29/07/2021 | Written by: Helder Silva and Dorsan Claeys
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What impact has COVID-19 had and continues to have on your organization? How can your HR and Finance departments stay agile and effective so you can respond to this adversity? And what role does planning have in your future strategy?
HR and Finance challenges
From headcount to cost planning, returning to work after a crisis to talent planning, budgeting correctly to forecasting future events for financial stability, the challenges facing your HR and Finance departments are vast and varied. Only the organizations that embrace and solve these challenges will gain competitive advantage for the future.
A recent survey of APCQ* discovered that employee, finance, and HR data are the most common types of internal data used in planning, but only 50% of organizations state their planning data is accurate, complete, and timely .
Some organizations are starting to work on their HR and finance challenges with over 90% of organizations in the midst of an enterprise-wide digital transformation. According to the survey, while some organizations have already established activity-based budgeting (55%) and use a rolling forecast (46%), others do not have a planning tool and still use Excel or a manual process (37%).
**Blueprint for success: planning, budgeting, and forecasting (second edition) – APQC 2021*
Introducing Workday Adaptive Insights
With Workday Adaptive Insights, organizations of all sizes can experience the difference a dynamic, flexible, and fast environment can make to their planning, budgeting, reporting, and forecasting. Real-time data transforms today’s static planning into a collaborative, comprehensive, and continuous process for a seamless integration with your existing systems.
How can Workday Adaptive Insights help your organization?
Human Resources departments enjoy using Workday Adaptive Insights for:
Improve and review your organizational structure gaps, cost center, or location analysis. Plan for changes including restructuring, acquisitions, or mergers.
Budget for salary, bonus, or one-time payment increases or decreases. Customize different models and reporting to efficiently improve compensation and benefits without overspending.
Forecast, plan, and budget for headcount changes in your organization. Instantly see the cost impacts, determine the critical skills needed, and create plans to attract and retain talent.
And Finance departments find Workday Adaptive Insights useful for:
Prepare budgets for your primary and secondary account sets, including real-time updates from other transactions that impact your budget. Use external factors, industry values, and other dimensions to better reflect different budgeting strategies.
Use past and real-time data to predict future scenarios by managing and testing your strategies. This can prevent crisis and bad management and deliver strategic insights.
Combining Workday with IBM Strategic Workforce Planning (SWP)
You can also integrate IBM’s Strategic Workforce Planning solution built in Adaptive with your core Workday system to give a complementary solution for your organization as part of your strategic planning program. IBM Strategic Workforce Planning empowers you with powerful workforce analytics designed to drive efficiency by:
- Automating workforce planning for faster and more accurate results;
- Integrating data from multiple systems into one central repository;
- Aligning departmental staffing needs with organizational objectives; and
- Adapting options in real-time as business priorities and conditions change.
Impression of IBM’s Strategic Workforce Planning (SWP) in Adaptive Insights
If you would like to discuss about Adaptive Insights from Workday, please contact Helder Silva or Dorsan Claeys.