“How much will this cost?” This is the common yet reasonable refrain from CFOs when they hear the news of your plans to implement new technology platforms. Though the reputation of the cost-effectiveness of the Workday suite of enterprise cloud applications may assuage some of their fears, you’ll still be expected to rein in project expenses and keep the final invoice within reason.
That prompts another question: How do you keep your expenses as low as possible? Some Workday expenses are fixed. SaaS platforms, like those developed by this enterprise leader, require an annual expense to access the premium functionality, adaptability, and analytical results of their proprietary tools.
Beyond that, your organization is on the hook for the upfront Workday implementation cost and any additional expenses that arise from stabilization support resulting from blunders during the implementation or testing phases. In fact, your Workday expenses can spiral out of control if you are not careful. Here are four ways in which the right partner can help you control the comprehensive cost of your Workday implementation.
At first, this might seem counterintuitive. Opting for a one-stop-shop platform like Workday should come with some degree of universality, especially when it comes to quality. However, that should not be mistaken for a one-size-fits-all arrangement.
Unfortunately, some Workday vendors, promising to save organizations on their initial time and monetary investment, will suggest using their own Workday project template. The promise of turning a year-long process into a timeline that flickers by in a matter of a few months is far too appealing.
However, their “reduced timelines” often translate into corner cutting. Even though Workday offers highly adaptable platforms and modules, they aren’t going to perform at their best when end users are treated with generic indifference.
Here’s an example. One of our clients worked with a different first vendor that used a rapid implementation process for the Workday Finance module they had chosen to streamline their record-to-report processes. Though the vendor finished in a fast-and-furious timeline, the result was a suboptimal configuration which failed to account for the complexity of their specific business processes.
When our client chose Agilysis for stabilization support, we conducted extensive conversations early in the process to fully map out the firm’s involved processes, determining the gaps in the original implementation. From there, our Workday experts executed auto-reconciliation capabilities and supplier invoicing while also improving intercompany and fund-accounting processes which were essential to their optimal performance.
Accurate and consistent data is the cornerstone of today’s organizational decision making. When there is a lack of data integrity, organizations often end up in a precarious situation by missing out on profitable opportunities or stumbling through avoidable quagmires. In fact, Gartner indicates bad data incurs an annual cost of $12.9 million for organizations plagued by it.
One of the reasons why Workday thrives is their commitment to unifying enterprise data across the core financial, people, and operational business functions. Though the interoperability of these different modules helps to dismantle data silos, the person or team implementing Workday can run afoul of data issues if they are not conscientious with their approach to data.
By the end of a Workday implementation project, your partner should be able to answer all the following questions:
The goal of asking these questions is to validate your Workday vendor’s process, indicating their attitude treats data as a paramount concern. Additionally, these questions show your partner spent adequate time getting to know your stakeholders and map out the current state of your data topography.
If they haven’t done so, you likely need to reassess and amend the now half-baked version of your Workday project. Though the damage done isn’t irrevocable (our post implementation support can rectify most issues), the process of hunting down essential data points and repositories consumes additional capital.
If organizations aren’t careful during the implementation process, they risk financial loss in the long run. The source? Any number of cybersecurity threats. If hackers compromise your Financial modules, they can access your payroll data. If they compromise your Human Capital modules, they can endanger PII or PHI data, both of which sell substantially well on the dark web. Even with the best of intentions, an inexperienced implementation team can overlook key vulnerabilities in your security stance.
One major threat starts with the configuration of access management inside Active Directory. Some companies overlook the infrastructural side of the implementation, failing to restrict Workday API access to only their network end points. Partners should also be determining which IP addresses should be authorized, whether it’s from certain specific countries or only company IP addresses. They should also be checking for VPNs or IP proxies to disqualify them.
Additionally, it’s important to implement the right layers of security. It’s easy enough for hackers to spoof API user requests, allowing hackers to bypass other security measures. In this instance, organizations should make sure they limit Workday administrative privileges to only essential personnel and establish multifactor authentication to mitigate risk factors.
If your implementation team isn’t taking proactive steps to implement these steps, they can potentially cost you millions. For example, Sophos disclosed the average ransomware cost to organizations in 2021 was $1.4 million. Though down from $1.85 million the year before, experts speculate this drop in expenses has more to do with the proliferation of ransomware attacks than a change of heart from hackers. Even if the costs aren’t apparent, there are plenty of invisible costs associated with lost revenue as customers lose trust for your business.
For organizations with a single IT person or a small IT department, working with Workday consultants is almost nonnegotiable. Though your IT department may be well-versed in internal systems, they might miss the nuance of different Workday modules or lack the experience ensuring interoperability across different features and systems. Outsourcing the project from the start to a streamlined and experienced partner is almost guaranteed to save money.
Otherwise, you want to choose a Workday partner that not only offers the above three cost savings measures but treats your business like their own. When they do, you’ll receive greater cost-effectiveness because they’re acting at every step along the way to ensure that the Workday implementation process is delivered with accuracy and care.
Are you looking to determine your next Workday implementation cost? Reach out to Agilysis! Our experienced team can help you to estimate your expenses doing the project alone compared to working with the right partner.
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Extending Workday’s Business Process Framework
Improving Report Performance in Workday: A Case Study
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