Stibo Group achieves business transformation with Workday and Kainos
About Stibo Group
Founded in 1794 as a printing company, Stibo Group has evolved over the centuries into a global leader in data management and media solutions. Today, with its headquarters in Denmark, the enterprise employs more than 1,500 professionals and operates in over 30 countries, demonstrating a truly global reach.
Within the Stibo Group umbrella are two core companies—Stibo Systems and Stibo DX—each an industry leader in its own right. Stibo Systems, specializing in Master Data Management (MDM), delivers solutions that enable businesses in various industries to improve decision-making, optimize compliance, and achieve better customer experiences.
On the other hand, Stibo DX focuses on providing innovative content management systems and audience engagement tools, primarily for the media and publishing sectors.
In 1976, the group transitioned from a focus on graphic arts to software solutions, marking a pivotal shift in its business strategy. This remarkable transformation has allowed Stibo Group to align itself with the rapidly evolving technological landscape, ensuring its relevance and impact in the modern digital economy.
New ERP system for Stibo Systems
In spring 2019, Stibo Systems chose Workday as its new ERP system and Kainos as the chosen deployment partner. A system change was needed to support and streamline global operations and support continued growth, and especially adding HR to the ERP landscape.
The project started in August 2019, went live in May 2020 with HCM, Financials and PSA.
HCM included Core HCM, Compensation, Global Absence Plan, Performance & Talent and Recruiting.
Finance included Core Financials, Financial Accounting including consolidation, Banking & Settlement, Customer Accounts, Customer Contracts, Supplier Accounts, Financial Reporting and Expenses.
PSA included Projects, Project Billing and Time Tracking. Integrations covered 3 bank integrations, SSO & AD and integrations to Jira and SalesForce.
As such, the project provided Stibo Systems a new ERP system to support operations in Denmark, USA, Canada, Australia, Germany, The Netherlands, Spain, Sweden, Switzerland, Brazil, China, Colombia, Japan, Korea, Mexico, France, Poland and India.
“We are a software business, but still a people’s business. We needed a global HR system as an integrated element of a global ERP platform. This we achieved with Workday as our global integrated ERP platform”
Since the ERP success in Stibo Systems, Stibo Group have expanded the Workday platform further:
- Stibo Group functions and holding companies was included in 2022.
- Advanced Compensation was added to manage salary adjustments and bonus in 2023.
- In Spring 2023 a project was launched to implement Workday as ERP system in Stibo DX.
- And lately in autumn 2023 a project was launched to included Procurement and Assets to the Workday platform.
Expanding the Workday platform with Financial Planning
With the success of the first deployment project in 2019-2020, Stibo Systems also decided to expand the Workday platform cover Financial Planning.
In autumn 2020 Stibo Systems added Financial Planning (part of Workday Adaptive Planning) to the platform to enable global financial planning, budgeting and forecasting. The initial project resulted in a global comprehensive planning model including “models”.
The Financial Planning model was advanced in 2021 and 2022 to include elements like more granular planning of revenue, backlog calculation, automated calculation of receivables and deferred revenue and more detailed planning of expenses and salaries.
“Financial Planning was a natural extension of our ERP system. We wanted a more stream-lined budget and forecasting process without multiple Excel-sheets to be manually consolidated. We now have a global budgeting and forecasting process based on a global system. We have a faster budgeting and forecasting process with better controls and automated consolidation of numbers across entities”.
Kainos as Stibo’s Workday partner
We, in Kainos, are a proud Workday implementation, advisory and support partner to Stibo since 2019. Stibo is one of the oldest companies in Denmark and one of the few companies with a history spanning centuries.