Top Four Ways to Enhance Workday HCM Reporting

Workday’s purpose is to bring a unified Finance and Human Capital Management platform to customers to assist them with better management with their organizations. 

In the organizations where we worked within the beginning of automated financial reporting systems, HR and Finance was a mystery to each other. They didn’t care for sharing information and building organizational barriers that fostered isolation. Every need for information from one function to another created an extra burden for the department providing the information since we extracted, aggregated, and analyzed data on spreadsheets. It was a difficult procedure that took a few days or more than a week.

Workday disrupted all that when they made a cloud Financial system integrated with HCM. The in-memory, object-based architecture, a unified code base, and Composite Reporting make it possible to utilize business intelligence that was unavailable without an expensive BI system. 

This functionality places reporting and analytics in your hand. Our four recommendations may assist you to gain an advantage of Workday Composite Reporting. 

1. Upskill your Staff 

You need not enlist a group of data scientists to get actionable Business Intelligence out of Workday. A person with an aptitude in a spreadsheet formula, pivot tables, and pivot charts will become adept at the mechanics of Workday- Composite Reporting in a short time. 

Outsourcing the development of your report is also an alternative method. Your implementation partner or analytics consultant can help you over the present moment as you build your ability. 

The majority of the Workday reporting value lies in posing the correct question. We would say that the vast majority of these data needs are identified with the effect of HCM projects, programs, and learning activities on business results. Building up results, for example, increased sales per employee because of a sales training program is simple. In different cases, you can utilize indirect results like income per worker, client commitment, or cost per incident. 

Congrats if you already connected over your organization to know what question to ask. If you haven’t, reaching out to the leaders liable for your organization’s key performance indicators will pay off in seeing how different business capacities perceive business results. 

2. Reach your Boundaries 

Workday’s Unified Code Base and Composite Reporting removed the structural obstacles to internal data sharing. If your organization still has policy obstructions set up, it may be a great opportunity to reevaluate them. If your present security settings prevent you from analyzing organizational productivity and performance measures that are affected by HCM projects and activities, it will be worth the effort. Work with Finance to cut the dividers down so you can more readily examine the effect of your programs. 

3. Use Work-tags 

Financial systems are based on a Chart of Accounts: a list of every asset, liability, equity, revenue, and expense. Its purpose is to enforce structure on each transaction to make it possible to automate journal entries. It is an inflexible structure, and in legacy ERP systems, costly time-consuming to adapt to change in business prerequisites. Work-tags give you adaptability that doesn’t exist in traditional platforms.

The concept of tagging isn’t new. We have worked with ERP customers since the mid of 90s utilizing flexfields to add descriptors to transactions and accounts. Most organizations discovered them to some degree helpful, yet inflexible. The time and cost of carrying them into the reporting infrastructure prevented clients from utilizing them to their potential. 

What makes Work-tags different is the flexibility and ease of bringing them into reports. Program, projects, and learning activities in Work-tags can assist you with indicating the financial impact on your HCM activities to cut the guesswork. 

Let’s dig deeper into the Workday Topic, What is Workday HCM?

4. Customize Your Reports

Workday gives numerous Standard Reports. They are valuable, however, we recommend you to use them as templates to build your own.

Initially, you can’t utilize Standard Reports in web service to share data with other applications. Copy them into Custom Reports and enable web services. It cannot be exclusively accessible for data integration, however web services implement approval makes the reports more stable. 

Second, you and your staff will find the extra capabilities like determined fields to be valuable, and as your skills develop, your reports can develop with you. 

Conclusion

Workday Composite Reporting has carried another measurement to Human Capital Management Reporting. 

If you are planning to boost your Workday skills, choose our best online training platform, and learn from industry experts. COMMENT "Yes" post, to skyrocket your career with the unique learning needs because Learning Never Exhausts The Mind.