Understanding the Basics: What Is a Financial Management System?

Understanding the Basics: What Is a Financial Management System?

This blog is part of a series explaining the technologies that help companies manage their people and money.

A changing world requires new ways of working—ways that are smarter, faster, and more agile. Nowhere is this more important than in finance. Fueled by rich data and ever-more powerful artificial intelligence, machine learning, and analytics capabilities, finance organizations are being transformed and making more informed business decisions. 

In this blog post, we provide a quick guide to the changing demands of the finance function, what you need to know about financial management systems, and how the right system can help companies adapt to a changing world and identify new business opportunities.

Why is a modern financial management system important to an organization?

Finance underpins a company’s very success, and finance teams are increasingly being asked to lead the charge of enabling a company to make better decisions via data analysis that delivers insights to stakeholders across the business—from marketing and sales to product and operations—to inform strategy and provide context on the bottom-line impact of decisions.

To do this successfully, Workday believes two things are needed: easy access to current financial and worker data and the ability to bring different data

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