Workday Adaptive Planning and Consolidation – what you need to know
Workday Adaptive Planning and Consolidation software is now generally available, the company announced.
The product, teased last year, comprises functionality from both Workday Adaptive Planning and the company’s cloud ERP system Financial Management, bringing together its planning and consolidation tools into one product.
Workday Adaptive Planning and Consolidation now includes features for planning, consolidation, closing, collaboration reporting and analytics, according to the enterprise performance management software company.
The software integrates data from multiple sources into a single view, to ensure each business unit is working and collaborating using the same set of information and without the need for further reconciliation. Data integration tools within Workday Adaptive Planning and Consolidation automate data collection, facilitate mapping across ledgers, and can surface anomalies.
With that shared data backbone, companies can then use the software for collaborative planning, financial analysis and reporting.
Workday says the product can be deployed for cross-business planning use cases – for example, allowing the finance function to set targets that then trigger planning processes elsewhere in the business, while sales can use customised drivers – such as particular regions – for their own planning processes.
Automate and simplify
The software uses machine learning and AI within its consolidation and planning tools that allow users to create predictive forecasts, enabling planning teams to foresee how changes in assumptions could impact business performance.
Workday said the software also targets areas that can slow down financial close, such as automating group close and consolidation tasks while still meeting the requirements of audits, financial controls, and global accounting guidelines, as well as providing an overview of where the various business units are in the close process.
The software also provides financial reporting in real-time, with currency translations and intercompany eliminations updated automatically. Users can also export their reporting to the likes of PowerPoint and Excel.
Early adopters
Workday’s partners, including Abacist Group, Active Cyber, eCapital Advisors, Invisors, Kainos, and Macrospect, are early adopters of the product; the company said it also expects to expand this lineup in the “coming months”.
In February this year, the company released its full-year results for fiscal 2024, which showed revenue of $7.3bn, up 17% year on year. The company has over 10,000 customers, according to its earnings call that month.
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Jo Best
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