Workday Adaptive Planning in Finance: Improving Planning and Budgeting Capabilities

In the finance industry, leaders are prioritizing reducing costs wherever possible while continuing to drive revenue, and many organizations are turning to technology to accomplish these goals. Digital transformation in the financial services industry allows organizations to be more adaptable and agile, giving them the opportunity to plan, report, and analyze more efficiently. 17 percent of financial services executives say that investing in innovative digital capabilities for anticipated business needs is a top digital priority. The finance industry is highly competitive and regulated, making it crucial for organizations to be innovative, forward-thinking, and quick to act to maintain a competitive edge.

Workday Adaptive Planning is an enterprise planning solution that helps companies think quickly and make informed decisions. The finance industry is often uncertain, and active planning and forecasting by assessing various scenarios is beneficial for organizations that do not want to be bogged down by unexpected regulatory shifts or slow economic growth. Real-time dashboards offer data visualization that can help reveal issues, trends, or areas for improvement. By transforming otherwise unstructured data into an organized, easy-to-understand format, key actionable insights are revealed for informed decision-making. This article will look at why financial services and insurance organizations need to adopt a planning and budgeting tool and how Workday Adaptive Planning can provide the tools needed to succeed.

Leverage Improved Planning and Budgeting

The financial services landscape has been changing dramatically with the rise of disruptive technologies and increased competition. Cloud solutions offer modern, intuitive software to solve the problems that plague organizations in the finance industry. Whether your organization specializes in banking, insurance, or any other function of financial services, the benefits of Workday Adaptive Planning will dramatically improve planning and forecasting efforts.

Quicker and more Streamlined Planning and Budgeting Cycles: This financial forecasting software helps implement budgeting solutions to different branches, locations, and entities that make up a finance organization. Workday Adaptive Planning also assists branches in reporting metrics like asset mix and customer volume, then consolidates this information for interpretation and strategic decision-making at the corporate level. The result is faster budgeting and reporting cycles, greater consistency, and less risk. Industries such as wealth management and banking need to be as agile as possible and utilizing efficient and adaptable planning and budgeting tools may make all the difference in staying ahead of the competition.

Driver-Based Planning: Planning and forecasting across a broad range of businesses and products is a necessity for any financial services organization, including asset management, brokerage, lending, or fee-based services. Driver-based planning consolidates information and data across the organization to forecast key drivers of business results. Workday Adaptive Planning allows for the modeling of revenue streams based on factors like interest, customer demand, and expenses. These driver-based plans can be easily updated, generating rolling forecasts that can move with changing market conditions or business priorities.

Self-Service Reporting and Analysis: The ability to rapidly generate financial statements, management reports, and even perform stress testing to effectively manage risk and compliance processes is valuable to financial services and insurance organizations. Users should be able to access the important data that informs strategic business decisions, and they need to easily recognize and understand changing trends to adjust those decisions when needed. Financial forecasting software offers intuitive dashboards that allow decision makers to see in real-time the status of operational and financial KPIs such as key income, broker commissions, net revenue growth, expense and asset growth, and credit losses.

Achieve Deeper Insights into Costs and Profitability

Overall, financial services organizations want to shorten the amount of time it takes to generate and see key metrics. The improved integrity of data leads to more streamlined financial reporting which ultimately increases profitability.

Workday Adaptive Planning helps in the integration and consolidation of data from HR and other business functions to get faster and more accurate information on employee and services costs. Additionally, it offers flexible reporting to deliver deeper insights into important data on profitability by product and service, so more strategic decisions can be made on service mix, seasonality, or customer wallet share.

To learn more about how Collaborative Solutions can help your company to deploy and use Workday Adaptive Planning, contact us today.

Popular Posts About Workday Adaptive Planning

How Workday Adaptive Planning Benefits Different Industries

Using Workday Adaptive Planning for Professional Services Forecasting