Mastering Modern Media Financials with Workday Adaptive Planning
How a custom Workday Adaptive Planning solution that integrates with key software tools helped a media organization provide its FP&A team with holistic and actionable financial and operational data.
Client
Vox Media is a leading modern media organization with a mission to start conversations, inspire audiences, and influence culture through powerful journalism and storytelling. Vox owns several highly reputed editorial properties, including Vox, New York Magazine, The Verge, and The Cut. Powered by innovative technology that scales quality, Vox addresses the ever-changing needs of modern audiences, creators, and marketers. Wit, passion, and sharp commentary make Vox a keystone of contemporary media.
Challenge
Vox Media originally implemented Workday Adaptive Planning (“WDAP”) to replace its manual budgeting system in Excel. However, the company’s WDAP partner didn’t fully grasp the media business model, resulting in a solution that didn’t capture the whole picture. Vox Media’s financial planning and analysis (“FP&A”) team sought a new solution to give them accurate data and reporting when needed.
After hearing about another digital media company’s positive experience with EisnerAmper, Vox Media evaluated our team and decided to move forward, citing our unique methodology and quality of work as primary factors.
EisnerAmper helped us understand what we actually wanted out of Workday Adaptive Planning. They gave us insight into how we can use the system even better and create consistently accurate reports.
Approach
Vox Media’s previous solution didn’t allow for comprehensive, actionable insight. In response to this issue, we created a new instance of Workday Adaptive Planning designed to meet its goals and provide complete workforce and financial planning.
Beginning with functional requirements, we facilitated meetings with the finance team to understand the organization’s central objectives for its financial planning system. The FP&A team wasn’t familiar with Workday Adaptive Planning best practices, so we asked detailed questions to determine the optimal solution for Vox Media.
Once we evaluated the required data points and reporting metrics, we configured Workday Adaptive Planning and connected it to the team’s existing financial management and human capital management tools. As integration hiccups arose, we carefully evaluated each and communicated with Vox Media to resolve them quickly.
We provided full-scale training and support to the FP&A team during the initial Workday Adaptive Planning implementation. As they continue to expand their solution—whether releasing it to business partners or incorporating additional functionality—we’re ready to help them achieve the desired results.
Results
Vox Media now has a comprehensive financial solution that helps the FP&A team budget and report with full visibility. With this new solution, they can monitor data, execute actuals reporting, and streamline budgeting in one system. Without the need to manually input and process financial or workforce data, the Vox Media FP&A group can prioritize the projects that matter most.
The biggest difference between other partners and EisnerAmper is that EisnerAmper is very hands-on. They not only come up with a solution, but they are also very responsive whenever there’s an issue. When things aren’t tying [together], their team evaluates the data and comes back with an answer.
Workday Adaptive Planning