hello everyone good morning good afternoon and I hope you all are having a good day so far so uh I'm just going to kick off the session and as you can see today's session is going to be on the financial management this has been a long pending item I would say from our team uh considering the kind of changes which have been happening in this area so we will try our best to cover all of them before we move ahead a safe haror uh during today's session we may be talking about some forward-looking statements which should not be used for making any purchasing decision and is only for the informational purpose today's session is part of our uh like on service now session which is a curated event Series where we want to uh where this is a good option for you to connect with the service now expert and the peers uh who can help you deploy your products and achieve the value faster and we hope you join us again at another webinar all the 360 exchanges which are planned in the near future to look at our schedule uh I would request you either you can scan the QR code or uh I have also kept the URL or the link of the registration page as part of the deck so you can make use of it a quick uh housekeeping uh some housekeeping rules I would say uh we do have some time saved at the end uh for the Q&A session but at the same time during the session if you feel like you have any kind of questions you can see on the bottom uh of your Zoom window you will find a Q&A button you can post all your questions over there as I do have my colleagues uh as a panelist uh who will help me out today in answering any of your questions along with that we will be recording the session and uh the session recording as well as the deck is going to be available on the service KN community to know the URL I have hyperlink the service KN community so once uh and also I will share the URL with you at the last so you can go ahead follow the article and can find all the recording over there along with that de and the content which we will be sharing at the last we are going to share once we are done with the uh meeting you will have a short survey so request you to please uh share your feedback uh it really helps us by making sure we improve on our content uh over there and if we are lacking any of these things with that today I will be your host Shian agrawal I'm based out of Bangalore part of service now SPM business unit and uh working as a product success manager within the SPN Buu I'm having overall 14 plus years of experience and today I will be uh your host let's move on so before we get into the devil's detail uh I'll just want to make sure we do have some uh polls so if you can help us out answering uh those questions I'm quickly going to launch them and you should be able to see it on your screen so the first poll is around because the session is going to talk about the financial management we are interested to know where do you do your financial planning as on today I [Music] see okay I'm getting the responses very quickly which is great so far we are at 60% of participation okay moving going ahead numbers are increasing so I'll wait for 10 more seconds to see if rest of you want to participate and share the information with us yeah so let me quickly share the results for your uh reference I think the good thing is uh many of you are doing it within the service now but most of you are doing either outside of service now or with the help of the Excel on the worksheet so which means uh we are expecting for you to get a lot of value as part of today's session and help you out uh or if in deciding if you want to go back to the SPM and start making use of the financial management of service now or not with that I'll quickly move to uh the next poll and it should be there on your screen soon have you started using the mix experience you might have heard about it if not I will try my best to cover as part of the session but if you have heard you are aware of it request you to participate okay almost 65% let's give another 15 seconds okay the great news is most of you are either already on the next experience or planning to be on the next experience and very few of you are not having any plans to make use of it which is perfectly fine but we hope by the end of this session you may change your mind looking at the functionalities what we have with that let let's get to the objective of today's session so because we will be talking about the financial management and a lot has been happening on the financial uh planning so the key Focus would be on the three items considering the why what and how why will help us out understanding the reason behind what really uh has been happening in the financial planning and the financial management side of the world uh and why are we doing that and once we are clear with that we are going to talk about the benefits which you can expect with all the changes which have been happening in this space What would how you will be getting benefited out of it or what you will be getting out of it if uh you are going to make use of it or if you're already using it once we are done with that we are also going to cover how you can be on the financial management Journey what are the steps depending on your or structure the ways of working you are uh following so these would be the three key uh steps following with the demo uh where I'm going to show you uh how the financial management looks like with all the new changes we have before we talk about the financial management I did have a question around what is the next experience so the next experience is something which we have rolled out across the service now now but what does that mean we have been hearing about the next experience but what it is all about well so next experience is all about enhancing your interaction with our platform that is service now where we want to make sure it becomes very much easier more efficient and consistent for you to use the system and as part of this journey uh we are overhauling the financial planning experience in all workspaces you might have heard about the different workspaces I'm going to cover a couple of them in today's uh session as well but whether you are managing your budgets expenses or the financial processes so uh for all these things you will have more smoother and more intuitive interface available and we believe uh at the end any userfriendly design prioritizes the ease of use and convenience so we uh make sure to create an interface that feels natural and minimize any of our end users frustration so that is what we have as a mix experience again more aligned with the concept of why we are doing all these things moving next as part of our next experience because that's also a journey uh we are rebuilding the financial planning so again the question comes why so as I mentioned as part of this journey of providing the great user experience the whole financial planning experience