fbpx

All posts by Shearwater Asia

experience team 1

FP&A for Retail and E-Commerce Industry

In the world of retail and e-commerce, maintaining a competitive edge requires a combination of innovation and effective financial decision-making. To effectively navigate the intricate environment, a comprehensive understanding of the financial landscape is crucial. This involves conducting and utilising financial planning and analysis (FP&A) strategies, as it plays a vital role in providing actionable insights that can guide decision-making processes in an organisation.

FP&A goes beyond providing insights by empowering retail and e-commerce businesses to make informed decisions that drive long-term business success. Through FP&A, businesses can gain an understanding of their revenue, profitability, costs, and market trends, which allows them to optimise resources and effectively allocate them where necessary.

In the world of retail and e-commerce, maintaining a competitive edge requires a combination of innovation and effective financial decision-making. To effectively navigate the intricate environment, a comprehensive understanding of the financial landscape is crucial. This involves conducting and utilising financial planning and analysis (FP&A) strategies, as it plays a vital role in providing actionable insights that can guide decision-making processes in an organisation.

FP&A goes beyond providing insights by empowering retail and e-commerce businesses to make informed decisions that drive long-term business success. Through FP&A, businesses can gain an understanding of their revenue, profitability, costs, and market trends, which allows them to optimise resources and effectively allocate them where necessary.

Understanding FP&A in the Retail and E-Commerce Context

FP&A is more than just number-crunching and budget management; it’s a dynamic process that empowers businesses to make informed and strategic decisions. The retail and e-commerce industries depend on accurate FP&A data to gain a comprehensive understanding of their financial status. This enables them to identify potential areas for growth, mitigate risks, and improve overall performance.

Engaging with the Right Data

Data-driven decision-making is a fundamental pillar of successful financial planning and analysis (FP&A) strategies in the retail and e-commerce industries. With vast amounts of data generated daily, it’s crucial to harness the power of technology to analyse and derive meaningful insights from this wealth of information.

Engagement metrics, sales data, customer demographics, and inventory trends are just a few examples of the crucial data that FP&A teams must work with. With the help of advanced analytics tools and AI, businesses can unlock a wealth of insights into consumer behaviour and market trends. Armed with this knowledge, they can fine-tune their strategies to better meet their customers’ needs and stay ahead of the competition.

Scenario Planning 

Amidst a world that’s constantly evolving, unpredictability is bound to happen. As evident from recent global challenges, businesses must stay prepared for anything. Here, FP&A plays a crucial role by assisting in scenario planning.

Scenario planning involves modelling various plausible situations based on potential economic, market, or operational changes. To effectively address any potential issues that may arise, it’s important to simulate possible scenarios and their corresponding impacts. Doing so, you can proactively develop contingency plans and respond quickly to emerging challenges. This level of preparedness provides a significant advantage, ensuring companies can pivot and adapt to dynamic market conditions without compromising their financial stability.

Agile Budgeting and Forecasting

The traditional budgeting approach often falls short in a fast-paced industry like retail and e-commerce. Agile budgeting and forecasting offer a solution to this issue. Companies are moving away from inflexible, fixed budgets towards a more adaptable approach that allows regular modifications based on real-time data and performance feedback.

An agile FP&A process permits businesses to allocate resources more effectively, seize opportunities as they arise, and optimise their strategies promptly. This iterative approach fosters adaptability, promoting a culture of continuous improvement that is essential for success in today’s retail and e-commerce landscape.

Integrating FP&A with Operational Decision-Making

To fully unleash the potential of FP&A, it must be integrated into the heart of a company’s operational decision-making process. FP&A teams should collaborate closely with various departments, including marketing, sales, and supply chain management.

Encouraging cross-functional communication and collaboration is key for businesses to ensure that financial insights inform operational decisions and vice versa. This collaboration between finance and operations allows organisations to coordinate their short-term actions with long-term financial objectives, ultimately strengthening their overall strategic position.

Enhancing Profitability

Maintaining healthy profit margins is an ongoing challenge in an industry driven by consumer demands and competitive pricing. 

Through rigorous financial analysis, businesses can pinpoint areas where costs can be trimmed without sacrificing quality or customer experience. Whether streamlining supply chains, renegotiating vendor contracts, or optimising inventory management, these strategic cost-saving measures can significantly impact a company’s bottom line.

Conclusion

In a world where disruption and transformation are constant, successful businesses in retail and e-commerce must view FP&A as not just a back-office function but a strategic partner that unlocks opportunities and guides them towards a prosperous and sustainable future. With these advanced FP&A techniques, retailers can effectively navigate challenges and capitalise on emerging trends, securing a competitive edge in the ever-changing world of retail and e-commerce.

Experience Workday Adaptive Planning Today.

fpa leaders luncheon featured image

FP&A Leaders Luncheon – Workday Adaptive Planning HK

FP&A LEADERS LUNCHEON

Make Modern Planning your solution to navigate uncertainty & elevate the game for FP&A team

31th January 2024, 12.00 pm to 1.30 pm

W Hong Kong

undraw scrum board re wk7v

You’re invited to join Workday Adaptive Planning and a select group of your finance peers to discuss the most pressing challenges and opportunities FP&A teams are facing today.

Over lunch and coffee, we’ll cover the latest insights and industry trends, including the adaptation of AI and ML technologies in financial planning, share recent customer stories, and demonstrate Workday Adaptive Planning updates and compelling use cases.

KEY TAKEAWAY

Leave this event equipped with actionable strategies and a clear roadmap to optimize your costs, protect your bottom line, and fuel sustainable growth in today’s volatile environment.

SAVE YOUR SPOT

We look forward to having you at the event.
Please arrive 5 minutes early for the registration
project discussion

Why Workday Extend is the Future of Business Apps

Imagine a world where your HR team isn’t drowning in paperwork, your finance department doesn’t live in spreadsheet hell, and every employee feels empowered to do their best work. We were drowning in a sea of disconnected systems. HR craved a way to streamline onboarding, finance yearned for smoother expense reporting, and our sales team dreamt of a unified customer portal. Each department, an island in an archipelago of frustration.

In today’s dynamic business landscape, agility is paramount. Organizations need the ability to adapt and innovate quickly, often surpassing the limitations of traditional software solutions. This is where Workday Extend steps in, offering a revolutionary approach to building and deploying custom applications.

Workday Extend isn’t just a tool; it’s a cultural shift. It removes the barriers between ideas and action, making innovation accessible to everyone. From the CEO to the intern, everyone has the power to shape our future.

Extend, Don’t Replace: Building Apps Where Your Business Lives

Workday Extend isn’t about ripping and replacing your existing systems. Instead, it lets you build bespoke apps directly within the Workday platform, leveraging its robust data, security, and user interface. Imagine having apps tailored to your specific workflows and processes, seamlessly integrated with the core Workday system you already know and trust.

Embrace a No-Code/Low-Code Revolution

Workday Extend empowers both technical and non-technical users to build powerful applications. Its intuitive drag-and-drop interface and visual tools eliminate the need for extensive coding, significantly accelerating development cycles. Imagine business analysts and process owners taking ownership of their app creation, freeing up IT resources for complex projects.

Unlock a Pandora’s Box of Benefits

The advantages of Workday Extend extend far beyond just rapid app development:

  • Boost Operational Efficiency: Automate manual tasks, eliminate errors, and streamline processes, driving productivity and cost savings.
  • Empower Employees: Provide personalized experiences that increase engagement and satisfaction, leading to a more productive and motivated workforce.
  • Confident Decision-Making: Leverage Workday’s trusted data and AI/ML capabilities (limited availability) to gain deeper insights and make data-driven decisions with greater certainty.
  • Reduce Maintenance Headaches: Workday Extend’s update-safe architecture eliminates the need for constant re-coding and regression testing, freeing up resources for ongoing innovation.

Tap into the Power of Your Trusted Platform

Workday Extend inherits all the security and audit controls of the core Workday platform, ensuring your data remains pristine and your organization compliant. Plus, global deployments and centralized monitoring make managing your custom apps effortless.

Ready to Unleash Your Potential?

Workday Extend is more than just an app development platform; it’s a catalyst for transformation. It empowers businesses to break free from the limitations of traditional software, embrace agility, and unlock a world of possibilities.

Take the first step towards building a future-proof business. Explore Workday Extend today and discover how it can help you achieve your unique goals.

Experience Workday Adaptive Planning Today.

fpa leaders luncheon featured image

FP&A Leaders Luncheon – Workday Adaptive Planning

FP&A LEADERS LUNCHEON

Workday Adaptive Planning

30th January 2024, 11.00 am to 1.30 pm SGT

WestIn Singapore

illustration woman sitting technology FoW 1

You’re invited to join Workday Adaptive Planning and a select group of your finance peers to discuss the most pressing challenges and opportunities facing FP&A teams today.

Over lunch and coffee, we’ll cover the latest insights and industry trends, including the adaptation of AI and ML technologies in financial planning, share recent customer stories, and demonstrate Workday Adaptive Planning updates and compelling use cases.

You will also have the opportunity to network with local peers and engage with other FP&A professionals and our planning experts.

