20/09/2024 | News release | Distributed by Public on 20/09/2024 09:34
This client is a premier motorsport organization, renowned for organizing and governing racing events across the United States and internationally.
After a recent Workday maturity assessment, the client needed to enhance its source-to-pay (S2P) operations. and needed to boost its ERP system ROI, optimizing S2P processes through re-design, improving utilization of Workday by end users, and enhancing spend visibility/transparency throughout the organization.
Protiviti worked with finance, accounting, sourcing and procurement, and enterprise application leaders to develop end-to-end source-to-pay assessment and design and deliver a future-state implementation roadmap for sourcing and spend, procure-to-pay operations, performance and reporting, and governance and enablement.
Using our 120+ unique recommendations and an actionable implementation roadmap, including 28 project objectives, the client is equipped to optimize operational efficiency, strategic decision-making, and Workday capabilities and automation through implementation to achieve its S2P maturity goals.
Headquartered in the United States, this large motorsport organization plays a key role in the sports entertainment sector. As the organization and its related entities continue to grow and mature, the client recognized and identified the need to optimize and enhance its source-to-pay function via a Workday maturity assessment.
The client needed a trusted partner to develop a strategy and detailed plan to execute an end-to-end sourcing and procurement solution and design utilizing the Workday platform. The solution focused on the following four key areas:
The overarching objectives of the engagement's desired benefits and outcomes were to have more timely financial insights that enabled agile decision-making, streamline processes, improve operational efficiency and accuracy, and improve adherence to regulatory requirements and enterprise initiatives.
Several years after its initial Workday implementation, the client conducted a Workday maturity assessment, during which procurement functionality was de-prioritized. As a result, end users experienced pain points using their current instance/configurations for their source-to-pay processes/functions. The client's leadership also noted that less than 10 percent of company spend was captured and tracked via a PO, and most of the organization was not currently complying with nor adopting the established sourcing and procurement processes and policies.
Additional pain points and improvement opportunities identified included:
To address these challenges, Protiviti's approach encompassed a thorough current state assessment, strategic future state solution design from a people/target operating model, process, and technology perspective, followed by developing a detailed implementation roadmap.
The current state assessment consisted of documenting over 150 detailed observations of the current state through stakeholder interviews/workshops and process walkthroughs where we identified critical areas of opportunity where improvements could significantly impact the organization and the S2P functions in ways such as efficiency, cost savings, staff productivity, cycle time, and compliance. We then developed future state S2P processes, incorporating leading practices/ and recommendations tailored to both the unique needs of the client and the motorsports entertainment industry. Additionally, we developed recommendations for technological enhancements to utilize Workday's robust capabilities to automate and optimize key functions like supplier onboarding, invoice processing, and payment executions.
We also crafted and designed a new target operating model for sourcing and procurement that closely aligned with the client's broader organizational goals such as cost leadership and operational excellence. This included a transition plan from their current fully decentralized procurement operating model to the recommended hybrid, - centrally-led procurement operating model.
To support the strategic future state solution design and the client's future needs related to maturing its S2P function, we developed and delivered a phased implementation roadmap that outlined quick wins, prioritization, key tasks and activities to implement each phase, resource requirements, timelines, change management, training and roll-out plans, and expected organization impacts/ROI.
As a result of our partnership, the client is now enjoying a number of benefits, including: