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Planning & Reporting

FP&A Done Right: Planning for What’s Next in Uncertain Times

September 18, 2020 by Revelwood Leave a Comment

FP&A Done Right

This is a guest blog post from our partner Workday Adaptive Planning, written by Michael Magaro. The blog post was originally published on FEI Daily.

The COVID-19 pandemic changed our world, almost overnight, and businesses are having to adjust. The unprecedented nature of the pandemic means no one knows how deep the economic downturn will be, or how long it will last, which makes financial planning for businesses especially difficult.

Fitch Ratings’ “Global Economic Outlook” states that global economic activity will decline by 1.9% this year with the U.S., Eurozone and UK GDP down by 3.3%, 4.2% and 3.9%, respectively. Some industries will be more impacted than others, and next to no one has historical experience with pandemic conditions.

Companies are clearly having a hard time planning. A survey from Gartner of 99 CFOs and finance leaders taken April 14-19 revealed that 42% of CFOs have not incorporated a second wave outbreak of COVID-19 in the financial scenarios they are building for the remainder of 2020, a finding dubbed “surprising,” by Alexander Bant, practice vice president, research, for the Gartner Finance.  Many public companies have also withdrawn guidance due to lack of visibility.

So how do companies plan when visibility is so cloudy, and unknowns are so numerous?

For the finance team at Workday, we are embracing scenario planning—basically harnessing the power of “what if”—to respond to COVID-19, and so are many of our customers. Our cloud planning platform is processing up to 30 times more forecasts and build-out scenarios for customers than in a typical, pre-pandemic week. And given the volatility and unpredictability we’ve seen, it’s not likely to ease up soon.

But the reality is that agility starts with planning. Not long before the pandemic hit, we, like many companies, had our plan in hand and were evaluating many different potential outcomes, including whether the long-running economic expansion would begin to show signs of slowing. As the realities of the pandemic came into view, we stepped up scenario planning in order to adapt to changing market conditions–and achieve the level of agility our business demands. And, while we continue to adjust and adapt like all companies, we identified five critical steps for successful scenario planning.

Step One: Assess potential impact to the top line

How will what’s happening impact revenue and the various revenue streams that feed the top line number? For many companies, this will include impacts to new business activity, customer retention, and assumptions that went into the impact of new product launches — if any exist.

Each business faces a different situation. During the pandemic, many hospitality businesses are struggling. Meanwhile, many online retailers are going strong. Each industry’s history can be instructive. During the 2002 Dotcom crash and the 2008 financial crisis, for instance, software companies with a higher percentage of SMB customers took a bigger hit to monthly renewal rates.

Because no one has historical data for a pandemic, it’s important to start off fairly basic with scenario planning. Model some elements from the top line, such as new sales, business renewal activity, and up-sell to existing customers by quarter throughout the year. Consider a range of scenarios possible for your business, perhaps 50%, 65% and 80% of a pre-pandemic plan. This gives a good view into what could happen to the income statement and balance sheet and help businesses understand variances on metrics that matter most to them. For organizations similar to Workday, that’s subscription revenue growth, non-GAAP operating margin, and, ultimately, cash flow.

Step Two: Identify levers on the investment side of the business

What levers do you have to pull? For most companies, people are the biggest cost. Do you hire as planned before the pandemic? What are the differences between hiring as planned, freezing hiring for the rest of the year, and the range of options in between? No business wants to cut job cuts at any time, so it’s important to understand other cost levers at your disposal, and the various outcomes possible when you pull them. To understand your big levers, you have to really understand your business.

Step Three: Align leadership

The finance team alone should not decide steps one and two. Involve all leaders so you get the right picture and analysis, and make sure you’ve identified the right levers. Involving leaders keeps everyone aligned and thinking about the right things. For many companies this may take the form of dashboards shared across the leadership team or creating regular review meetings.

Step Four: Identify a good outcome

Ask what a good outcome looks like for your organization. This will differ for each organization. Is it to retain existing customers? Is it to retain your workforce, or to maintain a customer satisfaction standard? Is it to expand and win market share from distracted competitors? By identifying what matters most to your organization, you’ll better prioritize through steps one, two, and three. And in today’s climate, that desired outcome may change, further elevating the importance of a continuous approach to planning.

