Transforming processes to leverage data for insights with Workday
TransRe, a global reinsurer based in New York, had been using a number of older systems to support various business functions. Its leaders were ready to upgrade the aging, manual-process-driven, on-premises financial system with more modern technology. The new system had to synthesize data seamlessly and reduce manual and offline processes to help the company deliver and track business information more efficiently and accurately. The finance team had relied heavily on spreadsheets, while TransRe’s many offices around the world had, over time, developed their own way of doing things. That made consolidating financial data cumbersome and time consuming.
To change, TransRe had to adopt a new enterprise resource planning system (ERP) that could better collect and manage finance-related data, and seamlessly connect human capital systems and financials. Simply put: the leadership team needed broader and deeper visibility into the company’s 17-country business. The upgrade would free up time, so TransRe’s people could spend their time developing insights, instead of completing manual tasks. And it would help reduce the possibility of errors—notably in currency translation, reinsurance data capture and journal entry processing. The new system would also reduce the number of systems to be integrated and managed.
Using BXT principles, which combines business strategy (B), experience design (X) and immersive technology (T), we guided TransRe to help identify a vendor, implement a program to drive change and provide a seamless experience. PwC hosted workshops to help pinpoint how TransRe could leverage data solutions to help drive business decisions and roll out treasury, tax, human capital management and finance operations solutions across the globe.
TransRe had three goals: to improve efficiency to make the most of their existing resources, ensure the solution could last long term and reduce number of separate vendors and systems it operates. The company needed more control over how it collected information and to connect it with information from other solutions in a consistent and uniform manner, with little manual intervention.
Any new system had to be easy to use and fit the company’s culture, which, for TransRe, means doing things simply, cost-effectively and with precision. Workday was a great match, with a user interface that’s straightforward and easy for everyone to use, regardless of country. While matching the right system to the customer requires a lot of work, PwC used robust workshops, focused on a lot of listening and questioning and brought executives, end users and others together to make sure each of these groups could use the technology to help transform their work.
TransRe’s needs were complex. The company chose Workday’s finance and human resource platforms for its overall needs, but custom integrations were required to help them utilize a specific tax program. So, PwC helped build one that allowed TransRe to quickly plug tax information directly into Workday’s financial management tools. Currency translation adjustments had previously involved complicated, manual processes, but PwC quickly helped develop a Workday solution that could automate much of the work. PwC also automated the interface between Workday and TransRe’s tax provisioning system. Additionally, PwC helped TransRe create a more accurate and efficient vendor management database. Each solution helped TransRe further simplify, control and automate its business model.
Workday was deployed in early 2020 and TransRe saw immediate benefits. Workday’s automation of previously manual processes gives the staff more time to focus on strategic work. For example, the finance team now has much more time to analyze results and provide insights into the performance of the business each quarter.
Thanks to Workday and PwC’s process, TransRe has transformed its processes and its finance function.
Data flows integrated from upstream systems, such as reinsurance and investments, adding structure.
Feeds with automated controls and totals improve quality and timeliness in quarterly close process.
Automated reports facilitate faster and more detailed analysis for the teams.