Deloitte Launches Outcome-focused, Industry-specific Workday Accelerators Across Banking, Health Care, Higher Education, and Technology and Media

New York, NY, USA 18 September 2024 — Deloitte today announced the launch of five industry-focused accelerators with Workday that help enable clients to transform financial and HR operations as well as other sector-specific business processes. These pre-configured offerings include collections of AI-enabled tools and apply industry best practices, giving clients a head start on their transformation journeys.

“Because we recognize that the needs of a banking institution vary greatly from a health insurance company, a university or a media company, we have collaborated with Workday to bring the experience and insights we’ve gained from decades of industry experience to create advantage for our clients,” said Michael Stephan, principal, U.S. Clients and Industries leader, Deloitte Consulting LLP. “The Workday Industry Accelerators consider the sector specific needs and accelerate the design and build of systems and processes to improve our clients’ business outcomes.”

Specific features about the accelerators are below.

Health Care:

PayorAcceleration has the flexibility to meet changing regulatory statutes and manage differences for regulated versus unregulated revenue streams and optimize claims processing. Additional highlights:

• An accelerated monthly close to gain greater insight into forecast versus actuals on spend
• A scalable and agile back-office platform to support M&A and affiliation payor activity
• Real-time analytics and data insights to meet actuarial and tax reporting requirements
• FinOps practices for maximizing the business value of a cloud computing environment

Canadian Healthcare Provider from Deloitte improves health care providers’ operational efficiency and compliance, communication and collaboration among staff. The accelerator helps enable healthcare professionals focus on what they do best – provide care to patients.

Technology and Media:

The Technology & Media Accelerator helps enable organizations to adopt new monetization models, manage inorganic growth, and streamline business insights. Key aspects include:

• Preconfigured solution that enables consumption and usage-based revenue monetization models
• End-to-end data lineage from lead-to-revenue
• Scalable contract management, billing and finance operations with quicker onboarding of new entities and offerings

Banking:

AccelerateBanking can perform product-level accounting and expedited sub-ledger reporting across common banking products such as credit cards, loans and mortgages. It also addresses challenges common to legacy ERP systems such as a lack of agility, complex workflows, disparate data models, and multi-faceted product lines with distinct accounting requirements. Other features include:

• Real-time analytics and data insights to meet statutory and management reporting requirements
• An accelerated monthly close to gain greater insight into forecast versus actuals on spend
• A scalable and agile back-office platform to support growth of new product lines as well as M&A

Higher Education:

AcceleratED, developed for Research 1 institutions and systems of higher education, helps transform institutions by using the Workday platform, including Workday Student, to improve student recruitment and increase efficiency. Features include:

• Data validation reports and integrations with commonly used banks and admissions application systems
• Cost allocations, pre-built grant reporting, academic unit hierarchies, adjunct/instructor management practices, appointment and promotion tracking

“Our customers across industries manage complex and dynamic regulatory standards, fragmented systems and entity structures, and labor-intensive business processes,” said Sophie Sharp, senior vice president, Global Industries and Value Management, Workday. “Industry Accelerators combine the power and capabilities of the Workday platform with Deloitte’s industry knowledge and solutions. The result is streamlined systems, process transformation, and data-driven analytics for stronger business performance – enabling customers to transform faster and more efficiently."

These latest accelerators join others launched earlier this year including AccelerateHealth, InvestAcceleration, and InsureAcceleration. Deloitte’s investments in Workday’s Industry Accelerators are part of Deloitte’s IndustryAdvantage — focused on speeding clients’ growth and transformation and grounded in Deloitte’s industry and sector experience. Visit our web page for more details about Deloitte and Workday’s Alliance and client solutions.