The Case for Rationalizing your Finance Applications in Workday

The big question in ERP has always been; “Best of breed or single platform (aka one throat to choke or one back to pat)”. There are valid reasons for both approaches and sometimes it comes down to the vendor being able to address all of your needs. I have always been a proponent of a single platform such as Workday with one-offs for specific solutions

Moving as many of your Finance applications to Workday can make it easier for you to adapt to changes in the marketplace and to respond to customer needs. Overall, rationalizing ERP applications to a single platform can provide a number of benefits for businesses such as::

• Increased efficiency: Migrating all of you applications to Workday can help to improve efficiency by eliminating the need to manually transfer data between different systems or wait for data to be interfaced to the other platform. This can save time and money, and it can also help to reduce errors. For example, if a company has two different systems for tracking projects, employees may have to manually enter data into both systems or there may be a lag before the data is available everywhere. This can be a time-consuming and error-prone process. By consolidating these two systems into Workday Projects, employees can enter data once and have it automatically updated and available for reporting or billing immediately.
• Improved visibility: Having all functions in Workday can provide a single view of all of a company's data, which can help to improve decision-making. This is because managers will have access to all of the information they need to make informed decisions, without having to switch between different systems or wait for data to sync. This also alleviates the need to use another platform and UI for reporting as having all of the data in Workday allows for immediate visibility and timely decision making ability.
• Enhanced collaboration: A single platform can help to enhance collaboration by making it easier for employees to share information and work together on projects. This can lead to better decision-making and improved customer service. For example, if a company has two different systems for tracking purchase orders, employees may have to switch between these systems to get a complete picture of spend and pricing history. By consolidating these two systems into Workday and leveraging tools like Strategic Sourcing, employees can have a single view of a supplier, total spend and leverage to negotiate better pricing..
• Reduced costs: This is an easy one. Migrating all functions to Workday can help to reduce costs by eliminating the need to maintain multiple systems. This can save money on hardware, software, and IT staff.
• Improved agility and responsiveness: Workday can help to improve a company's overall agility and responsiveness. This is because a single platform can make it easier for companies to adapt to changes in the marketplace and to respond to customer needs. For example, if a company's customer base suddenly starts demanding a new product or service, the company can quickly and easily add this new product or service to its single platform, forecast the impact and measure success all in one place. This can help the company to stay ahead of the competition and to meet the needs of its customers.

Why aren’t you using Workday for all of your Financial Applications?