Dennis Yen

Dennis Yen

General Manager Planning
Workday
Vince Randall

Vince Randall

Regional VP, Asia Pacific-Japan Specialized
Workday
Marcus Dietrich

Marcus Dietrich

Principal Solution Consultant
Workday

11.00 AM

Registration (coffee/tea and snacks buffet)

11.30 AM

Welcome and Opening Remarks

11.35 AM

FP&A Landscape

11.50 AM

AI&ML for Financial Planning

12.15 AM

Adaptive Planning Demo

12.30 AM

Roundtable Discussion

13.00 AM

Q&A

13.15 AM

Networking

SAVE YOUR SPOT

We look forward to having you at the event.
Please arrive 5 minutes early for the registration
Adastria Blog banner 1 1

Achieving Speedy Implementation in 3 Months and No Dedicated Personnel: Adastria’s Case Study

For companies considering global expansion, determining how to construct IT systems, especially core systems, is a challenging issue. The difficulty companies encounter when their current IT systems don’t seamlessly fit the unique conditions of the local environments where they operate. When deciding to update or refresh these systems, it becomes imperative to steer clear of implementations that could introduce complexities, leading to high costs and consuming substantial time. The goal is to ensure that the process of upgrading systems doesn’t impede the smooth functioning of the business; hence, it is crucial to execute these changes in a manner that is both efficient and cost-effective.

Adastria Group, a leading fashion company known for brands like “Global Work” and “Niko And..” faces the challenge of global expansion. The company maintains a significant global presence, operating in approximately 1,500 stores worldwide.

Adastria is on a mission to grow globally To expedite this process, the company adopted the SaaS application “Oracle NetSuite,” providing a unified system for essential functions such as ERP (Enterprise Resources Planning), CRM (Customer Relationship Management), and E-commerce, deeply impacting the company’s profitability and operational efficiency. To streamline their operations, the company has adopted the SaaS application Oracle NetSuite, unifying crucial functions like ERP (Enterprise Resource Planning), CRM (Customer Relationship Management), and E-commerce. This move significantly enhances Adastria’s profitability and operational efficiency.

Shuhei Toyonaga, Adastria
Shuhei Toyonaga, Senior Manager of DX Strategy of Adastria

Among various ERP options, why did Adastria choose NetSuite?

Meeting the Need for Rapid Implementation of Core Systems for Global Expansion

Adastria celebrated its 70th anniversary in 2023. In the medium-term management plan established in April 2022, the company outlined four growth strategies: “Multi-brand Category,” “Digital Customer Touch Points Services,” “Local” and “New Business.” Shuhei Toyonaga, Senior Manager of DX Strategy states, “We are actively expanding into Southeast Asia in addition to the already established presence in the United States, China, and Taiwan.

Preparations for overseas store openings require not only physical resources such as stores, facilities, and personnel but also IT systems to support operations.

Traditionally, Adastria replicated the core systems utilised in Japan at its overseas locations, complementing them with subsystems customised to the business practices of each respective country. However, this approach, while ensuring compatibility with the systems employed at the Japanese headquarters, required the development of unique systems adapted to local requirements for every new store opening, requiring considerable effort.

To address these challenges, Toyonaga states, “We wanted to package the IT infrastructure to deploy it more quickly for upcoming store openings.

In addition, the company faced the challenge of ageing IT systems at its overseas locations. With the need to update IT systems approximately every five years, the growing number of international stores means an increasing number of systems requiring updates. Without dedicated IT personnel at overseas locations, addressing system updates poses a challenge in terms of effort and securing skilled individuals.

To solve these challenges, Adastria concluded that it was necessary to overhaul IT systems not only for new bases but also for existing overseas bases. Toyonaga recalls, “With the updated system, we wanted to seamlessly connect sales and accounting data and access information in real-time. Additionally, a system that aligns with local business practices was necessary.

As future expansion countries are not fixed, we need a globally applicable mechanism with a proven track record in Asia. This mechanism should also be flexible enough to accommodate the company’s specific needs.

NetSuite Aligned with Adastria’s Needs

Adastria considered adopting SaaS (Software as a Service) ERP that could be used globally and sought partners to provide support in various countries worldwide. After searching not only in Japan but also in places like Shanghai, they found Shearwater Japan. This is a company that specialises in introducing cloud technology primarily in the Asian region.

Shearwater proposed NetSuite, a system that aligns with Adastria’s needs, with its “OneWorld” concept. The system allows companies with multiple offices in different countries and regions to operate financial accounting, CRM, marketing, and E-commerce functions in one integrated system. NetSuite’s ability to adapt to multiple languages, currencies, and business practices and regulations in various countries, along with its ease of expansion when the business grows was appreciated.

Bassot Baptiste, CEO of Shearwater explains, “With NetSuite, you can flexibly connect headquarters and local offices. It’s SaaS ERP that allows seamless operation of the entire IT system landscape.” 

