Workday Adaptive Planning and Consolidation Delivers Efficiency, Agility, and Ease of Use to Finance Organizations

By PR Newswire On Mar 20, 2024

With this new solution, customers can streamline and simplify data management, financial close and consolidation, planning, and financial reporting and analytics.

Workday, a leading provider of solutions to help organizations manage their people and money, announced the availability of Workday Adaptive Planning and Consolidation, a new solution that brings together the robust and agile planning of Workday Adaptive Planning with the comprehensive close and consolidation capabilities in Workday Financial Management. With this new solution, customers can streamline and simplify data management, financial close and consolidation, planning, and financial reporting and analytics.

“Each organization’s finance transformation journey is unique – not every customer is ready for a complete overhaul,” said Terrance Wampler, group general manager, office of the CFO, Workday. “Now with Workday Adaptive Planning and Consolidation, Workday is providing another starting point on the finance transformation journey for organizations that are hoping to bring efficiency to their financial processes. Hundreds of customers today use Workday consolidation and planning functionality together, and we’re thrilled to provide this to our customers as a standalone solution.”

Automate and Simplify Enterprise Performance Management
Workday Adaptive Planning and Consolidation delivers a unified data model to simplify the process of aligning data structures, currencies, data flow, and collaboration between accounting and finance. With Workday Adaptive Planning and Consolidation, customers can:

Increase efficiency and speed by reducing the time spent on collecting and reconciling data with a shared data model that unites financial reporting and company-wide financial planning.
Overcome complexity by automating critical group close and consolidation tasks with built-in financial controls to ensure compliance and always-on auditing.
Empower users with a modern, intuitive experience that facilitates self-service reporting and data exploration, and the ability to generate predictive forecasts and surface anomalies with embedded AI.

“As a multinational, service-centric organization, we require a single data model for our financial close and planning processes to drive overall business efficiency,” said Joseph Fanutti, chief integration officer, Bill Gosling Outsourcing. “After we automated these transactions in Workday, finance managers gained significant time for analyzing data and offering guidance – in fact, 80% of our finance team’s time is now spent on strategic analysis and delivering true value to the business.”

To help speed their finance transformation efforts and streamline the implementation of Workday Adaptive Planning and Consolidation, customers can leverage the deep expertise of Workday’s global partner ecosystem. Early adopter partners include Abacist Group, Active Cyber, eCapital Advisors, Invisors, Kainos, and Macrospect, and additional partners will be added in the coming months. These partnerships are designed to optimize co-creation and co-innovation between Workday and its partners to deliver greater impact to customers and the industry.

“We are seeing tremendous growth in the EPM market. Organizations, worldwide, recognize the value of having access to the right information at the right time, providing a transparent and accurate view of financial performance,” said Michelle Murphy, consulting emerging ERP leader, Deloitte Global. “We’re excited to see Workday deliver the power of its platform to the EPM market with Workday Adaptive Planning and Consolidation. This new solution will help our joint clients optimize business operations, enhance agility, and unlock sustainable growth, with a secure financial consolidation process, configured to be compliant with relevant regulations.”

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