TMX lowers costs and boosts productivity.

By switching to a cloud-based finance and HR system, TMX saves IT time and gives the finance team more control.

$640K

reduction in maintenance and infrastructure costs

80%

vs. 20% IT time spent on innovation vs. maintenance

$553K

repurposed in annual finance labour costs

1,859

to 231 decrease in ledger accounts

Challenges.

Prior to Workday, TMX operated with disparate finance legacy systems that resulted in costly and time-consuming IT processes, and required significant third-party support. It was difficult for TMX to quickly and easily integrate acquisitions and organisational management.

Why Workday.

TMX wanted a cloud-native solution that could support the organisation as it evolved by future-proofing the cost of technology, promoting self-service, and serving as a business intelligence system.

Workday is doing the forward thinking for us and we are leveraging the system to take advantage of it.

Vice President, Corporate Finance and Administration

Benefits and results.

Systems consolidation and flexibility.

Vendor-managed security, updates and maintenance for a single, cloud-based system enables TMX to lower costs across the organisation. Finance has more control over the system and IT can focus on more strategic projects.

$640K

reduction in maintenance and infrastructure costs

80%

vs. 20% IT time spent on innovation vs. maintenance


Process automation and insights.

Self-service, reduced paperwork and less time spent on accounting close and invoicing boosts finance process efficiency. Finance optimised costs by repurposing headcount and redirecting time to high-value tasks.

$553K

repurposed in annual finance labour costs

1,859

to 231 decrease in ledger accounts


Organisational change.

Business process diagrams that foster collaboration and reduce planning time streamline the integration of acquired companies. Features such as the configurable business process framework reduce time to onboard existing processes and the need to engage consultants.

12

months down to 4.5 months to integrate an acquisition

$600K

reduction in external consulting costs


Audit and controls.

Business processes are now paperless, and the embedded always-on audit governs every transaction. Audit teams can rely on automated system controls, reducing the extent of sample testing and driving audit efficiencies.

$25K

reduction in external audit fees

50%

reduction in external audit requests

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