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Wake Forest University Speeds up Budget Process Time by Several Weeks

With Workday Adaptive Planning, division leaders are encouraging others to participate in the process-which makes for better planning and ownership of the budget.

Assistant Vice President of Budget and Planning, Wake Forest University

  • Budgeting at Wake Forest University used to be laborious. Academic and administrative departments had separate, manual workflows that were cumbersome. This restricted critical tasks and budget input to a small group of administrators and financial planners.

    Conflicting, inflexible data in budgets required back and forth communications to get to the facts and did not follow a standardized workflow. The length of time to create the budget mcant information was often stale or outdated. And connecting the dots between plans, workforce, and financials took significant effort.

    Seamless Real-Time Budgeting and Capital Planning

      To bring everyone together and improve budget and capital planning, Wake Forest deployed Workday Adaptive Planning. The university already had Workday Human Capital Management (HCM) and Workday Financial Management, so they provided the ready-to-go data foundation to support connected workflows for academic and administrative departments.

      Instead of managing disparate silos and processes, Wake Forest University now has one shared source of data for managing resources, budgets, and plans. Workday HCM and Workday Financial Management automatically feed data into Workday Adaptive Planning. And employees have one single-sign-on process and one shared, easy-to-navigate experience.

    Invites Broad Participation

      More than 100 campus-wide decision-makers now participate in the budget-creation process. Learning how to use Workday Adaptive Planning was easy, and people have confidence that the time they invest will result in faster budget approval to fund their goals.

      Administrators have comprehensive, real-time insight into the centralized budgets for academic departments as well as the decentralized budgets for administrative Campus Life departments such as recreation, police, and counseling services. Decision makers also use the same platform to manage financials, workforce, and planning.

    Speeds Efficiency and Empowers People

      Preparing Workday Adaptive Planning to deploy the budget cycle now takes one to two weeks instead of two months, and decision-makers have on-demand access to the information they need. Using the intuitive self-service capabilities Workday Adaptive Planning, at any time, they can run reports and download data, that they can quickly connect the costs of activities to departments and resources.

      People can avoid having to manually enter data multiple times because information automatically flows from Workday HCM and Workday Financial Management to Workday Adaptive Planning. And because all data is automatically updated in real time, decision-makers no longer have to manually fact-check. They know the numbers they see are accurate.

    Delivers Accurate Data

      Month-end now often takes only four days to close with Workday Financial Management because of the increased accuracy of the data and the speed of the processes leading up to it. The ability to look at different views on certain data has freed up time for the Finance team to focus more expenditure analysis, and quickly pull data as they prepare for audit.

      End-users are able to key their own invoices and watch the audit trail throughout the entire process now that every transaction is tracked and every action logged. By transferring ownership and responsibility to the business units, the end-users have been given the ability manage their own destiny.

  • About:
    Wake Forest University is a private university.
    Location:
    Winston-Salem, North Carolina
    Industry:
    Higher education
    Partner:

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