Step Five: Dive deeper

Once you have your various scenarios, and have received feedback on them, dive deeper. For some companies, this will mean digging into supply chain issues, for others it may be assessing risk by segment, etc. Third-party research can help you decide how to respond. For instance, if you know a number of your suppliers or customers are feeling a lot of pain, how can you be proactive in supporting them? Align various teams on this topic, too. For instance, sales and customer service hear directly from customers. Their knowledge should inform your analysis and drive your ability to help your customers, partners, and your own top line.

Scenario planning to continuous planning

Even prior to the pandemic, Workday’s finance organization was working toward a continuous planning framework. Our aim is to shift from annual planning and budgeting to continuous planning via more frequent reviews and assessment of how changing conditions impact our product roadmaps, and vice-a-versa. Along the way, we look at such things as margins and cash flow. Whenever conditions change, we anticipate being able to take action and adjust our model. For instance, if product development runs behind schedule, do we adjust by upping investment to get it back up to speed or do we adjust our top line estimates? If we’re operating correctly under the continuous planning framework, planning is not a point in time—it is continuous.

Embracing flexibility

The pandemic is challenging us as humans, as companies, and as business partners in all kinds of new ways. When any crisis hits, finance teams need to be able to seamlessly navigate the kinks that come with uncertainty. Scenario planning—and eventually continuous planning—enables us to embrace flexibility and to use it our advantage.

This blog post was also published by Workday Adaptive Planning and appeared here.

Home » Planning & Reporting » Page 6

Filed Under: FP&A Done Right Tagged With: Budgeting Planning & Forecasting, continuous planning, COVID-19, Financial Performance Management, FP&A, FP&A done right, Planning & Forecasting, Planning & Reporting

IBM Planning Analytics Tips & Tricks Video: Using Drag & Drop to Change Selector Elements in PAx Reports

September 15, 2020 by Lisa Minneci Leave a Comment

Video

In our latest IBM Planning Analytics Tips & Tricks video, Lee Lazarow, Revelwood’s FP&A technology director demonstrates how to change selector elements within IBM Planning Analytics for Excel (PAx) using drag and drop functionality. This new feature enables you to do this without having to open the set editor.

Watch this video and you’ll learn how to:

  • Select the element you want and drag it
  • Drag an existing set of elements to a selector

This approach enables Planning Analytics administrators the ability to change the values in a subset without having to train your users or learn anything about the subset editor.

IBM Planning Analytics, which TM1 is the engine for, is full of new features and functionality. Not sure where to start? Our team here at Revelwood can help. Contact us for more information at info@revelwood.com. And stay tuned for more Planning Analytics Tips & Tricks weekly in our Knowledge Center and in upcoming newsletters!

Watch more IBM Planning Analytics Tips & Tricks videos:

IBM Planning Analytics Tips & Tricks Video: Formatting Views in Planning Analytics Workspace

IBM Planning Analytics Tips & Tricks Video: Creating Multi-Level Dimensions

IBM Planning Analytics Tips & Tricks Video: The Hold Feature

Home » Planning & Reporting » Page 6

Filed Under: IBM Planning Analytics Tips & Tricks, Videos Tagged With: Budgeting, Budgeting Planning & Forecasting, Financial Performance Management, IBM Cognos TM1, IBM Planning Analytics, lee lazarow, Planning & Forecasting, Planning & Reporting, Planning Analytics for Excel, Planning Analytics tips, Revelwood, TM1

Best-in-Class Companies Regularly Select Integrated Planning and Reporting Solutions

September 14, 2020 by Lisa Minneci Leave a Comment

News & Events

According to the recent BARC Score report, best-in-class companies regularly select integrated planning and reporting solutions, such as IBM Planning Analytics, over Excel or home-grown systems. This report gives an overview of the planning and analytics market and provides strengths and weaknesses of leading vendors in the space.

The BARC Score report states, “Today, the reality in many companies is that integrated planning and analytics is an often proclaimed, but seldom achieved goal … So Excel, as the lowest common denominator, is often the default first choice for integrating planning with analytics. However, the lack of coherence of data and functionality resulting from using Excel instead of specialized software tools, are frequently cited reasons for user dissatisfaction, inconsistencies or error susceptibility with planning and analytics in companies today.

