With Workday’s powerful reporting capabilities, organizations can make data-driven decisions. And for Workday Financial Management customers there’s the added benefit of Composite Reporting.
Composite Reporting lets organizations, in Workday’s words, “burn the binder”—the binder, of course, being that thick millstone of printouts and spreadsheets around the necks of so many operational managers and CFOs.
But before you light the match, it’s worth mentioning that developing a composite report can involve more than just selecting the filters you want. It helps to have a partner experienced in building custom financial reports for Workday customers. An experienced partner is equipped to guide you through each of the following steps so that you end up with a report that does what you want it to do.
Identify Where Your Data Will Come From
As with any project, beginning with the end in mind can make the road ahead so much simpler for everyone involved. That’s why you need to identify where your information is coming from, whether it’s a literal binder stuffed with documents, or just a stack of financial statements. It’s impossible to build a custom report without something to build from.
Make Sure Your Data Is Accurate
The phrase “garbage in, garbage out” applies to reporting just as much as it applies to other areas in technology and business. Before creating a composite report, you’ll want to make sure all your sources are up to date and as error free as possible. Otherwise, you and your partner have spent hours building a report that doesn’t give you the accurate information you need.
Know What You Want Your Financial Report to Look Like
Knowing where your data will come from will dictate, in part, what your composite report will look like. But you should also be able to look at your existing system and pinpoint specifically what you like about it and what you don’t—and that includes how your information is organized, managed and presented, not just what information is displayed.
Validate Your Work
Once your composite report has been built, it needs to be tested before it can be used by the decision makers in your organization. Comparing your new report with your original source(s) will help you identify any areas that might need more attention.
Save Time for Fine Tuning at the End
Once you’ve confirmed that your composite report is providing the right information, performing as expected and organized as you want it, the it’s time to fine tune your results based on feedback from your organization’s decision makers.
Workday’s cloud applications equip organizations to go beyond educated guesses to data-driven decisions. But when building a composite report, it helps to have an partner well versed in Workday Financial Management by your side. The end result will be a custom-made composite report fine tuned to help your organization reach its financial goals.