Bassot Baptiste, CEO of Shearwater

Shearwater has a track record of introducing NetSuite to various Asian countries. Toyonaga appreciates Shearwater’s approach, stating, “Shearwater delivered responses specifically designed for a business company. We evaluated various factors like cost, functionality, and support structure among different global SaaS ERPs, including NetSuite. After considering these aspects, we concluded that NetSuite was the best choice. The support structure provided by Shearwater was also appealing.

In April 2023, Adastria opened its first flagship store in Southeast Asia in Bangkok, Thailand, and implemented NetSuite in conjunction with this expansion.

Adopted NetSuite, implementation speed became overwhelmingly fast because it is SaaS. We were able to introduce sales and accounting functions in about three months,” Toyonaga explains.

Currently, Adastria has added functionality to integrate with external commerce systems. All essential system functions for operating apparel stores are handled using NetSuite.

Improvements and changes in business processes after implementation are also addressed using NetSuite’s standard features. In addition to apparel, the Bangkok store offers lifestyle goods and operates a cafe. Toyonaga notes, “It is quite convenient that NetSuite can cover various types of stores.

Baptiste adds, “One significant advantage of NetSuite is its ability to add functionality as needed.

The implementation was led by the Shearwater Japan’s team with the coordination of the Point of Sales (POS) system provided by a Thai IT vendor. The support from Shearwater was swift and remote.

Of course, NetSuite adoption had its challenges. Due to the tight schedule leading up to the store opening, the duration until cutover was considerably tight. Consequently, the Shearwater Japan team identified the minimum necessary functions for store operations and prioritised their rapid implementation.

In the implementation, rather than the Fit-and-Gap approach of analysing and modifying how well it meets our needs, we adjusted Adastria’s business to fit NetSuite’s standard,” Toyonaga explains.

In 2019, Adastria overhauled its IT system when opening its flagship store in Shanghai, China–using a scratch-built approach based on a different core system than NetSuite. This process took about a year. Toyonaga remarks, “Considering that the 3-month implementation this time is precisely the service suitable for our rapid overseas expansion.

The traditional method of “designing specifications based on business processes, setting up IT infrastructure, and building a system” isn’t inherently flawed. Such an approach has the advantage of building a system that is user-friendly from the start.

Why did Adastria switch from the traditional method? 

NetSuite is a system already used by companies worldwide. There are features and usage that we hadn’t considered. The business environment is rapidly changing now, and it’s an era of adapting business processes to that change. With NetSuite, we believed that our business could grow in response to changes in the world.”

Shuhei Toyonaga, Senior Manager of DX Strategy of Adastria

Expectations as a Partner in Advancing DX Together

Historically, Adastria has developed systems from the ground up, even in domains where pre-existing packaged products are available. Looking ahead, the company aims to delineate between areas where it will construct proprietary solutions and those where it will adopt widely-used platforms and applications for back-office operations. This strategic approach involves harnessing Software as a Service (SaaS) to enhance standardisation and efficiency.

Toyonaga states, “We will utilise SaaS and similar tools for efficiency in back-office operations. We want to create systems that improve customer experience ourselves. To focus on that, we need to further master NetSuite.

Yuya Sakurai, Executive Officer and Head of DX Strategy at Adastria, speaks about the company’s DX strategy, emphasising, “We prioritise how to use digital to make customers excited. We want employees to be excited too. Adastria aims to deliver a better customer experience globally. For that, we will continue to leverage SaaS like NetSuite.

Yuya Sakurai, Adastria
Yuya Sakurai, Executive Officer and Head of DX Strategy of Adastria

Adastria’s overseas expansion is likely to progress further. NetSuite is expected to smoothly facilitate this realisation.

Adastria is a company that advances business expansion rapidly. The ability to keep up with this speed is extremely important. We continue to expect NetSuite to be able to rapidly introduce as in this case.”

Oracle and Shearwater possess extensive global expertise. These companies not only offer products and facilitate their utilisation but also excel in collaboratively addressing and supporting the growth of businesses—a distinctive strength that sets them apart. 

Adastria refers to Oracle and Shearwater, not as external vendors but as ‘partners.’ We think of them as partners to think together and grow together,” Yuya Sakurai concludes.

person using ai tool job

Can AI-Embedded Software Deliver Your Business Goals?

Living in the modern era means witnessing a surge of new businesses, from successful startups like Ninja Van to successfully establishing an empire like Genting Group. On the surface, doing business is typically misdefined as “easy money”; many seek to have their own business because of it. On the contrary, we often witness businesses going downhill due to many familiar factors, like poor financial management, failure to adapt to rapid market changes, and improper business planning.

