Workday Financials and Hyland: Unify your retail inventory

A retail worker takes an order on a touchscreen.


Hyland Direct Spend Matching for Workday to be unveiled at Workday Rising
September 12-15, 2022
Orlando, Florida | Orange County Convention Center

Stop by Hyland’s booth, number 403, to see a demo of this solution and discuss use cases.


Buy, match, sell, repeat.

Supplier-managed inventory, damaged goods, receiving challenges, returns — all these scenarios can make synchronizing your purchasing system with your ERP financials extremely challenging and risky.

Many retailers use multiple systems to manage purchase orders, complex supplier catalogs, order and fulfillment processes, and more. But unfortunately, integrating these transactions with core financials (and confirming the receipt of goods) is often done through manual reconciliations and by booking countless journal entries.

One of the most challenging components of these transactions is the variable and often unstructured content involved in the receipt of retail goods.

Various delivery methods, supply chain interruptions, partial orders, damaged goods — all can create chaos when trying to pair an order managed in one system with inventory assets and liabilities on the books. Not to mention the challenges in accurately reflecting open purchase commitments or forecasting cash.

Eliminate silos by unifying your payment systems

Hyland and Workday are jointly developing a new solution to provide end-to-end, frictionless processing and a complete view of direct spend to procurement organizations. Hyland Direct Spend Matching for Workday, an extension of Hyland’s AP Automation solution, supports complex three-way matching scenarios involving multiple ERPs and point solutions.

This solution will complement Hyland’s existing, packaged integration with Workday Financial Management, extending its capabilities to support retail-specific matching scenarios, exception management, approval routing and accrual automation. This will enable organizations to achieve the following:

  • Support end-to-end touchless processing of direct spend from purchase to payment
  • Rules-based matching automation, which frees up AP and procurement organizations’ time for other more strategic efforts
  • Seamless integration, mapping and workflow of documents between key retail systems; Workday empowers IT and the business to focus on process improvement over technical fixes.

With the capabilities added by this new solution, Workday Financial Management customers can utilize the following features to streamline accounts payable processes:

  • Integration, workflow and automation of high-volume procurement documents from any source, system and format
  • Advanced AP automation that includes an AP analytics workbench, approval routing, workload balancing and exception-based management
  • Automated month-end accruals of direct spend
  • Complex, rules-driven matching designed for retailers to:
    >>Match receipts to goods ordered in your purchasing system
    >>Match receipts to open POs in your retail management software

How does the Workday and Hyland integration work?

Hyland’s document governance and process management tools ingest and match goods receipts from external warehouse and procurement systems, POs from external procurement systems and supplier invoices via any format. The integration then maps, codes and passes the invoices to Workday Financials for payment via a touchless process, inclusive of related attachments.

This eliminates the silos created by attaching the documents in either line-of-business system, which slows processes and decreases visibility. The following screenshots provide a high-level overview of how the solution works.

Screenshot of the application working on an invoice.

Figure 1 – This invoice has all good data, so it can proceed to the “Post to Workday” queue. Had any of the data not passed the validation checking then it could end up in the “AP Review” queue. Click on the “Display Coding Form” button…

 

Screenshot of the 2 Coding Forms.

Figure 2 – There are now 2 Coding Forms – the original PO Coding Form that will be used to post back to the 3rd party procurement system (ERP) and a Non-PO Coding Form that will be used to post to Workday. Notice that the line items have been automatically coded.

 

A screenshot of an invoice using a Workflow timer.

Figure 3 – A Workflow timer will automatically post the invoice to Workday, but you can manually post it as well by clicking on the “Post to WKD Timer” button…

General availability of the solution is planned for Q4.


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Jason Lamon is Hyland’s Cross Industry Solution Marketing Manager. He is responsible for developing strategic positioning for the company’s core back-office solution areas, including accounting and human resources. Lamon is a 20-year tech industry veteran and has served as a marketing leader, product strategist and tech evangelist, specializing in positioning, demand generation and sales enablement for solutions such as content management, portals, enterprise search, mobile apps and more.

Jason Lamon

Jason Lamon

Jason Lamon is Hyland’s Cross Industry Solution Marketing Manager. He is responsible for developing strategic positioning for the company’s core back-office solution areas, including accounting and human resources. Lamon... read more about: Jason Lamon