The report continues, “companies that use integrated software platforms for planning and analytics experience far fewer problems than those that address both topics separately with different software tools.”

IBM Ranked a Market Leader in Report

This report covers “all of the leading vendors as well as many smaller vendors that often have less visibility, but equally offer outstanding value to their customers. The vendors included are: Anaplan, Board International, IBM, Infor, Jedox, Longview, OneStream Software, Oracle, Prophix, SAP, Unit4 Prevero, Wolters Kluwer | CCH Tagetik, and Workday (Adaptive Insights.)

BARC Score report 2020

BARC’s assessment of IBM includes its portfolio of planning and analytics products – IBM Planning Analytics, powered by TM1, IBM Cognos Analytics, IBM Watson Studio and IBM SPSS. BARC lists IBM’s strengths, including:

  • IBM Planning Analytics offers comprehensive flexibility for business power users to create planning and analytics applications based on a high performance in-memory database
  • Comprehensive Excel-based functionality for preparing individual planning and analytics content in IBM Planning Analytics (modeling, custom planning forms, etc.) and publishing it to the web
  • Well-established and expansive partner community with global product support and knowledge

The BARC Score report is based on data points from The Planning Survey, The BI Survey and numerous analyst interactions. Download your copy of the report today.

Home » Planning & Reporting » Page 6

Filed Under: News & Events Tagged With: BARC, BARC Score report, Budgeting Planning & Forecasting, Financial Performance Management, IBM Cognos TM1, IBM Planning Analytics, Planning & Forecasting, Planning & Reporting, TM1

IBM Planning Analytics Tips & Tricks: Control Space

September 1, 2020 by Lee Lazarow Leave a Comment

Tips & Tricks

Have you ever been deep in thought while writing a rule or a process only to realize that you forgot the parameters for a specific command?  IBM Planning Analytics Workspace (PAW) has solved this dilemma by giving you the ability to determine those parameters with a simple set of keystrokes.

PAW’s rule editor and process editor allows you to use Ctrl-Space (e.g., press the control key and the space bar at the same time) to determine the required values associated with any rule or TI command. For example, if I type ATTRS and then press Ctrl-Space, the following will appear on the screen:

IBM Planing Analytics Tips & Tricks: Control Space

I now know the parameters that are required to complete the code.

Ctrl-Space will also help you determine which function to use.  For example, if I type ATTR and then press Ctrl-Space, the following will appear on the screen:

IBM Planning Analytics Tips: Control Space

I am now aware of all the possible attribute functions that are available and can double click on one of the results to have it automatically inserted for me.

If I do not know anything about the name of the functions to use, I can click on the fx button to see a list of the available functions, all grouped by category.

IBM Planning Analytics Tricks: Control Space

This approach allows you to quickly remember the functions and parameters that can be used in your code without having to shift your focus to another screen or manual.

IBM Planning Analytics, which TM1 is the engine for, is full of new features and functionality. Not sure where to start? Our team here at Revelwood can help. Contact us for more information at info@revelwood.com. And stay tuned for more Planning Analytics Tips & Tricks weekly in our Knowledge Center and in upcoming newsletters!

Read more IBM Planning Analytics Tips & Tricks:

IBM Planning Analytics Tips & Tricks: Home Button

IBM Planning Analytics Tips & Tricks: Subset Control Dimension

IBM Planning Analytics Tips & Tricks: PAW Pass Context

Home » Planning & Reporting » Page 6

Filed Under: IBM Planning Analytics Tips & Tricks Tagged With: Analytics, Budgeting Planning & Forecasting, Financial Performance Management, IBM Cognos TM1, IBM Planning Analytics, lee lazarow, Planning & Forecasting, Planning & Reporting, Planning Analytics Tips & Tricks, Planning Analytics Workspace, Revelwood, TM1

IBM Planning Analytics Tips & Tricks: New PAx Feature – Double Click

August 25, 2020 by Lee Lazarow Leave a Comment

Tips & Tricks

IBM Planning Analytics for Excel (PAx) contains a task pane that shows the cubes within your model. Double clicking on a specific cube expands the information associated with the cube, including public views, private views, and the dimensions. Version 49 introduced a new feature to the double click … the ability to launch an exploration browser within your Excel environment.

