implementation.

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  1. Very well written content. Heard about Finprov Learning..? one of the best platforms for learning accounting and finance related courses.