In the dynamic landscape of modern business, strategic planning is the heartbeat of success. The aforementioned factors can be addressed by constructing strategic planning before embarking on a new venture. Getting on a business venture is an exciting prospect, filled with opportunities and potential for growth. However, the journey to success requires careful navigation through the complexities of the business landscape. One of the fundamental pillars supporting this journey is strategic financial planning.

The Intangible Importance of Financial Planning

Efficiently Allocate Resources

Strategic financial planning entails calculating estimated operational costs, allowing for effective resource allocation. This process enables companies to determine the necessary capital and allocate resources accordingly. Whether it’s funds for marketing, research and development (R&D), or staffing, a well-structured financial plan ensures that resources are aligned with the business’s objectives.

Budgeting and Forecasting for Financial Health

Financial planning includes meticulous budgeting and forecasting. Anticipating the inflow and outflow of funds is crucial for ensuring liquidity for the whole operation. Proper cash flow management is instrumental in preventing financial crises while maintaining financial health.

Business and Sustainability

Strategic financial planning is not merely a short-term fix; it’s about ensuring the long-term sustainability of the business. It aids in setting realistic financial goals, identifying key performance indicators, and establishing a roadmap for achieving profitability and financial stability over time.

Adaptability to Dynamic Business Environments

Business environments are dynamic, and unforeseen circumstances can impact operations. A robust financial plan enhances a business’s adaptability. It provides a framework for making informed financial decisions in response to changing market conditions, regulatory shifts, or unexpected events, ensuring resilience in the face of uncertainty.

Make Informed Decision-Making

Finally, financial planning is integral to make informed decision-making. It offers a basis for evaluating different options and choosing the most financially viable and sustainable path. Aligning financial goals with overall business objectives becomes essential for making informed and strategic decisions.

A Paradigm Shift

We now know about the importance of financial planning, and usually it involves a painstaking process leading to FP&A teams having to navigate through arduous tasks like data aggregation, reconciliation, and error-prone reporting. Prior to the emergence of AI software like Workday Adaptive Planning, many would grapple with reliance on time-consuming spreadsheets and manual workflows. The conventional system imposes limitations on the process and frequently hampers efficiency.

AI-Embedded Software to Address Challenges

Breaking Free from Spreadsheet Shackles

Gone are the days of relying on cumbersome spreadsheets and manual processes for financial planning. AI-embedded software liberates you and your teams from the shackles of outdated solutions, ushering in streamlined processes. An even more decent software provides you with a user-friendly interface that can resolve the challenges typically associated with legacy planning systems.

Streamlined Processes

By implementing AI-embedded software, streamlining processes is not a negotiable act; rather you can effortlessly achieve it and make informed decisions that add significant value to the company. This seamless transition will enable FP&A teams to dedicate more time to accurately analyse data, leading to an increase of productivity too. Beyond that, organisations can realise cost optimisation and efficiency gains across the board, ultimately maximising their return on investment (ROI).

Workday Adaptive Planning: A Transformative Journey

Enhanced FP&A Productivity

Workday adaptive planning slashes the time spent on tedious tasks, which allows FP&A teams to channel their energy into impactful analysis. The result? A staggering 20% improvement in productivity, a figure that grows from 10% in Year 1 to an impressive 20% by Year 3, translates to a substantial $664,000 in savings over three years for the forward-thinking organisation.

Boost Workflows Efficiency

Workday Adaptive Planning introduces new data modelling and planning processes, streamlining cost planning and enhancing the clarity of processes. Teams across the organisation will spend less time on lower-impact cost planning and benefit from streamlined headcount planning.

Liberating FP&A from IT Constraints

Most AI-embedded software is cloud-based, which means liberating your teams from the shackles of IT reliances. Your teams will not be constrained by the need for designated IT support (which sometimes can slow the progress). The freedom from a conventional on-premise system would allow your teams to channel their expertise into strategic financial planning and foster a more agile workflow. 

Building Trust Within the Organisations

With improved data quality and increased time allotted to analysis, the FP&A team becomes a trustworthy source of information within the organisation. The availability of accurate data and insightful analysis becomes the standard, which helps to foster greater organisational trust in the FP&A process.

Final Thoughts 

Timing holds the key to success. That is why timing is everything in making decisions. Workday Adaptive Planning goes beyond just providing data; it actually improves the quality and accuracy of it. It isn’t just a software solution; it’s a transformative force that redefines the landscape of FP&A. With its powerful scenario modelling capabilities, businesses are empowered to make faster and more informed decisions. With that being said, you are not just adapting, you are thriving in the era of intelligent financial planning.

Experience Workday Adaptive Planning Today.

cloud based EPM

How Cloud Based EPM Is Reshaping Business Excellence

Defining Enterprise Performance Management (EPM) 

Since businesses have unequivocally embraced cloud computing, it became evident that the era of on-premise enterprise performance management (EPM) software was numbered, and the future of EPM would reside in the cloud.

