Virtus Investment Partners, a premier investment solutions firm, had outgrown its dated Financial Management system. A recent acquisition encouraged the investment company to deploy a scalable, cloud-based solution that would meet its operational needs and scale to keep pace with the growing business. Before partnering with Collaborative Solutions, Virtus Investments was struggling with:
- A lengthy monthly close process;
- Inefficient manual processes;
- Siloed financial data; and
- Lack of visibility into Key Performance Indicators.
Ultimately, Virtus chose Workday for its new Financial Management Platform.
Considerations for Selecting a Deployment Partner
In selecting a consultancy to deploy Workday, Virtus was looking for a true partner that would help the organization visualize its future state and understand the benefits of Workday Financial Management. Virtus selected Collaborative Solutions as its deployment partner due to Collaborative Solutions’:
- Deep Workday Financial Management experience;
- Above-average number of Workday Financial Management certified consultants; and
- Deployment methodology with tools and accelerators for maximum speed-to-value.
Additionally, Virtus chose Collaborative Solutions based on its experience with the firm’s Foundation Data Model Readiness Workshop to help define the structure of its Workday environment for security, business processes, reporting, and transactional data entry.
The Collaborative Solutions’ Foundation Data Model Readiness Workshop helped Virtus design a clear framework to guide its Workday configuration, increase executive alignment, and demonstrate how Workday Financial Management would work to accommodate the organization’s unique business needs.
With Collaborative Solutions’ expert guidance and deployment methodology, Virtus achieved return on its Workday investment within six months and was able to:
- Reduce manual processes;
- Consolidate disparate systems;
- Streamline business processes and improve efficiency;
- Empower the Virtus team with the knowledge and tools needed to be self-sufficient at go-live;
- Improve visibility with flexible reporting functionality; and
- Reduce month-end close by 1-2 days.