When double clicking for the first time, you will be promoted to define what happens upon double click. There are two options to select from: Expand and Launch

IBM Planning Analytics Tips & Tricks: PAx double click
  • Expand will show the nodes associated with the cube
  • Launch will open a view editor
  • Note: as of this writing, at least one view must be defined for the launch option to properly work.  IBM is currently working to change this requirement.

After launching and modifying your view, you can then bring the results back to Excel by clicking on the Reports button and selecting the type of report that you want to convert your view into.

New IBM Planning Analytics PAx feature - double click

If you want to reset the action associated with double click, you can change it within the options dialog box.

New double click feature in IBM Planning Analytics for Excel

This feature allows you to quickly analyze data via a drag-and-drop approach and then bring the results back into a Planning Analytics for Excel worksheet.

IBM Planning Analytics, which TM1 is the engine for, is full of new features and functionality. Not sure where to start? Our team here at Revelwood can help. Contact us for more information at info@revelwood.com. And stay tuned for more Planning Analytics Tips & Tricks weekly in our Knowledge Center and in upcoming newsletters!

Read more IBM Planning Analytics Tips & Tricks:

IBM Planning Analytics Tips & Tricks: The Collect Feature in Planning Analytics Workspace

IBM Planning Analytics Tips & Tricks Video: The Hold Feature

IBM Planning Analytics Tips & Tricks Video: How to Reorder Cubes in TM1

Home » Planning & Reporting » Page 6

Filed Under: IBM Planning Analytics Tips & Tricks Tagged With: Analytics, Budgeting Planning & Forecasting, Financial Performance Management, IBM Cognos TM1, IBM Planning Analytics, lee lazarow, Planning & Forecasting, Planning & Reporting, Planning Analytics Tips & Tricks, Revelwood, TM1

IBM Planning Analytics Tips & Tricks: Home Button

August 18, 2020 by Lee Lazarow Leave a Comment

Tips & Tricks

IBM Planning Analytics Workspace (PAW) offers an easy to use navigation menu that will quickly allow you to navigate to any open book. This is done by clicking on the menu at the top, center of your screen. Here is a sample menu that shows three open workbooks.

IBM Planning Analytics Tips & Tricks: Home Button

But did you know that you can also go back to PAW’s opening screen via a single click? A “home” button exists at the top, left corner that takes you directly to the welcome page.

The home button in IBM Planning Analytics

This approach will allow you to save time by quickly navigating back to the start via a single click.

IBM Planning Analytics, which TM1 is the engine for, is full of new features and functionality. Not sure where to start? Our team here at Revelwood can help. Contact us for more information at info@revelwood.com. And stay tuned for more Planning Analytics Tips & Tricks weekly in our Knowledge Center and in upcoming newsletters! You can also sign up to get our Planning Analytics Tips & Tricks sent directly to your inbox!

Read more IBM Planning Analytics Tips & Tricks:

IBM Planning Analytics Tips & Tricks: Create New Books with the Diamond Icon

IBM Planning Analytics Tips & Tricks Video: Formatting Views in Planning Analytics Workspace

IBM Planning Analytics Tips & Tricks: The Collect Feature in IBM Planning Analytics Workspace

Home » Planning & Reporting » Page 6

Filed Under: IBM Planning Analytics Tips & Tricks Tagged With: Analytics, Budgeting Planning & Forecasting, Financial Performance Management, IBM Cognos TM1, IBM Planning Analytics, lee lazarow, Planning & Forecasting, Planning & Reporting, Planning Analytics Tips & Tricks, Revelwood, TM1

IBM Planning Analytics Tips & Tricks: Subset Control Dimension

August 11, 2020 by Revelwood Leave a Comment

Tips & Tricks

Did you know that dimensions exist within IBM Planning Analytics that display your model’s public subsets?

A dimension called }Subsets_<Dimension Name> is automatically created when a dimension is created. The elements of this new dimension are dynamically updated as permanent public subsets are created and destroyed (note: the creation of temporary subsets does not update this dimension).

These control dimensions allow for easy access to public subsets within TurboIntegrator processes. In addition, the subset control dimensions can be accessed via Architect and Planning Analytics for Excel (PAx).

