A midsize financial services firm had implemented the Workday Finance module, but suboptimal configurations led them to perform manual operations to balance the books. Agilysis helped the client reconfigure the system and stabilize the environment.
Eager to streamline their record-to-report processes, a financial services company implemented Workday Finance systems to track the performance of its various funds. The firm’s intercompany accounting processes were complex, as it had to allocate supplier expenses to its various funds, account for fund refunds, and reclass and settle accounts in foreign currency.
The implementation partner, inadvertently, decided to use a rapid implementation methodology to deploy Workday Finance. The fast-and-furious implementation failed to account for the intricacies of the firm’s intercompany fund operations, leaving them with suboptimal configurations which did not cater to the complexity of the business processes. As a result, the client had to carry out a whole host of manual operations, causing overall frustration within the firm’s finance and fund management teams.
Agilysis, along with another partner, mapped the firm’s intricate processes to identify gaps in the original implementation. By diagnosing these gaps, our team was able to achieve four areas of improvements:
The client had a second ‘Go-Live’ with new Workday Finance module configurations and integrations. This has resulted in stable environment that meets their needs with little manual processing – and far fewer stress headaches for the people in their organization.