Challenges
Prior to Workday, OneSource Virtual (OSV) operated from a rigid and disparate network of systems and applications. Teams performed the majority of the work in Microsoft® Excel, and Accounting and Finance were overwhelmed with manual tasks.
Why Workday.
OSV was experiencing rapid growth and needed a single system that could effectively and efficiently scale as the company expanded. Since going live with Workday in 2011, OSV no longer needs to continuously reevaluate its back-office environment and has equipped teams with data-driven, actionable insights that drive business performance.
Benefits and results.
Billing process automation.
Workday makes it possible for the Billing team to scale with OSV’s growing services offerings and global expansion. The enhanced data model, improved reporting and auditing, and configurable process flows help increase efficiency and allow more time for projects that strategically support the business.
Reduced billing cycle time from 5 days to 2 days
Avoided $325K in annual billing team costs
Close and reporting.
The Accounting team now has automated and streamlined financial accounting and close processes, resulting in more time for analytics tasks and cross-functional projects. Error risks have decreased while data accuracy has increased, giving leadership, auditors, and other key stakeholders greater confidence in OSV’s data and financial results.
Reduced time to close from 30 days to 8 days
Added more than 50 reports for executive visibility
Decision support.
Accounting now delivers rich, actionable insights into the company’s profit and cost centers. Managers have real-time visibility into spend through self-service reports plus timely insights into adjusted financial results. Account executives are equipped with trend reports that support pricing in renewal and up-sell opportunities.
Saw a 90% adoption of self-service by managers
Reduced risk of lost revenues for account executives
AP process automation.
The Payables team has realized a reduction in processing cycles costs and time, resulting in fewer late fees and vendor queries. Enhanced visibility into a unified data core has improved the accuracy and completeness of accrued payables which, coupled with the benefits of OCR, have eliminated three days of close activity.
Reduced time to complete AP close from 5 days to 2 days
Decreased vendor inquiries by 97%