Nelnet, a hybrid holding company specializing in consumer lending, loan servicing, payments, and technology, knew its complex global operations with over 6,500 employees needed a financial system as agile and innovative as the organization. Nelnet’s existing patchwork of systems was disorganized and difficult to use, and consolidating data across its diverse businesses was a constant challenge. As well, manual reporting processes were painfully slow.
Illuminating the path to financial clarity.
Workday Financial Management helped Nelnet connect the dots, bringing clarity and efficiency to its finance operations. The accounting team can now consolidate data from over 250 internal entities, bringing order to the complexity. The organization reduced external support costs by $240K, freeing up resources to invest in its customers, associates, and communities. Accounting efficiency soared by 35%, allowing the team to close the books 1 day faster and reduce manual journal entries by 20%.
With Workday, we’ve been able to streamline our month-end close process while strengthening our internal controls. It’s been incredible.
Managing Director of Corporate Accounting
Planning for a bright future.
Nelnet didn’t stop at just Workday Financial Management. It also adopted Workday Adaptive Planning to further enhance budgeting, forecasting, and decision-making processes. Nelnet improved its project management processes, and now worker hours can book to project codes and flow through to Workday Financial Management and Workday Adaptive Planning. This allows Nelnet to accurately plan based on capacity and projects that associates are currently working on. Workday Adaptive Planning provides Nelnet with the flexibility and insights needed to adapt to its ever-changing business environment, ensuring the company always stays ahead of the curve.
Continuous improvement with ongoing guidance.
Recognizing the importance of continuous improvement, Nelnet embraced Workday Success Plans. These subscription-based plans provided the Nelnet team with expert guidance, resources, and education to maximize the value of its Workday investment.
The Accelerate Plus plan provided Nelnet with a structured approach for implementing new features, as well as guidance for its technology roadmap. Additionally, the organization utilized Ask-an-Expert to receive direct assistance around Workday Financial Management when implementing new features and optimizing the user experience.
See how Workday Success Plans drive value for Nelnet.
By partnering with Workday, Nelnet gained valuable insights and strategic support, enabling the organization to make more-informed decisions. This transformation allows Nelnet to focus on its core mission and confidently navigate the future.
Workday is allowing us to plan for our future to get to our mission statement of helping our customers, our associates, and our community.
Managing Director of Corporate Accounting