Workday Adaptive Planning helps IT and Software organisations plan better and succeed faster
In today’s fast-paced digital landscape, IT and Software companies grapple with an array of challenges, from rapidly evolving technological trends and shifting market demands to intricate project lifecycles and the escalating pressure of global competition.
While innovation remains at the core, the need for agility in financial planning and strategic foresight has never been more pronounced. Workday Adaptive Planning is tailored for the nuances of the technology industry: it not only streamlines financial operations but also equips companies with the analytic depth and predictive insights they need to stay ahead, make proactive decisions, and ensure robust financial health in a turbulent ecosystem.
To learn more about our FP&A Solutions for IT and Software companies with Workday Adaptive Planning, arrange a call with one of our Consultants.
WORKDAY ADAPTIVE PLANNING
IT & Software
See how Workday Adaptive Planning, is helping our SaaS customers with their unique planning needs.
Helping you address the key FP&A challenges in
IT and Software companies
Project Budgeting
As projects can span months or even years, predicting resource needs, technological advancements, and potential obstacles becomes a daunting task. Using Workday Adaptive Planning’s inbuilt time intelligence, project cost control is managed accurately in both fiscal and project lifetime views.
Competitive Landscape
The IT and software industry is characterised by rapid technological advancements and innovation. With low barriers to entry, especially in the software sector, new competitors, including start-ups with disruptive solutions, emerge frequently. Workday Adaptive Planning facilitates strategic planning and quick decision-making which are vital elements in seizing market opportunities, defending market share, and ensuring sustainable growth.
Revenue Recognition
Software companies, especially those offering Software as a Service (SaaS) solutions, face complexities in revenue recognition due to the deferred nature of subscription-based revenues. With accounting standards like ASC 606 and IFRS 15, companies need to ensure that revenue from contracts with customers is recognised appropriately. Workday Adaptive Planning allows companies to model different revenue structures and analyse profitability, providing deeper insights into financial performance.
Capitalising Development Costs
For software companies, the line between costs that should be capitalised and those that should be expensed can be nebulous. While the initial stages of software development, often termed as research and exploration, are expensed, the development costs incurred during the application development stage, once technological feasibility is established, are typically capitalised. This demands rigorous tracking and categorisation of costs. Using Workday Adaptive Planning businesses can manage complex granular costs centrally in a single, secure platform, saving time and improving visibility and control.
Why Workday Adaptive Planning is the Best Choice for IT and Software companies
Workday Adaptive Planning, as a leading CPM (Corporate Performance Management) solution, offers a range of features and benefits tailored to assist IT and software companies in their planning and analysis efforts. Here’s how it helps these industries:
- Real-time Data Access and Integration – The Workday Adaptive Planning platform allows seamless integration with various data sources and systems. For IT and software companies that use multiple tools and platforms, this integration ensures timely and accurate data retrieval, leading to more informed decision-making.
- Dynamic Forecasting – With the rapid pace of technological change, IT and software companies need to frequently update their forecasts. Workday Adaptive Planning supports rolling forecasts and scenario planning, enabling companies to quickly adjust to market changes.
- Scalability – As software companies grow, their financial planning needs evolve. Workday’s solution scales with the business, accommodating both start-ups and large enterprises without compromising performance.
- Collaborative Planning – offers an intuitive user experience, ensuring that even non-finance professionals in tech companies can leverage its capabilities.
- Modelling and Analytics – Dive deep into data with customisable dashboards and advanced modelling capabilities. This feature helps in identifying trends, patterns, and anomalies, crucial for IT and software industries where metrics like user growth, churn, and adoption rates are vital.
- Streamlined Reporting – With Workday Adaptive Planning, IT and software companies can automate repetitive reporting tasks and generate insightful, tailored reports with ease, catering to both internal stakeholders and external clients or investors.
- Cloud-based Solution – Being a cloud-native platform, Workday Adaptive Planning offers IT and software companies the flexibility and accessibility they need. Teams can collaborate and access the tool from anywhere, ideal for industries with distributed teams or remote working environments.
- Security and Compliance – With data breaches and compliance issues being of paramount concern in the IT sector, Workday provides robust security measures and ensures that financial data handling meets regulatory standards.
- Resource Allocation and Project Planning – The tool supports project-based budgeting and planning, helping IT and software firms allocate resources efficiently, track project expenses, and assess profitability.
- User-friendly Interface – Despite its robust features, Workday Adaptive Planning offers an intuitive user experience, ensuring that even non-finance professionals in tech companies can leverage its capabilities.
