Enhancing Financial and Workforce Planning
Our client is a leading healthcare provider that needed the financial planning process to be optimized for performance and ease of use.
FINANCIAL PLANNING WAS LABORIOUS AND DISCONNECTED
Managing data from multiple sources was a significant pain point. In numerous cases, it took a lengthy amount of time to gather data from those sources. Leveraging Data Management for sophisticated mapping and transformation, the organization desired a quick turnaround on the integration of data.
A solution was needed that would be self-sustaining and be able to simplify and automate the current close and planning processes on a centralized platform.
In the healthcare industry, staff salaries/wages and benefits account for a large portion of the budget. A labor-planning model was not included in the original application; they used a series of spreadsheets to calculate salaries, benefits, and fringe costs which then had to be directly transferred to a legacy planning application. This was time-consuming and prone to error. They needed to improve the transparency and quality of salary and staff planning and be able to keep track of all labor expenses.
Finally, there was no ability to flex budget based on volumes and other key drivers which would allow the organization to adapt to various internal and external factors during the budget cycle.
In terms of financial intelligence, the use of multiple, disparate systems across departments made it difficult to get real-time calculations and results in a timely manner.