This has presented a formidable challenge for legacy EPM providers as they grapple with transitioning themselves and their clients away from their on-premise roots. In recent years, they’ve experienced a seismic shift in the landscape, driven by enterprises seeking the cloud’s benefits, such as seamless deployment, scalability and cost-efficiency.

EPM is often referred to as the compass of business excellence. By meticulously comparing actual results with forecasts and goals, it acts as your guiding star, illuminating the path to greater success.

So, why should businesses pay heed to the importance of cloud-based EPM? Let’s dive into it and explore how it can be your ultimate game-changer.

What is EPM Software?

EPM (Enterprise Performance Management) and CPM (Corporate Performance Management) are closely related concepts, each offering unique focus and benefits. While they share a common foundation, CPM zeroes in on enhancing performance management for finance teams across organisations, whereas EPM casts a broader net. It encompasses the entire enterprise — spanning from finance to sales, human resources, marketing, and other departments. Moreover, EPM doesn’t just end at implementation; it calls for periodic adjustments through rolling forecasts to keep budgeting assumptions up to date throughout the year.

But what really amplifies the value of EPM? The secret sauce lies in its modern planning features and functionality. Many businesses might hesitate to part ways with their ageing EPM solutions, fearing the process would be costly and complex. However, the reality is that today’s modern planning systems have transformed the upgrade journey into a cost-effective and easily manageable endeavour.

EPM is the key to enhancing an organisation’s financial performance and operational efficiency through data-driven planning. Encompassing all facets of an organisation, from systems and processes to day-to-day activities and insightful reports.

Are EPM and CPM Similar to ERP?

These two terminologies can often get a bit tangled. You might have heard it mentioned alongside CPM, or Corporation Performance Management, and, on occasion, mistaken for ERP (Enterprise Resource Planning). 

Let’s start with EPM and CPM. They are two peas in a pod, often working hand in hand. When these two powerhouses come together, they create a dynamic duo. But don’t be fooled; distinctions between them are crucial to understand.

CPM is your go-to for managing the day-to-day operations. It’s the engine that fuels your business, capturing transactional data and handling those essential daily tasks. On the other side of the spectrum, we have EPM, the strategic visionary of the business world. EPM zooms out to focus on the bigger picture, diving deep into business analysis and reporting.

In short, while EPM and ERP may seem confusing, they each have their unique role in your organisation. Understanding their differences and harnessing their synergy can lead to more accurate reports and forecasts, ensuring your business is set up for success.

How EPM Adds Benefits to Your Organisation?

It’s surprising that some organisations still rely heavily on Microsoft Excel for data collection, validation, budgeting, forecasting, and reporting. The keyword here is “heavily relies on”. These legacy processes are time-consuming and riddled with errors, sometimes forcing employees into a perpetual reactive mode and leaving them with little time for strategic initiatives.

The Question Remains, Is it Time to Adopt EPM? 

So, what’s the real impact? Here’s why you must embrace modern, cloud-based EPM solutions to transform your operations and financial outcomes.

Efficiency in Decision-Making

Imagine your organisation making swift, data-informed decisions without the hassle of managing intricate spreadsheets. Modern EPM solutions streamline data collection, validation and analysis, enabling your team to focus on value-adding activities like monthly forecasts and strategic partnerships.

Eliminate Errors and Save Time

Bid farewell to the days of spreadsheet-induced errors that derail your financial plans. EPM software reduces errors and significantly cuts down the time spent on routine tasks, liberating your team for more productive pursuits.

Unlock Strategic Potential

Cloud-based EPM solutions let you explore the “what-if” scenarios, uncover insights, and build strategic partnerships. The ability to model various scenarios and make data-driven decisions ensures your organisation remains agile and forward-thinking.

pexels tara winstead 8386440

The Workday Adaptive Planning Platform 

Not all solutions are created equal. Let’s delve into the compelling reasons why business leaders and financial experts are opting for Workday Adaptive Planning.

Rapid Deployment for Swift ROI (Return-on-Investment)

Workday Adaptive Planning outpaces the competition with its remarkable deployment speed. In as little as 4.5 months, even the largest global corporations witness a substantial return on investment. This means you can start reaping the benefits of Workday Adaptive Planning’s capabilities faster than you ever thought possible.

Managing Large Amount of Data

Data is the lifeblood of modern financial planning and analysis (FP&A), but it can become a double-edged sword when it overwhelms your team. Workday Adaptive Planning steps in to handle the ever-expanding data volumes, transforming information into actionable insights. 

