Challenge
RaceTrac kept its financial data in three systems that were time-consuming and error-prone to manage and use. Limited reporting flexibility led to reduced visibility for actionable data within the general ledger.
Result
RaceTrac deployed cloud-based Workday to unify financial and HR data, simplify and automate workflows, enhance reporting and drive greater profitability through more efficient processes and detail-rich data. As a result, management can make better-informed decisions.
Benefits and results.
Helps finance steer more flexibility.
Using a unified, modern cloud enterprise system, RaceTrac’s finance team is more self-reliant and agile, with better control of their core finance functions, including integrations with IT. Team training that supports self-service and has driven new feature adoption up to 85%.
3
finance systems reduced to 1
80%
business process automation
3
FTEs → Less than .5 FTE
Fuels enhanced reporting and stronger control.
RaceTrac’s new dynamic financial data model and business process framework offer more reporting dimensions, faster financial statements, and easier consolidation and cost allocations. Its internal controls are stronger, and now it has one repository for financial data and documents.
12
new reporting dimensions, including Division, Project and Store/Location
7,000→330
ledger accounts
Accelerates productivity and profitability.
Automated procurement and AP processes help users share ownership across teams. Real-time inventory visibility and auto-replenishment improve spend and overall inventory management, and revenue recognition functionality expedites cross-functional transactions.
75%
reduction in internal queries
2-day
reduction in AP reimbursement cycle times
15K→9K
supplier lines