What Are the Top 10 Tips, Tricks, and Hidden Features for Navigating Workday Adaptive Planning?

Transform your planning process with Workday adaptive planning. Manage all users as well as every step of the budget process.

What Are the Top 10 Tips, Tricks, and Hidden Features for Navigating Workday Adaptive Planning?

We all know that Workday adaptive planning is a great tool for budgeting, analyzing forecasting, and investment planning. It aids startups and large organizations. However, if you are new to the platform, things may look messy, and the learning curve can be tricky. Although the tool simplifies many financial activities, it requires some getting used to.

In this article, we will learn about how workday adaptive planning benefits major industries and how these ten simple tips can save you time and boost productivity.

Brief Intro to Workday Adaptive Planning

Workday Adaptive Planning is a specialized FP&A tool that helps with data analysis and visualizations. It deals with a large amount of data from different industries, business variables, and metrics. The tool uses all these data and considers unique and dynamic variables to build a live financial framework.

FP&A and Workday Adaptive Planning

Financial planning and analysis, or FP&A, is essential to company performance monitoring, financial management, and overall decision-making. To assist management in making decisions, FP&A teams compile and evaluate financial data, create annual budgets, and create projections. With Workday Adaptive Planning, FP&A teams can more easily manage annual operational plans, funds, monthly or weekly forecasts, KPI formulation, and comprehensive reporting. These teams manage and maintain adaptive, eliminating the need for IT or other related functions. 

The objectives of the FP&A team are to assist the company in comprehending its financial performance, spot patterns, and opportunities. They use data analysis to make informed decisions to meet monthly, quarterly, and annual goals.

Top 10 Tricks and Hidden Features

  1. Flexible Planning Views: One of the primary reasons for using dedicated FP&A software is to evaluate past data and predict future changes. With Workday adaptive planning, you can modify what you see on the current screen by adjusting periods. The tool lets you view multiple years before or after the current year, and you should consider using a breakback approach.
  2. Global User Groups: Take advantage of global user groups. By applying user groups, you can easily share reports or dashboards with designated groups of users, control version access, and restrict access to specific user groups. The platform facilitates remote work and cooperation by allowing users to access it anytime. Conventional static platforms aren't particularly helpful when working with other services or wings. Additionally, firms are quickly implementing work-from-home solutions to provide more options and skill sets. 
  3. Organize Your Instance: Organizing your Adaptive Planning instance is crucial. It allows users to quickly identify what they are looking at and where they are in the system. An organized workplace significantly speeds up the entire FP&A process, enabling you to run faster simulations and generate scenarios.
  4. Active Planning Dashboards: Learn how to use active planning dashboards, which provide real-time insights and propel decision-making. Deciding based on live statistics and parameter changes is much more efficient and realistic than static modeling.
  5. Creating Dimensions: Understand how to create dimensions within the system. Dimensions play a key role in structuring your planning data. They organize scattered data and categorize them for easy implementation. For faster processing, let data import create automatic dimensions. Also, make sure to give attributes to the dimensions so you can view them later as a group or individually.
  6. Metadata Loader Through Integration: Explore loading metadata via integration for faster data imports. Once you map your external data and set a configuration with your Workday adaptive planning tool, you can set schedules for data imports. You can also monitor and validate the data in real-time. If you’re working with volumes of metadata from different sets, the loader makes it fast and simple.
  7. Limiting Drill-Down Lists: Drill-down lists can lead to detailed data from the summaries. However, this may often create complexities, as not all collaborators or users need to use the detailed data. Discover how to limit the drill-down list on a report. This helps focus on relevant details without overwhelming information.
  8. Split Row and Allocation Timespan: Use split row and allocation timespan functionalities. These features enhance data allocation and distribution. For example, you can divide an allocation into multiple departments using a split row. Remember to verify that the account structure reflects the new allocations.
  9. Excel File Data Source: Learn how to create an Excel file data source. This can simplify data import and manipulation and let you access and modify data from various sources and platforms. You can import files on the go, save the originals, and export/share the modified ones. Having Excel backups helps in backtracking and finding time-specific inputs.
  10. Allocation Rules: Dive into allocation rules. Understanding and configuring these rules can significantly impact your planning accuracy. You can use it to distribute values across different dimensions. Simply define the source and the target and specify the formulas to start the allocation process.

How Workday Adaptive Planning Benefits Major Industries

Here are some examples of different industries benefitting from Workday adaptive planning. You’ll understand how and why the tricks may be useful. 

  • Retail: Workday Adaptive Planning is an FP&A technology that handles fluctuating variables and quantities. As a result, it may assess changes in public demand, taste, and seasonal variations in sales, forecast future demand for particular products, evaluate and forecast inventory changes, and much more. Once your important metrics have been sorted out, the program can analyze and visualize all the essential metrics.
  • Manufacturing: A framework system incorporating labor management, raw material inventories, material distribution, production scheduling, and market demands. Streamlining your supply chain can be achieved by clearly understanding how the statistics vary and impact your manufacturing process. 
  • Healthcare: The staff is vital to the healthcare sector. Each staff member, including doctors and nurses, has a specific job to do. Therefore, it is critical to have a clear understanding of how many individuals are available and how much patient load they can manage. Healthcare business owners can distribute their workers more strategically and efficiently with workday adaptable planning.