Case Study: TMX cuts AP cycle time and legacy system costs with Workday

TMX - Customer Case Study

TMX, a global exchange group, needed to replace its multiple legacy financial systems and reduce its significant reliance on external consultants. The company wanted to streamline its business administration processes and shift their ownership from IT to business leads, while also finding a solution that could quickly integrate new acquisitions. To address these challenges, TMX partnered with Workday for its cloud-native platform, including Workday Financial Management, Human Capital Management, and Planning.

By implementing the suite of Workday applications, TMX decommissioned its legacy systems and successfully transferred administrative process ownership to business users. The results were substantial: the company reduced its AP invoice cycle time from days to minutes and cut its chart of accounts by 68%. Workday enabled TMX to achieve a $640k reduction in annual maintenance costs, a $553k reduction in business labor costs, and cut the time to integrate an acquisition from 12 months to just 4.5 months.

TMX

Frank Di Liso

Vice President, Corporate Finance and Administration