In a recent Fireside Chat, we had the opportunity to delve into the world of financial insights with Ben Hart, the CFO of Texans Credit Union. The conversation provided a glimpse into how using Workday Adaptive Planning has transformed financial processes within the credit union.
Watch the recorded Fireside Chat:
Navigating the Financial Landscape
In the first part of the chat, Ben highlighted the challenges posed by the 18-month-long rising rate environment and the crucial role of pricing loans. The credit union leveraged the capabilities of Adaptive to ensure expected returns on various products. The dashboard in Adaptive allowed for real-time visualization and scenario comparisons – something that was impossible to do with static spreadsheets.
From Static to Dynamic: A Paradigm Shift
Ben emphasized the profound differences between the old and new processes and the transformative power of Adaptive. The ability to run “what if” scenarios, create visualizations on the fly, and assess the impact of assumptions in real time has provided a level of agility and responsiveness that was previously unattainable. Now that Texans CU is no longer bound by the limitations of static spreadsheets, the finance team can navigate financial complexities with ease, providing stakeholders with immediate, data-driven insights.
Collaborative Customization: Partnering with Revelwood
The chat also touched upon the collaborative effort with Revelwood in customizing Adaptive for Texans CU. Ben shed light on the necessity of engaging an external partner to expedite the budgeting component for their 2023 budgets. Revelwood not only facilitated the process but also played a crucial role in imparting knowledge to Ben’s team, ensuring a seamless transition and empowering them to become self-sufficient users of Adaptive.
Unlocking the Full Potential
Despite the evident success and positive feedback, Ben acknowledged that there’s more to explore in terms of Adaptive’s potential. Looking ahead, he wants to fine-tune income statements based on cost centers, moving beyond the current enterprise-wide focus. The scalability of Adaptive, in Ben’s view, ensures that the credit union will never outgrow the solution, allowing it to adapt to evolving needs seamlessly.
Real-Time Results and Continuous Improvement
One of the standout features highlighted by Ben was the ability to achieve real-time results during crucial financial discussions. Whether it’s assessing the impact of CapEx needs with the IT department or navigating the intricacies of the 2024 budget process, Adaptive allows for immediate insights, aligning stakeholders with the financial implications of their decisions.
The Decision to Engage External Expertise
Closing the conversation, Ben shed light on the decision to collaborate with an external consulting firm like Revelwood. The need for a quick and efficient onboarding, coupled with the desire for a higher level of expertise, were pivotal factors. The external partnership not only accelerated the implementation process but also brought a creative perspective, leveraging years of experience with Adaptive.
The Fireside Chat with Ben Hart provided a fascinating look into the evolving landscape of financial planning within credit unions. As the financial industry continues to evolve, insights from leaders like Ben offer valuable guidance for credit unions seeking to navigate a dynamic and challenging landscape.