Case Study: Achieving Financial Efficiency and Data-Driven InsightsCase Study: Achieving Financial Efficiency and Data-Driven Insights

Achieving Financial Efficiency and Data - Driven Insights at Life Time with SilverXis and Workday

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May 22, 2024
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Driven Insights At Life Time, Inc With SilverXis And Workday Solutions

Introduction

Headquartered in Minnesota with over 170 locations across the US and Canada, Life Time, Inc. operates upscale fitness destinations that go beyond physical well-being to offer holistic wellness services and foster vibrant communities.

Business Challenge

Life Time’s financial operations were hampered by disconnected systems, data silos, and manual processes, which affected productivity, strategic planning, and data-driven decision-making.

Our Approach

SilverXis addressed Life Time’s financial challenges by leveraging Workday solutions through a comprehensive approach:

Continuous Workday Enhancements:

Since 2018, SilverXis has implemented and continuously enhanced Workday financial solutions, including Prism Analytics. These enhancements focused on:

  • Optimizing Financial Workflows: Improved efficiency in financial operations.
  • Integrating Data Sources: Enhanced data visibility and insights.
  • Enhancing Operational Agility: Improved business responsiveness.

Customized Workday Extend Applications:

Developed to streamline financial operations, focusing on:

  • Procurement and CAPEX Automation: Automated procurement and capital expenditure processes to eliminate manual tasks.
  • Seamless User Experience: Improved user experience for finance staff.

Prism Analytics Integration:

 Integrated Prism Analytics with Workday to consolidate data from various systems, providing comprehensive visibility. Custom dashboards and reports were built to empower leaders with actionable insights for strategic planning.

Business Outcomes

The collaboration between SilverXis and Life Time, Inc. yielded significant financial improvements:

Operational Excellence:

Continuous Workday enhancements led to:
  • Reduced Labor Costs: Process efficiency resulted in cost savings.
  • System Consolidation: Reduced the number of systems from 60 to 1.
  • Simplified Chart of Accounts: Reduced from 10,000 to 1,000 accounts.
  • FTE Reduction: 60% reduction in full-time equivalent (FTE) financial support due to automation.
  • Faster Payroll Processing: Reduced from 48 hours to under 1 hour.
  • Data-Driven Insights: Enhanced data visibility through Prism Analytics empowered leaders with actionable insights for strategic decision-making.

Value Addition Since 2018

SilverXis’ commitment to Life Time’s financial success includes:
  • Continuous customization of Workday applications tailored to evolving financial needs.
  • Ongoing integration of Prism Analytics for sustained data consolidation and insights.
  • Continuous enhancements to financial processes for operational efficiency and improved financial management.

Conclusion

SilverXis’ strategic implementation of Workday solutions has transformed Life Time’s financial operations. Through continuous enhancements and ongoing support, Life Time achieved operational excellence, data-driven decision-making, and streamlined financial processes. This successful partnership positions Life Time for continued growth and success in the competitive fitness and wellness industry. SilverXis can help your organization achieve similar financial excellence with tailored Workday advisory services and solutions.

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The development cost can only be ascertained when the app type, complexity, platform, and other related questions are obtained. Based on that app development cost can be ascertained as mentioned below:

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Well, the average price for app development in Canada ranges from CAD $15,000 to CAD $300,000. However, it is still important to know the app's complexity, type, and model of development. The true mobile app cost will only be ascertained after that.

India is a booming economy. The cost of mobile app development is relatively affordable in India. Companies from developed nations outsource their work because of affordability and expertise. However, to know the exact cost, one must clarify the app type, complexity, platform, and similar other questions. For a rough idea, it can range between ₹500,000 (around $6,000 USD) to ₹9,000,000 (around $110,000 USD).

The mobile app development costs are estimated with the help of the following determinants:

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The app maintenance cost is normally not very high. However, if the below-mentioned factors are taken into consideration, the actual cost can be calculated:

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SilverXis Inc. has a vast experience of 17+ in the IT realm. It has helped clients globally to solve their business operations. For almost two decades, SilverXis worked in various domains such as health & fitness, education, government, manufacturing, aviation, entertainment, real estate, FMCG, e-commerce, OTT, travel & tourism, social media, etc. Get in touch with our specialized business consultants who will help you decide the most suitable solution for your business which will be cost-effective and long-lasting.