Financial Management Systems

Must-Haves for Modern Financial Management Systems

Download this whitepaper & Know  the six key capabilities that separate Workday Financial Management from old-world business apps...

Published By - knowledgeNile

The financial management system you are running today can likely trace its heritage back to the ”˜80s and ”˜90s. Since then, the needs of finance organizations have changed dramatically, but financial systems have failed to adapt at the core.

Built to serve only the most basic requirements, these systems weren’t designed to meet the needs of today’s finance organization. With CFOs today facing very different requirements than they did just a decade ago, Workday believes finance organizations need applications built from the ground up based on today’s needs, not yesterday’s. They need modern financial systems.

“This isn’t about me standing up and saying we have a new system.
This  is about our financial accounting manager saying,
Workday is exactly  what I need to do my job.’ And I think that is the difference.”

 Siobhan Mc Feeney, COO, American Automobile Association of
Northern California, Nevada & Utah

According to a survey conducted by KPMG and CFO Research, enterprise CFOs view business intelligence (BI) and business applications as the top priority from a technology perspective in the enterprise. But traditional financial systems were originally designed for the sole purpose of processing transactions, reporting around the close process, and answering pre-defined questions related to accounting results. Operational views were an afterthought, and the pace of technological change wasn’t even considered. Achieving broader analytics often required deploying expensive and risky data warehouses, bolt-on business intelligence tools, and a myriad of spreadsheets to bridge the gap. The data was often out of date or incorrect. If you’re looking to prioritize analytics, the first place to look is to see if your financial system is built for the task.

Workday customers, real-business insights are completely embedded and actionable. Workday goes beyond the basics of financial reporting. With the use of “Worktags,” Workday customers receive a full view of the business: the who, what, where, when, and why of business events and their impact on the business. Thanks to Worktags, Workday provides useful financial intelligence to executives and operational managers without the need for additional investment in external systems. By capturing complete data from the start of the process, Workday can relate information more effectively, answering the key questions that any business manager may have—without requiring time, effort, and translation services from the Finance team.

Workday Financials is the only financial management solution designed in the past 10 years that incorporates the latest technologies, functionality, and design ethics at the core to address what modern finance organizations need. Download this whitepaper & Know  the six key capabilities that separate Workday Financial Management from old-world business apps.

Recommended For You-

Business can thrive in Digital Age