Case Studies Better Together

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	Better Together

Better Together

Applicable Industries	Finance & Insurance
Applicable Functions	Business Operation Human Resources
Services	System Integration
Challenge	After a series of acquisitions, in addition to bringing the company public in 2005, Morningstar wanted its global workforce to be connected in an enhanced, more efficient way. Manually processing payroll each pay period took too much time and too much effort from resources. There was little visibility into the activities and processes across office locations, leading to miscommunication and operational inefficiencies. Read More
About Customer	Named from a line in Henry David Thoreau’s Walden, Morningstar got its start in 1984 when founder Joe Mansueto saw a need for independent investment and stock research and analysis. Today, Morningstar is a leading provider of such research, managing more than $180 billion in assets across North America, Europe, Australia, and Asia. Based out of Chicago, Illinois, Morningstar provides real-time global market data on more than 500,000 investment offerings, including stocks and mutual funds, indexes, futures, options, commodities, and precious metals. They also report on foreign exchange and Treasury markets. Morningstar created the Morningstar Rating, Morningstar Style Box, and other proprietary measures. Their customers include individuals, financial advisors, and other institutions, and they have operations in 27 countries. Read More
Solution	Collaborative Solutions worked with Morningstar to replace their homegrown legacy system with Workday. For Phase 1, Collaborative Solutions deployed Workday Core HCM, Compensation, Benefits, Performance Management, and Absence. The project was kept on-time and on-budget, and went live in September 2012. Additionally, Morningstar has leveraged Collaborative Solutions’ Continuous Value Services for Extension & Optimization Support. As a result of Collaborative Solutions’ experience deploying Workday for Financial Services customers, the project went smoothly and was live after seven months. Collaborative Solutions navigated Morningstar stakeholders through the Workday methodology and provided thorough and relevant guidance to address their pain points. Morningstar was self-sufficient on the solution very quickly. The team continues to increase user adoption rates and Collaborative Solutions is working with them as they continue to optimize Workday’s features and benefits. Read More Log in to view content
Contents

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Human Resources

Services

System Integration

Challenge

After a series of acquisitions, in addition to bringing the company public in 2005, Morningstar wanted its global workforce to be connected in an enhanced, more efficient way. Manually processing payroll each pay period took too much time and too much effort from resources. There was little visibility into the activities and processes across office locations, leading to miscommunication and operational inefficiencies.

About Customer

Named from a line in Henry David Thoreau’s Walden, Morningstar got its start in 1984 when founder Joe Mansueto saw a need for independent investment and stock research and analysis. Today, Morningstar is a leading provider of such research, managing more than $180 billion in assets across North America, Europe, Australia, and Asia. Based out of Chicago, Illinois, Morningstar provides real-time global market data on more than 500,000 investment offerings, including stocks and mutual funds, indexes, futures, options, commodities, and precious metals. They also report on foreign exchange and Treasury markets. Morningstar created the Morningstar Rating, Morningstar Style Box, and other proprietary measures. Their customers include individuals, financial advisors, and other institutions, and they have operations in 27 countries.

Solution

Collaborative Solutions worked with Morningstar to replace their homegrown legacy system with Workday. For Phase 1, Collaborative Solutions deployed Workday Core HCM, Compensation, Benefits, Performance Management, and Absence. The project was kept on-time and on-budget, and went live in September 2012. Additionally, Morningstar has leveraged Collaborative Solutions’ Continuous Value Services for Extension & Optimization Support. As a result of Collaborative Solutions’ experience deploying Workday for Financial Services customers, the project went smoothly and was live after seven months. Collaborative Solutions navigated Morningstar stakeholders through the Workday methodology and provided thorough and relevant guidance to address their pain points. Morningstar was self-sufficient on the solution very quickly. The team continues to increase user adoption rates and Collaborative Solutions is working with them as they continue to optimize Workday’s features and benefits.

Impact #1	Company-wide information was in a silo before Workday, but now there is total transparency into offices across all regions and countries.
Impact #2	Manual payroll processes slowed down the team before Workday, but now there are time savings for US payroll processing due to automation.
Impact #3	There was no visibility into other offices before Workday, but now there is higher productivity because all employees use the same processes.

Impact #1

Company-wide information was in a silo before Workday, but now there is total transparency into offices across all regions and countries.

Impact #2

Manual payroll processes slowed down the team before Workday, but now there are time savings for US payroll processing due to automation.

Impact #3

There was no visibility into other offices before Workday, but now there is higher productivity because all employees use the same processes.

Benefit #1	The project went live after seven months.
Benefit #2	Morningstar manages more than $180 billion in assets.
Benefit #3	Morningstar provides real-time global market data on more than 500,000 investment offerings.

Benefit #1

The project went live after seven months.

Benefit #2

Morningstar manages more than $180 billion in assets.

Benefit #3

Morningstar provides real-time global market data on more than 500,000 investment offerings.

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Overview

Better Together

Operational Impact

Quantitative Benefit