To access subset control dimensions via Architect:

  1. Make sure “Display Control Objects” is enabled
IBM Planning Analytics Tips & Tricks: Subset Control Dimension

2. Navigate to “Dimensions” and scroll down until you reach “}Subsets_<Dimension Name>”

IBM Planning Analytics Tips: Subset Control Dimension

To access via Planning Analytics for Excel:

  1. On the task pane, make sure “Show Control Objects” and “Show Dimensions” are both enabled
IBM Planning Analytics Tricks: Subset Control Dimension

2. Navigate to “Dimensions” and scroll down until you reach “}Subsets_<Dimension Name>”

Subset control dimension in IBM Planning Analytics

This feature gives you an easy approach to see (and loop through) your public subsets without having to create scripts that reference Windows folders.

IBM Planning Analytics, which TM1 is the engine for, is full of new features and functionality. Not sure where to start? Our team here at Revelwood can help. Contact us for more information at info@revelwood.com. And stay tuned for more Planning Analytics Tips & Tricks weekly in our Knowledge Center and in upcoming newsletters!

Read more IBM Planning Analytics Tips & Tricks:

IBM Planning Analytics Tips & Tricks: Maintaining Subset Driven Consolidations

IBM Planning Analytics Tips & Tricks: Compatibility of Views and Subsets

IBM Planning Analytics Tips & Tricks: The New Set Editor

Home » Planning & Reporting » Page 6

Filed Under: IBM Planning Analytics Tips & Tricks Tagged With: Analytics, Budgeting Planning & Forecasting, Financial Performance Management, IBM Cognos TM1, IBM Planning Analytics, Planning & Forecasting, Planning & Reporting, Revelwood, TM1

The Impact of COVID-19 on Lease Planning and Management

August 10, 2020 by Lisa Minneci Leave a Comment

FP&A Done Right

The COVID-19 pandemic has impacted almost every industry – and will continue to do so into the foreseeable future. Corporate real estate and the real estate investment trust (REIT) industry are examples that have gone from fairly predictable scenarios to areas that have been completely upended.

As a result of the coronavirus, many global employers are debating the need to have their employees work in large offices at all. Barclays’ CEO told CNBC that “crowded corporate offices with thousands of employees may be a thing of the past.” Along with Barclays, Mondelēz, Nationwide, and Twitter are talking about a “permanent shift to work from home and reduced office space.” The reasons range from safety to insurance to cost savings. In fact, a Reuters analysis of “quarterly earnings calls over the past week (week of July 15, 2020) revealed that more than 25 large companies plan to reduce their office space in the year ahead, a move designed to reduce the second-largest expense after payrolls.”

A typical REIT company normally holds millions or billions of dollars in assets in office space. They should have a good understanding of which leases are coming up for renewal or expiration, and which buildings will have extra capacity. They look long-term to fill space and maximize revenue opportunities.

Suddenly, as a result of COVID-19, REITs are faced with tenants who are viewing their office space commitments very differently. Many businesses, like retailers and restaurants, have been closed for months. Some are still closed. Some are re-opening slowly. Some face the prospect of future shut-downs. Businesses have asked landlords for rent concessions, and some U.S. cities and states have issued guidelines supporting rent concessions. Regardless of the reason, tenants are now asking for lease modification options. These include partial terminations and reductions in space.

It is possible to “model” real estate assets and leases on spreadsheets, but it is simply not possible to manage this level of complexity, and do so in near real time, with a spreadsheet. In order to truly understand the total impact of rent concessions and lease modifications across multiple buildings, in different states, throughout the nation, a real estate holding company or a REIT requires sophisticated planning software. These firms must be able to do “what-if” scenario modeling. They need to have a clear picture of capacity, in order to move tenants or divest of assets, if needed. They require a solution that is agile, flexible and dynamic.

It’s hard to predict what will happen over the next few months or even the next year, but it’s clear that the real estate industry will see lots of change, fluctuation in leases, and unpredictability.

