What is Workday Adaptive Planning?
Workday Adaptive Planning is used to budget, forecast, report, and analyze financial information. Large firms will particularly like the application for its complex planning ability. Workday has created an amazing data-driven platform that provides insight into your business’s financial operations.
The app spares finance teams or departments the tiresome task of data consolidation and analysis. So, what is Workday Adaptive Planning? Learning how it can benefit your business is the best way to understand this versatile solution:
WAP has industry-leading ease of use, a quality you want in a complex financial planning and analysis (FP&A) tool. Everyone in a business can use the platform easily. For a large company with many teams and users making up a complex ecosystem of teams and departments, ease of use is highly desirable.
Its ease of use assures quick adoption at any firm leading to increased employee engagement in finance, operations, and other business departments.
The application will engage both finance and non-finance users for a more cooperative and active planning process. Users can create financial plans that are linked to the company’s goals resulting in better and quicker decision-making.
Designed For Business
All businesses need to plan, but unfortunately, many financial planning tools are hard to deploy. Changes to the organizational structure, data analysis, and report generation often require IT support for these tools to function properly.
However, with Workplace Adaptive Planning, implementation can happen immediately because it is built for business. There is little help required from IT because of its ease of use. Users can control their business planning, data analysis, and report creation from their dashboard, which contains all elements of the business.
Every business, even large multinational conglomerates, needs to be adaptable to change. However, traditional planning tools are inflexible and change very slowly.
WAP is designed for adaptability. The design allows for flexibility in operational and scenario planning so models and plans can constantly evolve as markets and the business climate change.
Using WAP, firms can conduct all types of business planning in a single platform leading to comprehensively flexible plans ready for evolution.
Workday’s platform is ideal for any business that wants to scale its operations. The platform is built to handle multidimensional data modeling, analysis, and reporting.
You can use it to plan for a myriad of business processes across numerous dimensions. The planning period can also be scaled across weeks, months, or years.
Its scalability is enabled by its unlimited what-if analyses, which consider different scenarios to find opportunities and determine the effect various changes will have on all aspects of the business.
Industry Specific Features
One of the most substantial benefits of the Workday planning application is that it has industry-specific features. The platform’s features include financial modeling, budget planning, and financial analytics and reporting.
The platform offers planning solutions for up to 10 specific industries.
These industries include Software as a Service (Saas), manufacturing, healthcare, business services, retail and financial services. For example, in manufacturing, it helps manufacturers explore operational, supply chain, production, and capital expenditure plans.
Because each industry has different regulations, needs, consumer behavior, marketing strategies, etc, WAP accounts for all the factors.
The result is comprehensive planning custom-tailored to your industry for specific solutions ready for implementation.
An Enterprise-Wide Planning Tool
Workday Adaptive Planning is an enterprise performance management (EPM) solution designed to facilitate enterprise-wide financial planning, analysis, and reporting. Every business, particularly huge conglomerates, can benefit from using the platform. Like any other business planning tool, it has its advantages and disadvantages. Therefore, it is up to businesses to evaluate its merits and determine whether it is the right choice for them.