KPMG helped a global asset management firm leverage robotic process automation and Workday Financials to create an agile and efficient finance organization.
This leading global asset management firm has $1 trillion in assets under management, with a relentless focus on client service and helping clients exceed their investment objectives. To keep pace with today’s environment, its finance organization needed greater agility and flexibility.
It had a legacy on-premises financials platform and manual, paper-driven processes that hampered its performance. The company also had disparate systems for its payroll, human resources, and financial data—representing multiple countries, currencies, companies and business units—so teams struggled to access the data they needed for reporting, forecasting, and analytics to address critical business decisions.
To transform its finance function and position the firm for growth, the company sought to replace its legacy platform with the Workday Financials cloud-based platform, while also integrating data and optimizing processes—on a 12-month timeline. Through our efforts, their finance team modernized its finance organization helping the business better achieve its mission of client focus.
We helped the firm’s finance team address their business challenges, and as a result of the KPMG-led finance transformation (enabled by Workday Financials) they now have:
Working together with the firm’s executives, KPMG helped shape the vision for a successful finance transformation. Our knowledge of the financial services sector, our heritage in finance and accounting and insight into how to craft an efficient transformation, led to our selection.
We led the implementation of the Workday Financials platform, including the configuration of applications, conversion of financial data from the legacy platform, and other services culminating in a successful deployment for multiple functions, business units, and geographies.
Leveraging the KPMG Powered Enterprise (KPE) for Workday framework, we were able to integrate a business transformation and a technology implementation into a single work stream, helping the client reduce risk and capture value sooner. The KPE framework includes leading practices from other implementations, and includes detailed diagrams and leading practices on process design—from procurement to accounts payable—that helped increase the effectiveness of the implementation while transforming processes.
The firm will be leveraging automation within the finance function. As part of the transformation, KPMG also drew upon its advisory experience in technology that extends Workday’s cloud financials platform. We helped them select and integrate a new vendor for accounts payable invoice processing, which included robotic process automation in the design by adding invoice capture and coding technology to Workday’s accounts payable functionality.
A successful finance transformation is based not just on a firm’s capabilities and knowledge – but also on its professionals’ immersion and collaboration with the client team. The executives of this particular firm wanted experienced and trusted advisors who understood their business and fit into their corporate culture; they found them in KPMG.
During complex technology implementations, companies often rush through process design so they can dive into the new system. But it is critical to first consider the way data will flow through a financial process and, importantly, involve end users in the process design. These users will need to absorb the change and buy into the new way of doing things.
With a big-picture view of organizational health, the finance function is in a unique position to correlate data, uncover new insights, and help the business answer critical questions. With Workday Financials, KPMG can help bring data to life through meaningful dashboards and reports, from spend trends in procurement to foreign exchange exposure in treasury management.
KPMG complies with the auditor independence rules of the AICPA, SEC, PCAOB and DOL. As a result, some services described herein may not be available to our audit clients. KPMG audit clients should check with their respective lead audit partner for more information.