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Trading inefficiencies for an investment in growth

KPMG and Workday helped a U.S. national brokerage firm achieve a single point of truth across its functions and data.

Client

National brokerage firm

Sector

Asset Management

Project

Back office transformation with KPMG Powered Enterprise and Workday Prism

Client challenge

KPMG helped the brokerage firm build a strategy and business case based on workshops and company needs assessments. Using the KPMG Powered Enterprise approach, the team focused on process improvement and a holistic operating model in addition to the technology. The RFP process resulted in selecting the Workday Cloud software suite for human capital management (HCM) and enterprise resource planning (ERP).

Throughout the process, KPMG helped the firm use Workday’s Prism framework to blend historic and current data, as well as external and Workday data, to construct a back office built for the future, ready to scale and evolve as the client grows. Two years of financial data, two years of supply management spend data, and three years of HCM transactions were successfully converted to the new system, and the accounting structure was integrated to enable better reporting and drill-down capabilities. In essence, the brokerage firm achieved a single point of truth across its functions and data.

Project at a glance

By tapping into a strong relationship with KPMG, our client began a program to develop a future-focused data strategy and implement the right cloud-enabled systems to achieve its goals.

KPMG helped our client achieve more integration, automation and self-service capabilities while Workday Prism analytics provided insights across finance, HR, and supply chain enabling the organization to access the right data for improved decision-making.

Business impact

KPMG has helped our client achieve more integration, automation, and self-service capabilities while Prism analytics provided insights across finance, HR, and supply chain enabling the organization to access the right data for improved decision-making.

  • Customer data integrated, reducing the number of reports by 75 percent, so the associates could easily see the big picture of their client portfolios.
  • Leading practice processes aligned to standard software, with only 10 percent of workflow requiring customization.
  • Widespread employee self-service practices were adopted within weeks of the implementation, which improved HR and payroll efficiency, and increased employee retention.
  • A unified user experience increased efficiencies across the organization as analytics and insights were easily accessible through a common platform.
  • Facilitated reporting via a centralized “Supplier 360” dashboard provides holistic insight into supply management’s historic and current spend data.
  • Adaptive insights delivered leadership with near real-time data, updating hourly, that improved timely and accurate reporting and analytical capabilities. Historical reporting was available on day one. The company dramatically improved financial close timeframes.
  • Adaptive modeling allowed each business function to plan at individual levels while the tool consolidated all results into a single income statement which could be reported on.
  • The enterprise-wide deployment was completed in 13 months—on time and within budget.

Key KPMG initiatives

KPMG helped the brokerage firm build a strategy and business case based on workshops and company needs assessments. Using the KPMG Powered Enterprise approach, the team focused on process improvement and a holistic operating model in addition to the technology. The RFP process resulted in selecting the Workday Cloud software suite for human capital management (HCM) and enterprise resource planning (ERP).

Throughout the process, KPMG helped the firm use Workday’s Prism framework to blend historic and current data, as well as external and Workday data, to construct a back office built for the future, ready to scale and evolve as the client grows. Two years of financial data, two years of supply management spend data, and three years of HCM transactions were successfully converted to the new system, and the accounting structure was integrated to enable better reporting and drill-down capabilities. In essence, the brokerage firm achieved a single point of truth across its functions and data.

Why KPMG?

  • A solution designed for speed and results.

    KPMG Powered Enterprise is built as a holistic approach and is designed to work with Workday software. It includes preconfigured tools, methods, and practices, including a target operating model—saving time and eliminating the need to start from scratch.

  • Confidence in our experience with Workday and the Prism framework.

    KPMG provided an ongoing conduit between Workday and the client as they moved forward with unfamiliar Prism software. This created more thorough process alignment and promoted a smooth deployment. They were able to take advantage of our experience implementing both finance and HR modules simultaneously.

  • A relationship built on customer knowledge and collaboration.

    Building on a long relationship with the client’s leadership team, we created an environment that promoted teamwork and client involvement. We started with customer needs and helped build a strategy that directly supported the client’s goals.

75%

Data integration

reduction in number of reports

Only 100%

Leading practice processes

of workflows required customization

13 months

On time and on budget

to enterprise-wide deployment

Meet our team

Image of Ronald Seymore
Ronald Seymore
Principal, Advisory, Enterprise Solutions, KPMG US

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