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.
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.
reduction in maintenance and infrastructure costs
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.
repurposed in annual finance labour costs
to 231 decrease in ledger accounts
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.
months down to 4.5 months to integrate an acquisition
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.
reduction in external audit fees
reduction in external audit requests