Business leaders today know it’s becoming increasingly difficult—but essential—to have continuity and security when it comes to financial management. The financial systems of an organization underpin everything. Without them, it’s impossible to do effective business or anything at all.
Workday is one of the most popular products and service providers for financial management technology. Their tools unify the many independent elements of enterprise finances, such as transactions, analytics, reporting, and automation tools, all delivered through a cloud-based service.
Let’s explore the benefits of Workday financial management deployment.
Why Is Workday Financial Management Deployment Beneficial To Enterprises?
The ability to simplify and streamline complex, real-time systems intaking huge amounts of data is very useful. Here are some of the specific benefits of Workday financial management deployment:
- Cutting-edge technology vastly improves operations – Accounting and financial management are hugely complicated endeavors—especially for a large organization. The right technology, however, can make these things a lot less intimidating. Workday has some of the most advanced enterprise-grade financial management tools on the market, which can cut down on labor, while also boosting accuracy and security.
- Unification of transactions and analytics – It pays to have your point-of-sale systems and other transaction enabling tools in the same application as your highest-performing analytics tools. With Workday financials, everything you need to track and optimize is all in one place. Furthermore, unifying these capabilities on one platform allows for real-time analytics, which can allow for minute-by-minute improvements or remediations based on problems that otherwise might be totally invisible.
- Drastically improve accuracy while reducing costs and touch time – While there’s really no room for error when dealing with accounting and financial management, it’s unavoidable to some degree. Mistakes can be dramatically reduced, however, by deploying Workday financial management, as it can automate many of the processes that would have traditionally been entered manually. Every task that can be automated will be less prone to the risk of human error. Furthermore, deploying Workday financial management can cut down on overall staffing needs, while also allowing employees to focus their attention on tasks that are beyond automation.
- Boost enterprise security – Having one great platform is much more secure than four or five average ones. If one of those lower-rated options has a vulnerability, your entire organization could be at risk. Workday is a reliable provider that can deliver on security measures.
- Find opportunities for growth – At the end of the day, businesses need to make money. Workday’s tools can help organizations identify avenues for boosting profitability and achieving admirable growth metrics.
As you can see, there are some compelling benefits to deploying Workday financial management. But this isn’t an automatic sell for every enterprise. Let’s dig deeper into when it makes sense to opt for this platform.
Should Your Organization Deploy Workday Financial Management?
There’s no doubt that Workday is a great way for large organizations to manage their holistic financial picture. But there are a lot of things to learn about their products and services, which can be overwhelming—even for enterprises with capable teams.
Deploying Workday financial management tools can go much better when doing so with the help of a fully certified member of the Workday partner program. There are tons of elements that go into adopting and scaling a platform as robust as Workday. Without some extra help, your current employee base likely won’t be able to handle it alone. By bringing in a team of experts who have seen it all before, your deployments will take less time, be more complete, and lead to stronger ROI numbers. Without a doubt, taking this route makes sense for enterprises in a position to hire the right partner.
There are many benefits to deploying Workday financial management at your organization. Utilizing their technology can help materially improve operating performance, which is key for running a successful enterprise.