After exhaustive assessment and testing of different systems, Severfield selected Workday Adaptive Planning to improve its management, processing, and analysis of financial data. The introduction of the new system represents a significant advance on the Group’s previous Excel-based operations. Far greater agility and immediacy in accessing and using all financial and ERP data has replaced the limitations and time-consuming processes of such legacy systems. The implementation and configuration of Adaptive Planning couldn’t have been easier. Severfield partnered with ICit Business Intelligence to assist with the deployment and from start to finish, the streamlined implementation process required virtually no input from the construction giant’s in-house IT team. The familiar and user-friendly functionality of the new system also ensured a seamless transition, with all live ERP data, commercial and contract forecasting data readily integrated into Adaptive Planning.
All of our key data is now so much more accessible and usable and we no longer have to spend a considerable amount of time updating and reformatting hundreds of spreadsheets during the month-end accounts process.
Gemma Mortimer, Severfield’s Group Financial Controller
One version of the truth
Because Adaptive Planning pulls live data, there is no need to check the current validity of different versions of a schedule and no risk of inadvertently using outdated information as everyone knows there is always only “one version of the truth”. The phased introduction of the system initially covered consolidation reporting. The considerable efficiency gains in this area are expected to be matched within each of the company’s business operations as contract reporting, commercial forecasting and budgeting also takes full advantage of the more agile and responsive system. Significantly, the usability of Adaptive Planning has enabled the Group’s Financial Controller, Gemma Mortimer, and her team to ensure system configuration reflects the new reporting requirements arising from the company’s new divisional structure.
Advanced analytics couldn’t be easier
“The potential to cut and analyse data in so many different ways will also provide senior management with clarity and insight on specific aspects of the business. By filtering the data to highlight specific contract characteristics will enable the company to perform trend analysis at various levels, much easier than before and to monitor and track its KPIs and CSR commitments. Such flexibility in data analytics and the reliability and usability of the raw data are hugely beneficial. This not only applies to budget planning and forecasting, but also in scenario planning where there are endless possibilities to explore the impact and the pros and cons of different actions and decisions. Quite simply, the new system will free up time and increase the scope for us to make more informed strategic decisions in the best interest of our customers, our staff and our shareholders.”
A catalyst for greater internal collaboration and understanding
The functionality of Adaptive Planning is helping to foster a greater collaborative spirit between the group finance team and the finance teams in each business operation. Although still relatively early days, the integration of live commercial and contract data is expected to drive even greater collaboration across different departments and functions. This will also help to fulfill the company’s objectives for effective continuous planning in all key operating areas. And, because of the system’s intuitive interface and visual dashboards the graphic presentation and analysis of data couldn’t be easier. This is already proving to be invaluable when preparing constantly updated KPI graphs for the company’s monthly board meetings.