The Role of Workday Financial Management in Digital Transformation

0
134

Irrespective of the size of a business, if there is one field where any business cannot afford to be left behind, it has to be Digital transformation. Finance teams around the globe are under tremendous pressure to reduce costs, eliminate inefficiencies and streamline their processes. They are expected to turn things around to support the firm’s initiatives and facilitate growth.

It is under these trying circumstances that Workday Financial Management steps in as a savior to these organizations. Workday Financial Management, with its powerful tools, can enable organizations to decipher complex business processes in the finance function and allows finance heads to automate existing processes and thereby enhance the user experience.

Another important aspect of this tool is that it helps firms manage and reduce operational risk, which in today’s age, is the ultimate threat to the survival of any enterprise.

Now that you know what Workday Financial Management is, let us briefly explore some of the advantages that enable Workday Financial Management to achieve digital transformation in organizations, especially those with a global presence.

  • Supports Transaction processing
  • Enables multi-dimensional reporting
  • Aids in several compliance processes organization-wide
  • Allows blending of operational and transactional data into a single source
  • Facilitates agility and flexibility and as such, provides businesses with better insights


Apart from the above, Workday Financial Management also supports an organization in the following ways.

  1. Helps firms make effective decisions In addition to the above, the tool also enables managers to make quick and effective decisions using data-driven insights. This is done by providing financial teams control of their data, which in turn, enables them to understand the data in its entirety and plan the strategy before making decisions.

    It also enables building a flexible model for the finance teams to adjust and create data without the need for coding. Finance teams can then use this feature to enrich data and pass it on to other teams to create reports and use it accordingly.

    Awesome, isn’t it? Just imagine how effective the finance team in your organization will evolve into.

  2. Fastens the automation process Stuck with doing mundane manual tasks in your daily processes and always wanted to automate them without the fear of business disruption. Workday Financial Management, with its tools, based on AI and ML, will let you relax and automate your existing processes without any downtime, saving scarce time and effort, both for you and your clients.

  3. Face uncertainty and minimize risk Using data-driven insights, this tool enables you to minimize risks in your processes and face a world of growing uncertainties. Be it a sudden geo-political scenario or a Black Swan event, it allows you to forecast several such scenarios and provides you precious lead time to plan and execute your strategies with minimal risk, and helps prevent business disruption.

  4. Collaborate and rule It is a known fact that victory is certain when everyone works together to achieve a common goal. This is where Workday comes into play with its plethora of tools for collaboration. It enables collaboration and sharing of information between IT and finance teams for effective implementation of the firm’s strategies.

    Apart from this, Workday Financial Management also empowers the leaders of today’s evolving organizations and helps them achieve their objectives.

So, how does Workday Financial Management accelerate the process of Digital transformation in organizations?

  • Eliminate multiple systems and redundancies

 It is often seen in large organizations that finance teams are saddled with legacy systems and the issues that accompany them. This is due to the fact that leaders in these organizations are sometimes hesitant to change the status quo for fear of disrupting their existing businesses. This is definitely understandable since a minor disruption in their process can have a significant effect on their client’s bottom line.
This makes the finance heads in these organizations rely heavily on their legacy enterprise systems and thus makes their finance teams depend on systems that are rigid and often lethargic in their approach. The adoption of Workday in their finance teams puts an end to this unwanted loop.

  • Helps centralize finance and accounting

Here, Workday ensures the standardization of existing processes and helps the consolidation of systems and processes in both the finance and accounting domains.
Once this is achieved, organizations can get on with the onerous task of retiring their legacy systems without the risk of disruption in their day-to-day tasks.

  • Strengthen Mergers and Acquisitions

This is one feature of Workday Financial Management that is the favorite of CFOs and Finance heads. You often see big firms and organizations diversify their existing businesses into a completely new entities. Or you also discover how some firms acquire related or sometimes entirely new business lines to expand their global presence. Using Workday finance solutions, companies can deploy cloud-based financial platforms to meet common targets across geographies.

  • Optimization of your business

 The adoption of Workday Financial Management will not only optimize your business but also ensure that you stay ahead of the curve when it comes to your competition. Unlike other legacy systems which force organizations to be reactive rather than proactive, Workday, with its unique architecture and integrated tools, allows its users to pre-empt risks and exigencies. Hence, it is the most sought-after tool for organizations that have complex financial structures and rely on it for unclogging and optimizing their finance function.

Workday Finance Training for your employees

Workday Financial Management training enables employees to have the knowledge and skills that they need to use the system effectively.

It is one of the best investments that an organization can make to empower its employees and ultimately benefit the organization as a whole. It has a number of tools that provides company executives and managers with finance projections at the touch of a button. The best part is that these tools are device agnostic and hence can be accessed from anywhere in the globe.

Employees can be trained on specific or multiple tools of the Workday system based on their job role and work function. This way, organizations need not spend huge resources, both in terms of manpower and budget for training needs.

Apart from training new hires in the organization, Workday Financial Management training can also be facilitated to existing employees to make them aware of the latest features and updates to keep them acquainted with the trends in this system.

Once an organization adopts Workday Finance Management in its finance function, Workday provides various modes of learning for the employees of its clients, which can be accessed on any device. There are various types of courses that are customized as per client requirements. Be it learning the basics of the systems or deepening the existing knowledge while using this enterprise software; Workday covers it all. 

Since Workday Financial Management is a SAAS-based software and provides the right level of flexibility for any organization, regardless of its size or geography, it is the platform of choice for global organizations.

Its reputation is also proved by its adoption in more than half of the Fortune 500 companies globally and its presence in more than 175 countries.

By leveraging the power of Workday Financial Management, companies can transform their financial operations and stay ahead of the competition in today’s digital world.

Conclusion:

We, at ERP Cloud Training, provide you with the best training in all the modules in Workday. Our modes of learning include both instructor-led and self-paced and can be fully customized as per your requirements. Our trainer, in addition to being an expert in her field, also has fifteen years of experience in Workday. This enables her to pass on her practical knowledge and technical exposure to the students, thus making them understand the actual business environment.
Our goal is to make you industry ready and ensure that you are trained on real-time projects. In pursuit of this, we provide you complete access to our class recordings and guides which are updated with the latest curriculum.

Our real-time projects would give you the experience equivalent to a work experience of 10 years in Workday. We also offer you placement services through our network of partners in more than 40 countries, including, but India, the UK, and the United States.

Another unique aspect of our placement assistance program is that it is valid for a lifetime and includes placement without interviews. Apart from providing an opportunity to work as a full-time employee, we also ensure that our students are placed with our internal and external vendors. Thus, we endeavor to achieve our goal of placement assistance to our students.

Note that the potential remuneration in our full-time jobs ranges between US $150 to US $450 per hour depending on the client. Further, on placement, our partners/clients would provide the certification.

Hence, do not worry about your future and become a Workday expert by joining ERP Cloud Training, the only institute in the world to offer training in the entire spectrum of Workday modules.

Enroll now and secure your future!!