Nav Level 1 - Customer Success

Everyone is really happy with Workday Adaptive Planning. People can log-in from wherever they want. Now people are logging into Workday Adaptive Planning frequently because it is easier to make changes using this tool. The ability to drill-through into a cell gives people the background detail they need. The ability to run real-time reports and trust the data is a huge benefit for our organization.

-Financial Analyst

  • With more than $800 billion in financial management assets, private equity firm Orion Advisor Solutions needed financial performance software to help manage its diverse portfolio more nimbly and with greater detail. The solution was Workday Adaptive Planning, which has helped the company to better track and operate the various services that Orion Advisor Solutions subsidiaries offer. Custom financial models and seamless source integration has made it easier for the finance team to individually manage a complex set of companies and better understand how each one fits into Orion Advisor Solution’s overall financial picture.

    Challenges

    • Significant data integrity issues
    • Difficulty running real-time reports
    • Complex consolidation of multiple organizational entities into high-level financial plans

    Results

    • Single, up-to-date source of financial reporting within Workday Adaptive Planning
    • Better understanding across the organization of financial performance based on specific business drivers
    • New, 12-month system of rolling forecast
  • About:
    Established in 2003, Orion Advisor Solutions is a holding company for several subsidiaries that administer and manage more than $800 billion in financial assets. Each company offers unique services within the financial industry — including professional money management, integrated technology applications, and compliance with state and federal regulations. Together, this synergy helps investment advisors enhance their service to clients, increase their operational efficiencies, and expand their businesses. As the parent company, Orion Advisor Solutions provides accounting, human resources, marketing, legal, IT, and sales leadership for all its subsidiaries.
    Location:
    Omaha, Nebraska
    Industry:
    Financial services

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Introduction

Established in 2003, Orion Advisor Solutions is a holding company for several subsidiaries that administer and manage more than $800 billion in financial assets. Each company offers unique services within the financial industry— including professional money management, integrated technology applications, and compliance with state and federal regulations. Together, this synergy helps investment advisors enhance their service to clients, increase their operational efficiencies, and expand their business. As the parent company, Orion Advisor Solutions provides accounting, human resources, marketing, legal, IT, and sales leadership for all its subsidiaries.

The challenge

Orion Advisor Solutions was using an existing system and faced numerous data integrity issues, as well as difficulty running reports and comparing actuals to plan. They would import actual financial data from their general ledger and HR data from their HR system, but had trouble managing a comprehensive view of the financial picture of the organization.

"We needed a better reporting tool to improve our management of the business," explains Andrew Rosenberg, Financial Analyst for Orion Advisor Solutions. "Since we manage a complex set of companies, each with their own unique service offering, customers, and assets under management, it was important that we find a solution that could allow us to better track, measure, and optimize our organizational budget."

The solution

After evaluating a number of solutions available, Workday Adaptive Planning rose to the top due to its robust reporting features, easy to use interface, and rich workflow capabilities. In addition, because the solution is hosted, Orion Advisor Solutions does not need to rely on its IT group to manage the system.

"We liked the Workday Adaptive Planning solution because it looked easy to use and we could pre-define formulas and customize the model to match our business requirements," said Rosenberg. "We also appreciated being able to test the product for 30 days before committing to purchasing. This gave us the comfort that this was a tool we could benefit from."

During the trial period, Rosenberg began building out his model in Workday Adaptive Planning. Orion Advisor Solutions formally implemented Workday Adaptive Planning by purchasing 10 hours of consulting support from an outside partner, Abacist Group. The implementation process went smoothly and they rolled out Workday Adaptive Planning to 24 users prior to the start of their annual budget process.

The results

Orion Advisor Solutions achieved an immediate return on investment from its purchase of Workday Adaptive Planning by reducing the time spent consolidating data during the budget process. Today, Orion Advisor Solutions conducts capital planning using Workday Adaptive Planning. In addition, they run quarterly reforecasts across four versions of the 12-month plan. Finally, they rely on Workday Adaptive Planning for all of the financial reporting in the company.

"Everyone is really happy with Workday Adaptive Planning," confirms Rosenberg. "People can log-in from wherever they want because it is web-based. Now people are logging into Workday Adaptive Planning frequently because it is easier to make changes in this tool. The ability to drill-through into a cell gives people the background detail they need. The ability to run real-time reports and trust the data is a huge benefit for our organization."

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