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Transforming a traditional firm for the modern era

How we made a money manager’s technology infrastructure as sophisticated as its investment strategies

Client

Wealth manager

Industry

Financial services

Primary Goal

Finance transformation

Technology

Workday

A private mutual funds company was outgrowing its financial systems. While the firm’s investment strategies were sophisticated, its use of technology was not. KPMG helped the company transform its finance platform, replacing a dated operating model and processes with a powerful Workday Financial Management engine and then administering the system for the client.

As a systems integrator, KPMG approaches projects from a leading practices perspective, delivering solutions that enable continuous improvement and scalability, and optimizing systems for each client’s needs. KPMG significantly reduced operating costs for the client while expanding platform capabilities, centralizing processes, and enabling the infrastructure for a future-forward culture.

KEY OUTCOMES

Making a measurable difference

  • Reduced manual processes through financial modernization and automation
  • Replaced reliance on complicated, back-end, Excel-based modeling with a predictive reporting and forecasting Workday framework
  • Expanded capabilities and gained operational effectiveness
  • Outsourced Software-as-a-Service support and ongoing enhancement responsibilities

Client transformation journey

Click on each part of the journey to learn more about our client’s transformation.

We began by modernizing and transforming their ERP function. Now we’re maintaining it. Next, we’ll expand beyond the walls of Workday to give them a secure and cohesive tech stack that supports their ability to evolve and scale. We’ve removed a noncore responsibility, so they can now focus on items that are more impactful to their culture and vision.

Michael Brady

Advisory Managing Director, Enterprise Solutions, KPMG US

KPMG integrates practice areas to drive transformational change

KPMG marshaled a diverse group of professionals from its Enterprise Solutions and Managed Services teams to develop and implement a holistic solution for the client. As an accounting firm and a systems integrator, KPMG innately understood the client’s technical and regulatory requirements. Even more, KPMG knew how to transform corporate culture. Its demonstrated technology skills, accounting experience, and sector knowledge made KPMG the winning choice for the client’s modernization, optimization, and ongoing support objectives. 

Proposal: Let’s fix finance

KPMG explained the “art of the possible” that Workday’s extended functionality and applications enabled—not only would it automate processes, but it would expand the client’s capabilities as well. And it would address and allay two key client concerns: protecting the confidentiality of its highly sensitive proprietary data and controlling data access—the ability to limit certain information to the appropriate audience.

KPMG defined a roadmap for leveraging Workday to integrate people, processes, and technologies across the company. The proposed solution framework would make it easier to collect, organize, analyze, and distribute information directly to the relevant stakeholders. And, with a secure and centralized data repository, everyone in the organization would be confident of accessing correct, up-to-date, and complete information. Layering in ongoing application support and enhancement from KPMG would ensure ongoing and effective aid. The client agreed with the vision and proposal.

Implementation: Building the solution

As a Workday alliance partner, KPMG understood how best to structure the platform’s features, and how to tailor its capabilities to client stakeholder needs. Workday’s sophisticated finance modules would automate time-consuming manual tasks, provide deeper insights, and give employees more insight and control in managing their responsibilities. 

KPMG transferred the backbone of the client’s financial processing approach—financial reporting, financial planning, workforce planning compensation, compliance, and shareholder registry distribution calculations—from complicated but isolated spreadsheet models into Workday. In parallel, KPMG introduced new applications, such as Adaptive Planning, Workforce Planning, and Prism Analytics, into the client’s framework to facilitate their modernization efforts.

These changes were more than operational; they were cultural as well. They represented the client’s commitment to a data-driven future. Workday, a platform designed for today’s mobile workers, did more than expand employee capabilities—it helped them be more informed and productive. 

Operation: Allowing the client to focus on core competencies

As the client began to understand the scope of Workday’s capabilities, they realized their incumbent provider organization was not delivering the support and vision required to keep them on the cutting edge of technology. They asked KPMG Managed Services to take over the administration and servicing of the system. In essence, KPMG Managed Services became the client’s de facto finance technology department.

KPMG Managed Services combines advanced technology, functional and sector experience, and leading practices to address knowledge-intensive processes—core and noncore—while driving strategic priorities across the enterprise. The team is comprised of strong, experienced consultants steeped in all parts of systems integration and maintenance. They leverage this strength in collaborative ways, helping the client understand how to gain full value from their Workday platform.

This methodology not only includes, for example, managing Workday’s biannual functionality enhancements and determining if there are impacts that need to be assessed, potentially remediated, regression tested, and introduced to the client’s production environment, but also involves analysis and making business contextual recommendations on what the client should or should not consider implementing, identifying cross-functional impacts, and socializing how changes would complement and affect client objectives for the system. 

Onward: Positioned for tomorrow

Workday is now the client’s system of record across HR, Payroll, Finance, and FP&A, and the enabling platform for its tech stack and operational objectives. KPMG will continue to manage the system’s advanced capabilities, providing the client with financial management and, more importantly, adding value by offering the client greater and deeper insights into their operations than was previously possible.

Meet the team that made the difference for a global money manager

Image of Michael Brady
Michael Brady
Advisory Managing Director, Enterprise Solutions, KPMG US
Image of Susan K. Nara
Susan K. Nara
Advisory Managing Director, Market Growth & Client Success, KPMG US

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