Business Planning Cloud Implementation Leads to Immediate Time-Savings
Following a recommendation from another Goodwill branch already using Workday Adaptive Planning, Pritchard demoed and eventually implemented Workday Adaptive Planning. Working with Workday Adaptive Planning’ partner IntuitiveTek for all the consulting and implementation services, the benefits were quickly evident.
"Moving from our Excel-based financial models to Workday Adaptive Planning was transformational," said Pritchard. "We started implementing in June of 2014 and were done by August, in time to import our actuals and use Workday Adaptive Planning for our 2015 budgeting process. It saved everyone involved an incredible amount of time."
A Higher Level of Productivity and Accountability
Workday Adaptive Planning has helped set a higher standard of financial accountability amongst budget owners across the organisation. Instead of creating single, yearly Excel budgets, budget accountability is now a bigger part of budget owners’ roles. "They own their budgets in Workday Adaptive Planning," said Pritchard.
Owning those budgets includes producing monthly financial reports with balance sheets and income statements used to create future month-end cash projections. Those projections are instrumental to making important decisions, like determining when to open new locations.
"Workday Adaptive Planning has a very user-friendly interface, so it’s easy to access important data when we need it. That made it a lot easier to get people to buy-in," said Pritchard. "We’ve used Workday Adaptive Planning to create things like cash-flow projections, which were challenging before. As a result, our financial forecasts are more accurate than ever."
The increased collaboration and involvement in the FP&A process has led to finance cutting their time spent on administrative tasks by up to 50%.
Guiding the Business with Financial Analysis
The finance team is using their newfound time-savings to dig deeper into financial metrics and produce reports that include more valuable performance analysis. "Financial reporting within Workday Adaptive Planning is incredibly flexible," Pritchard said. "We can quickly create reports, make changes on the fly, and even drill into specific account details at the transactional level."
Using the "track changes" feature, the team can see a clear audit trail of changes that budget owners make to their plans. Monthly reporting then provides clear insight into performance against original plans and budgets by department. In the end, all that analysis rolls up to the corporate level.
"Workday Adaptive Planning has a clear hierarchy of levels, making it easy to rollup reports," said Pritchard. "We can also group reports by specific sets of locations and compare their performance to another set of locations. That’s key to understanding how to operate more efficiently every month."