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Navigating Cloud-Based Finance Management

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Cloud-Based Finance

This is a digital world. You get that. And hopefully, you also understand that to heighten your organization’s profitability and make informed decisions based on clear data, your financial management system needs to be brought up to speed. Sure, they’re trusty and familiar, but those old, disconnected legacy systems no longer pass muster — if you truly want to compete, that is. The fact is that such systems and processes can impede business growth and render your organization less able to adapt to a business environment that continues to change.

Read on for what you need to know about navigating cloud-based finance management and deploying Workday Financials.

What is Financial Transformation?

Essentially, financial transformation is a re-imagining of the finance function that involves people, technology, and processes, making finance more of a business partner. It comprises increasing efficiency in finance and operational processes and making sure everything lines up. Financial transformation also means a new flexible, technical platform.

How Can Workday Financials Help?

To drive change and improve outcomes, Workday Financials can give that function a much-needed shaking. Specifically, the system can contemporize and transform finance, planning, and accounting, and can streamline your chart of accounts. What’s more, the platform can get you the most from finance operation costs and enable faster period-end closings. 

That’s not all. You also get as-it-happens financial and management reporting as well as key performance indicators. And a big deal is that – from just a single source – Workday provides financial reporting, forecasting, and planning.

But Do I Really Need Workday Financials?

It’s up to you, of course, but, while you’re deciding, there are some things you should ask yourself about how your organization works. To wit: does your current ERP get you real-time relevant insights? And does it allow you to, without disruption, make organizational changes and perform reporting? Can you be sure that your reports are accurate and that your data is consistent across functions? Is your back-office system enough to support your company’s objectives? Does your system allow you to make swift, efficient, decisive, informed decisions? 

Also, when mulling whether Workday Financials is right for you, consider whether your company needs more efficient audits and controls, and global processes that can’t be dealt with by just one system. Does the ability to close quicker and more efficiently carry any appeal? What about improved planning and forecasting? Do you want to benefit from new cloud technologies but with the top levels of security and compliance? 

If you think about it, you need to make a change. Right?

How Can Mercer Help?

Mercer can help you clean up your corporate strategy and get you the most from your Workday Financial Management deployment. In addition to its industry, functional, process, and solution expertise, Mercer offers its own array of tools that affect data migration, testing, and change-management toolkits. But it’s still hands on. The firm likes to say that it has the experience of a large international enterprise but the personal touch of a small firm.

What Mercer can do is put together a superior Workday deployment plan for you that will lower your operating costs, raise your value-to-investment ratio at length, and meet stakeholder and leadership goals. And it’ll di it all with speed and agility.

Ultimately, navigating cloud-based finance management means letting an expert consultant like Mercer work magic with its innovative tools and long history with Workday financials. After all, don’t you want a customized deployment that’s on time and on budget?

Mercer will take an overarching view of your organizational needs and offer people-centered solutions that will allow you to thrive in this changing environment.