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Workday launches Adaptive Planning and Consolidation offering

Monday 25th March, 2024

Workday has 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, Workday customers can streamline and simplify data management, financial close and consolidation, planning, and financial reporting and analytics.

"Each organisation'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 organisations 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."

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.

"As a multinational, service-centric organisation, 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 analysing 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 optimise co-creation and co-innovation between Workday and its partners to deliver greater impact to customers and the industry. According to a Workday news item.

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Avalara

Avalara helps businesses of all sizes get tax compliance right. In partnership with leading ERP, accounting, eCommerce and other financial management system providers, Avalara delivers cloudbased compliance solutions for various transactional taxes, including sales and use, VAT, GST, excise, communications, lodging, and other indirect tax types. Headquartered in Seattle, Avalara has offices across the U.S. and around the world in Canada, the U.K., Belgium, Brazil, and India.