In Brief
A financial services holding company with nearly $8 billion in assets, more than 60 regional banks, and several insurance and wealth management agencies under its umbrella collaborated with Huron to implement Workday Adaptive Planning as a replacement for a sunsetting legacy tool.
Challenge
The company was in the process of consolidating its four bank charters into one single bank entity. The combination of the four charters was expected to deliver operational efficiency while also enabling greater financial flexibility and competitiveness in the market.
At the same time, the organization’s legacy financial planning and analysis (FP&A) tool was being sunsetted, so leaders were looking for an alternative that would not only replace the functionality of the existing solution but help them to modernize their systems and processes.
To facilitate this consolidation and future-proof their finance and accounting functions, the organization’s leaders understood they would need to align around a standardized digital ecosystem that would support the enterprisewide simplification and optimization they were aiming to realize.
There was also an organizational push to define a clear strategy for fully utilizing existing employee skill sets and understanding future workforce needs in light of the modernization of the company’s technology infrastructure.
Approach
Huron was selected to help the business review its organizational structure, finance business processes, and chart of accounts in preparation for the adoption of technology to support its financial, strategic planning, and human resources functions.
The project consisted of three phases:
- Examining the current state of the organization
- Modeling the organization’s desired future state
- Planning a strategic road map for the organization’s long-term digital transformation journey