Read more blog posts about the impact of COVID-19:

FP&A Done Right: The Office of Finance in the COVID-19 Economy

FP&A Done Right: FP&A Tips for Scenario Modeling During COVID-19

FP&A Done Right: Reforecasting in a COVID-19 World – Best Practices You Can Implement Now

Home » Planning & Reporting » Page 6

Filed Under: News & Events Tagged With: Budgeting, Budgeting Planning & Forecasting, Financial Performance Management, FP&A, Planning & Forecasting, Planning & Reporting, real estate investment trust, REIT

FP&A Done Right: Reforecasting in a COVID-19 World – Best Practices you Can Implement Now

August 7, 2020 by Revelwood Leave a Comment

FP&A Done Right

This is a guest blog post from our partner Adaptive Insights, written by Bob Hansen. The article shares insights from Workday’s internal finance leaders on how they are adjusting to the impact of COVID-19.

COVID-19 has hit the entire world with unprecedented disruption, and you are no doubt feeling it in your plans and forecasts. Ironically, just as you likely completed your 2020 revenue, headcount, hiring, opex, and capex forecasts, COVID-19 rendered them moot.

In a recent webinar, we asked finance professionals where they’re focusing their attention in terms of scenario planning and reforecasting. More than a third of attendees (34%) are interested in planning for the top line to accommodate unexpected changes in sales or demand. Nearly one in three (31%) want to better understand and game out their cash position. Nearly a quarter (22%) are focused on how to plan for workforce factors like headcount, hiring, capacity, and utilization. For 13%, the priority is determining a way forward for opex, capex, and discretionary expenses.

Taken as a whole, these concerns paint a picture of businesses working hard to anticipate what the future holds when they realize many of their prior assumptions no longer apply.

So where to go from here? How can you chart a new course when time is of the essence and the waters are murky? The good news is that Workday Adaptive Planning can help.

The need for more granularity and flexibility

As we’ve been helping customers adapt and respond to the current climate, we’re seeing an increased need for two things across the board: more granular forecasts and a finer time horizon.

These two dominant asks point to the demand for business agility. As Kinnari Desai, senior director of FP&A at Workday, points out, “Flexibility and the ability to react quickly are the two most important things.”

For CFOs and their teams, navigating an uncertain future requires up-to-the-minute, data-driven forecasting that can be done monthly, weekly, or even daily. With the COVID-19 pandemic sending waves of disruption throughout every aspect of an operation, businesses need a real-time view into their cash flow to make the right decisions in the moment.

At Workday, our team of finance professionals has gathered timely and actionable tips for dealing with revenue shocks and workforce and capacity planning when income is hard to predict, and strategies for emerging from this pandemic in a position of strength.

Focus on 3 elements of driver-based top-line modeling

Along with the right attitude, a flexible planning environment, and a good dose of business agility, it’s vital to boil down your most important business drivers and optimize your plan to those key drivers.

When implementing driver-based top-line modeling, Desai says to focus on three key elements.

  1. Align around the metrics that matter. Query your senior managers across the business on which metric or metrics are the most important in these times so you know what to optimize for when you run what-if scenarios.
  2. Identify your largest business drivers. Focus on adjusting those levers to realize the largest financial impact (rather than trying to optimize for every single lever).
  3. Home in on the top two to three meaningful scenarios. By now, you probably have a sense of the impact the pandemic has made on your business, so focus your energy and recommendations on the three most likely or meaningful scenarios. Don’t waste your time, cycles, and sanity spinning 10 or more scenarios that are only slightly different from one another. Iterate and refine the scenarios that will matter the most.

You can use Workday Adaptive Planning to tee up your top-line model without a lot of versioning headaches, number crunching or toggling between spreadsheets. Top-line modeling also helps ensure you and your leadership are marching toward the same goal—something that’s never been more crucial.

Understand the value of the common data model

As these changes impact your data model, as you encounter unforeseen expenses, and as you face the prospect of making critical decisions on an accelerated timeline, the true value of a common data model becomes clear. “At Workday, our common data model really helps us,” explains Desai. “At the end of the day, having the same data model being used in your planning system and your ERP system (and if it’s one and the same, that’s even better) is very important to react quickly and understand the data. I can’t emphasize enough the value of the common data model when you need to know what’s really happening in the business right now.”

