The Royal Australasian College of Surgeons (RACS) is a complex non-profit encompassing everything from surgeon training and accreditation to research and policy development. To fulfill its charter, RACS urgently need to modernize its finance function as its existing budgeting tool could no longer meet the organization’s needs. As a result, RACS was struggling to produce a timely, precise annual budget, with business users relying on clumsy workarounds to complete the process.
Today, with Workday Adaptive Planning, RACS can deliver an annual budget to guide management for the year ahead, informed by sophisticated and granular planning models created within a single system. Managers can track finance and operational metrics for programs like accreditation workshops. They have the flexibility to create their own models and calculate the impact of different scenarios. And they now have real-time insights to drive decision making and keep RACS operating at the top of its game.
- Too much time and resources were allocated to maintaining an inflexible budgeting tool, which was no longer fit for purpose
- Business managers were forced to develop their own workarounds and spreadsheets to complete annual budgets, compromising efficiency and causing frustration
- Budgets lacked sophisticated models and key operational metrics
- Business managers had limited insight into financial performance apart from static monthly budgets which took finance days to prepare
- Budgets are more accurate and comprehensive, and include metrics and models important to each business unit
- Managers can update their own budgets on the fly rather than going through finance
- For the first time, business managers also have real-time access to finance data and can make smarter, faster decisions
- Improved trust in financial data and greater internal satisfaction related to budgeting and reporting has raised FP&A’s status