webinar: taking control of corporate spend
TRANSCRIPT
Taking Control of Corporate SpendUsing Technology to Gain Value in Spend Management
Feb 28, 2017
Workday Confidential
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Safe Harbor Statement
Introductions
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Lauren PukaczDirector, Strategic
Procurement New York Public Library
Rob KugelSVP & Research Director
Ventana Research
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Agenda
► Ventana Research Perspective on Spend Management
► Workday Customer Success: New York Public Library
► Q&A
Taking Control of Corporate Spend
Using Technology to Gain Value in Spend Management
@ventanaresearch In/ventanaresearch
Robert D. Kugel CFA
Senior Vice President – Research DirectorFebruary 2017
@rdkugelVRblog.ventanaresearch.com
What is Spend Management?
Travel & Entertainment
Indirect Purchasing
The Importance of Spend ManagementMore effective spend management promotes a more strategic finance department.
• Greater control • Better visibility• Lower administrative effort
• Easier policy compliance
It’s Not EasyManaging T&E and indirect purchasing can be difficult.
• Managers need timely insight into the details of every expense transaction.
• It should be easy for employees to comply with travel and indirect spend policies.
• Spend-related processes must be handled efficiently.
Streamline Expense Management
• Go beyond simple automation• Increase visibility and control• Make information actionable
The Need for Timely Spend Information• A majority in finance departments say their reports are accurate.
• Only 31% say they are timely.
Visibility
A single system for spend management with financials and HR improves visibility with up-to-date information.
Say Goodbye to that Fat Wallet
Rationalize Purchasing and ProcurementAutomating the indirect procurement process can help:
• Facilitate employee compliance
• Reduce wasteful spending• Provide more accurate
data• Improve productivity
The Power of OneThe value of a single system:• Consistency in accounting• Enhanced control• Streamlined data flows• Increased visibility• Better user experience
The Value of Cloud•Cloud-based systems are easier to access and use by those who work remotely or travel.
•They also free organizations from capital expenditures and can reduce ongoing costs associated with system maintenance.
Better Administration
• Improve administration and control of corporate spend.
• Achieve greater visibility and accuracy of information.
• Assess the value of a single system
• Consider the cloud.
Lauren PukaczDirector, Strategic Procurement
NYPL
2.5kEmployees
HCM Go-Live 2012
FIN Go-Live2014
92Locations in NY
Prior to Workday
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100% paper-based processes for requisitions, purchase orders and
approvals
NYPL was using PeopleSoft HCM, Benefits, Payroll and Financials for 14+
years
Lacked visibility into key finance metrics to empower decision-making
Difficulty streamlining business processes and enforcing control
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Unified PURE Cloud ReportingWorkday Products
Unified Modern Architecture
Mobile
Why Workday
Human CapitalManagement
PayrollFinancialManagement
Procurement Expenses Benefits Grants
Transparency
Financials Implementation Timeline
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Change Management
Updates & New FeaturesTraining Support
Financials Implementation (Cont.)
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• Workday Support Structure‒ Workday Steering Committee‒ HCM and Financials Product Owners‒ Update Testing Process in Place‒ IT Support - centralized security, integrations, reports‒ ServiceNOW Ticket System ‒ WD Community
• Security, New Features, Enhancements
• Updates – implemented automated testing
• Ensure more knowledge transfer prior to go-live
Lessons Learned
Value Realized
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Control over operational spending
Ability to identify areas for potential cost savings
Decreased spend on P-cards and corporate cards
Faster reimbursements
One stop shopping for end users
Quicker turnaround for purchases
Efficient asset tracking
Big Wins with Workday Expenses & Procurement
One Integrated System
Single Source of Data
TM
Q&A