Working from a single source of truth, notes Desai, you can better explore data, understand the source of that data, and identify viable, numbers-backed opportunities. Say you’re exploring the idea of moving all your new hires out by a quarter. Historically, that may have been done on a quick Excel workup or even a back-of-the-envelope calculation, with decisions based on a glance at the actual data. But neither of those comes close to what anyone would legitimately describe as “data-driven.” With Workday Adaptive Planning and a common data model, we’re seeing customers forecast quickly, adjust variables in real time, and identify the right moment for taking specific action.

From our own experience at Workday, we realized that to move quickly, we had to iterate multiple times. And we realized that revenue, headcount, and cash flow are all driver-based. A single source of truth is making those iterations easier because those drivers are always accurately represented.

Another key advantage: The platform also helps you isolate and measure the impact of specific variables, instead of the detail just disappearing in a never-ending stream of formulas and sheets. For example, many companies now face (hopefully) one-time expenses like supporting a remote workforce. (We created a special “COVID-19” project code so we could track these one-off expenses, like the relief package Workday provided its employees, separate from typical ongoing business expenses.) Operating on a common data model helps you trace the impact of that expense and present true business-related actuals-to-forecast variance.

Keep management in a forecasting feedback loop

Especially in a time like this, the most valuable role of FP&A is to provide expert insight and well-modeled scenarios to senior management early on so they can make informed decisions on issues like expense reduction, hiring, workforce deployment, customer payment options, and more. The faster they can understand and digest those scenarios and the data, the better suited your organization will be to see the other side of this with minimal lasting damage.

This new pace will most likely not let up anytime soon, so now more than ever, you need to utilize Workday Adaptive Planning to ensure your models, plans, and forecasts reflect the latest expectations and data. You have to be able to make changes on the fly and be ready with an answer when you’re asked, rather than spending the next two to three days calculating it.

So to help ensure your leadership is up to speed, turn to our platform to:

  • Build your Active Dashboard to showcase the top business drivers for quick reference and fast, high-level adjustments
  • Drill down into a specific number, or into specific areas of the company to better help understand relationships and correlations across departments or business units. Top-line numbers don’t always provide the insights you need, but discovering what’s behind the numbers can help you see, say, where that opex increase is really coming from
  • Automate as much as you reasonably can, including ingesting data instead of copying and pasting into reports, to free yourself of the manual minutiae and save time to serve as the strategic force you are

How quickly can you get Workday Adaptive Planning up and running?

This is a question we’re hearing frequently these days as FP&A professionals realize their spreadsheets and legacy planning systems have left them at a disadvantage—and they’re looking for something that will give them greater agility fast.

Depending on what you want with your initial build, getting up and running could take as little as a couple of weeks. As with anything, the timeline depends on a variety of considerations.

  • Workday Adaptive Planning is vendor-agnostic and easily integrated with most any other system. You’re going to want to pipe in any data source you’re currently using that’s valuable to your plan
  • There’s no real limit to the amount of data you can sync with Workday Adaptive Planning. Just determine what makes sense for your business—and if your need is urgent, decide what data is critical now and what can wait for later
  • Workday Adaptive Planning lets you plan as far into the future as you like. This is a significant differentiator from some tools like Salesforce, which allow you to forecast relatively near term or the quarterly pipeline but remains a transactional element. With Workday, you can look past the near term
  • If you’re still dependent on external files for your planning, no worries. OfficeConnect is a helpful add-on that lets you interact with live numbers in your Excel, PowerPoint, and Word documents

Change is always a constant. Yet unprecedented changes such as those we’re seeing today require more insight and support. That’s why we’ll be rolling out more webinars and education for you to learn how to get the most from Workday Adaptive Planning—and keep your business agile and responsive in these uncertain times.

This blog post was originally published by Adaptive Insights and appeared here.

Read more blog posts from our partner Adaptive Insights:

FP&A Done Right: Tips for Scenario Modeling During COVID-19

FP&A Done Right: What Must FP&A Do Differently to Make Planning a Success

FP&A Done Right: 3 Words for a COVID-19 World — “Flexible Budget Variance”

Home » Planning & Reporting » Page 6

Filed Under: FP&A Done Right Tagged With: Adaptive Insights, Budgeting Planning & Forecasting, business drivers, cloud financial performance management, COVID-19, driver-based modeling, enterprise performance management, forecasting, Planning & Reporting, Revelwood, Workday Adaptive Planning

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