User-Friendly Visual Analytics

Workday Adaptive Planning paves the way for a more collaborative and insightful environment. Visual analytics provide accessible insights through self-service enterprise reporting and dashboards. This easy-to-interpret data is readily shareable, allowing anyone to view the dashboard. 

Elevating Business Agility

Adaptability is the cornerstone of successful businesses, especially in times of economic uncertainty. Workday Adaptive Planning equips FP&A teams with scenario planning capabilities. Quickly craft what-if scenarios, build iterative models, and report results with precision. This dynamic approach ensures your organisation can navigate change, budget using real-time data, and make informed decisions. 

Streamlining Critical Planning Processes

Workday Adaptive Planning automates these crucial financial planning processes, accelerating reporting cycles while guaranteeing accuracy. Automated updates and security patches enhance the user experience and adoption. With Workday Adaptive Planning, your finance teams can focus on high-value analysis and strategic decision-making.

Unparalleled Data Security

Security is non-negotiable, and Workday Adaptive Planning delivers world-class encryption and compliance. Rest easy knowing that your sensitive data is safeguarded around the clock in a proven multi-tenant environment. It continuously monitors systems, providing peace of mind in an age of data breaches.

In a nutshell

It has become imperative for businesses to give a final goodbye to legacy or subpar EPM solutions. The road to sustainable success now lies in adopting a genuine cloud-based planning solution, exemplified by Workday Adaptive Planning. This cutting-edge solution equips you with the tools you need to effortlessly adapt. In doing so, you are not merely compiling numbers but actively steering the ship toward strategic excellence. 

Experience Workday Adaptive Planning Today.

Executive Summary: The Total Economic Impact™ of Workday Adaptive Planning

Executive Summary: The Total Economic Impact™ of Workday Adaptive Planning

Form Submission - Download

This form is required for visitor to download the whitepapers and/or datasheets.

"*" indicates required fields

ERP implementation

Mastering ERP Implementation and Selection: High Demands, Higher Expectations

As we continue to support our customers’ digital transformation journey, we are constantly seeking ways to help them understand the value of an Enterprise Resource Planning (ERP) system. At the same time, we strive to adequately showcase our product’s capabilities and our ERP implementation team’s expertise so that customers prioritise us when making decisions on selection and project initiation.

But, how can we effectively communicate the advantages of ERP to our clients?

Picture this scenario: My boss frequently tells me that our messaging should be clear, professional, and interesting and convey what value we can provide our customers. Otherwise, customers might not find it appealing.

You see, my boss has quite a lot of expectations.

Like constructing effective copywriting, a management system like an ERP must also meet numerous business demands. It needs to be:

a. Flexible

b. Expandable or scalable 

c. Customisable

d. Have a comprehensive functionality

e. Empower business growth 

f. Embedded business intelligence 

g. Satisfy financial needs 

h. Cater to sales and operational requirements

i. Can support logistics and supply chain demands and even cross-border international requirements. 

From this perspective, businesses have even more requirements for a high-quality ERP than my boss has for quality copywriting. 

As a business decision-maker, you must be able to comprehend why deploying ERP is a crucial step. Consider the following points: 

a. The challenges of integrating finance and operations

b. The lack of real-time visualised business data

c. The errors and time-consuming manual processes

d. The demanding audit requirements and, 

e. The high risks associated with international tax compliance and budget planning.

However, implementing an ERP system can be tricky. Think about your outdated ERP system with scanty features, poor user experience, and inaccurate data — all these can severely hinder your ability to make informed business decisions. 

This is why choosing the appropriate product and having a skilled project implementation team are critical factors that every business leader must consider to make sound decisions. What’s more, without a proficient team to implement the project, you will be left with high maintenance costs, outdated technology, and subpar operational services that significantly impact the value of your ERP implementation project.

You may now realise the significance of high-quality software and a competent project implementation team to address these challenges. These issues require a reliable solution, and a skilled team can provide precisely that.

Businesses not only have a multitude of demands for selecting and deploying a high-quality ERP but very high expectations, too. 

Yes, it’s as high as our boss’s demands 😉

Let’s compare this situation in crafting good copywriting. 

There was a time when we immersed ourselves in the sea of refining promotional copy and packaging proposals. We took it very seriously, ensuring every word and sentence conveyed the reading experience and tangible value our target customers needed. 

Throughout this process, the sales, implementation, and even customer support teams joined in this copywriting effort. Gradually, everything we accomplished, from small copywriting tasks to launching every single project, was results-oriented and efficient. It improved the quality of our work and delivered the value that customers urgently needed.

Choosing a highly skilled implementation team is essential. Settling for the best quality ERP solution is even more critical. 

Here are our recommended solutions to consider whether you seek to implement ERP or EPM systems

Oracle NetSuite

Oracle NetSuite helps organisations streamline critical business processes, focus on the things that matter, and create more value while responding quickly to market changes and capturing future business opportunities with agility. From financial management to supply chain management to billing management, NetSuite Enterprise Cloud ERP software empowers businesses with powerful momentum to accelerate growth and ongoing innovation.

BlackLine

It is a cloud-based financial and accounting software that helps unify systems and data on a single cloud platform and modernises the bookkeeping process for businesses by automating bank reconciliation and other manual procedures.

Workday Adaptive Planning

Providing budgeting, forecasting, reporting, and analysis solutions for businesses of various sizes. It boasts industry-leading accessibility along with the security, scalability, and flexibility required for complex planning. It seamlessly connects to any ERP/GL or other data sources, allowing business teams to easily access financial information, enhance data analysis, and make faster decisions.

Final Words

Taking a strategic and well-structured approach is crucial to ensure that every stage focuses on achieving results and maximising efficiency. Ultimately, the success of your ERP project hinges on making two key decisions: selecting a highly skilled implementation team and choosing the best ERP solution. These choices cannot be overemphasised as they will dictate your ERP project’s impact on your business.

The selection and implementation of an ERP system bear striking similarities to crafting good copywriting. Both endeavours carry high expectations, demanding precision and attention to detail. Businesses grapple not only with various demands but also with lofty expectations. Well, much like the exacting standards set by our bosses.

Get a Quick Estimate on the Cost of ERP Investment.

Finding the right partners to implement ERP is important for a successful integration of enterprise management systems. With over 14 years of experience, our team has a strong track record in consulting, planning, implementing and developing these systems. Our presence extends across countries, including Singapore, China, Taiwan, Indonesia, Japan, Malaysia, Thailand, and South Korea. Get in touch with our local team to get an estimated cost for our solutions.

Cloud Migration Strategy

A Growth Potential for Your Business: Cloud-based Modern Planning Tools for Large Enterprises

Large organisations in today’s fast-paced business environment require a robust planning platform to navigate economic fluctuations, shifting consumer behaviour, and market volatility without compromising user experience. Forward-thinking financial leaders understand that effective planning leads to enhanced agility, but outdated financial planning and analysis (FP&A) processes can hinder progress. Lengthy decision-making cycles, organisational silos, and manual tasks drain productivity, leaving many corporations struggling to keep pace. Enter cloud-based modern planning solutions and strategic tools, empowering entire organisations to adapt rapidly to changing circumstances, even amidst radical instability and disruption.

However, not all planning solutions are created equal. Large businesses, in particular, need a planning platform capable of handling complex, multidimensional models without sacrificing speed while supporting a wide range of users. Workday Adaptive Planning stands out as a meticulously designed solution to meet the evolving demands placed on businesses, especially as they navigate intricate scenarios and incorporate input from various functional areas within their organisation.

Unlock Deeper Insights with Large, Complex Models

Organisations are employing planning models to gain deeper insights into revenue, workforce projections, and various scenarios. They are also harnessing more operational data, both internally and from external benchmarks to improve plan accuracy. The integration of cross-functional data from human resources, sales, marketing, project management, labour, and other sources has become crucial to evaluating the impact of strategic plans and scenario analyses.

As organisations increasingly leverage artificial intelligence (AI) and machine learning (ML) to enhance forecast accuracy, finance departments are incorporating novel external datasets, including labour statistics and marketing insights.

These factors have led to more extensive planning templates and reports. Workday Adaptive Planning enhances value by automatically scaling memory and computing power when needed, ensuring rapid response times for analytics, calculations, and data updates. It supports virtually limitless dimensions and complex planning and scenario analytics versions.

Scale Seamlessly to Meet Your Needs

Furthermore, it allows a large number of concurrent users to access and analyse data during critical periods while maintaining essential data and dimensional security for individual planners. This is especially critical as stakeholders from across the organisation actively participate in enterprise planning, such as workforce planning, which involves collaboration between HR, finance, operations, and IT to create adaptable workforce plans.

Seize the Opportunity for Transformation with Modern Planning

With the right planning technology, FP&A, HR, and operational teams can elevate their organisation’s planning by gaining multidimensional insight, utilising operational data, and collaborating with stakeholders for optimised business forecasting. A modern planning solution that prioritises performance and scalability incorporates modelling intelligence and lays the foundation for future capabilities like AI and ML, guaranteeing success in managing planning complexities. In summary, the gap is widening between top-performing businesses that proactively plan for change and those that merely react.

Make the smart choice today and empower your organisation to thrive in an ever-changing business landscape with Workday Adaptive Planning’s advanced cloud planning solutions.

Experience Workday Adaptive Planning Today.