in all the work spaces we want to make sure you are able to manage your budgets expenses Financial process with the intuitive interface so hence the change now the next slide uh is going to help you out understanding the more detail of the why because this is more of our vision around the financial planning so as we know as part of a improved experience uh we just don't want to show you a data and for only for the technical people or the fin fincial people the whole vision is we want to make sure even the non-financial people also understands the data uh the way they think the way they understand and as part of this uh SPM applications are being transformed to the next experience where multiple applications are been Consolidated into fewer workspaces uh and focuses on the user personas like if we talk about the project workspace the EAP Enterprise AG planning spw strategic planning workspace and so on uh as part of this initiative financials functionality is being revamped from the execution to the Strategic layer and if uh I may highlight if you look at it from the bottom we talk about the execution layer and if we go to the top that is where uh our strategic layer uh sets and as part of this we are building all these new experiences not just for the projects even for the agile entities what we have in place uh to make sure it becomes more simpler more easier uh with a great user experience and also at the Strategic layer level uh there are also plans to build the Strategic investment analysis capabilities uh which should help end users with the realtime information from the execution level rolled up uh and the ability to do the you planning to make the right investment decisions against the available targets and then allocate funds so this is our vision uh around the financial planning and as part of that Vision we what are the key personas we are targeting so here you can refer the personas are the demand Pro product project managers product managers is one group of personas the other personas are the portfolio managers and during this whole journey we have here you can see what are as part of the upcoming releases uh the kind of functionalities which we have to offer you as part of the financial management so we will not spend much time on what's going to come up because uh later uh in the presentation we are going to focus on that uh otherwise as I said uh the deck is going to be shared with you uh so you can have a look about the future functionalities that brings to the next part because now we understand why all these changes that brings to a next part okay what are the benefits you will be getting uh as end user Community or our customers so over here the financial management has changed a lot since May 2023 and I tried my best to kept the items in a way you will understand depending on what release you are at uh what kind of functionalities or the features have rolled out in the specific release so here uh we we're going to talk about the May release items where uh the features what we have they these are the ones which allow you to calculate the labor cost of your external resources automatically it allows you to differentiate of your labor cost into capex and Opex based on the tasks allocated to the resources and it very much aligns with the new resource assignment you do have flexibility uh to Define your financial attributes without the need of the customization with the for the financial attributes we have uh spoken a lot during our planning attribute session which was part of a resource management uh I will make sure you have all the reference material available because I would avoid to uh reiterate the same thing because we have already covered these things as part of our earlier sessions moving on the cost part so if we compare at a very high level between the classic and the mix experience what we have there were couple of issues I would say uh which we try to uh address as part of our new experience uh so let's talk about what has really improved over there so on one specific view of the financial management you can create your cost plans view your cost plans create your expense lines modify your expense lines you can do all that you have the option to view the summary of your budget your es the comparison between the budget and the es uh as compared to what you had in the Legacy so the look and feel overall it's great and uh we will be covering that as part of a uh demo the next one about the baselines so the way we used to compare the baselines in the Legacy or I would say the old financial planning is very much easier in the new uh financial management what we have where it is going to give you the straightforward comparisons for each and every record or I would say for each and every cost plan you have in the more simplest way uh the way it works next as part of a Feb release and the May release we have come up with the migration strategy uh which helps you out assuming if you are making use of the old financial management so this migration strategy is going to help you out to move your old cost plan to the attribute based cost plan and for that in the related link you have the straightforward option available uh for migrating your C cost plans to the uh new ones like which is going to be supported as part of the new financial management the migration part when it comes to the cost plan I if you remember I showcased you one QR code where we are going to have few upcoming sessions so one is going to be there around the resource management in the month of June please have a look at the event I request you to register for that because the whole migration Strate stry what we have in place is going to be covered as part of that session so if you haven't yet registered already for that please feel free to go ahead and do that as part of the latest May or St release we were missing one functionality around the baselines what does that mean though the financial management new interface was out for quite some time but it was not allowing you to come compare your baselines which you might have taken as part of your legacy financial management Now with uh with the help of the May release or as part of a May release now you do have an option to migrate all those baselines which you have created as part of a legacy uh financial planning those can be migrated to the new financial management which finally allows you to do all the comparisons of your baselines the next one and I think this is where the how part comes into picture uh considering the customer or the kind of approach you are following if you are more waterfall or traditional uh customers how you can decide which one you can choose but before you think about choosing the new financial management I would like to highlight uh few consideration a key considerations over here this new uh financial planning com U management is only compatible uh with the new experience okay so you will have to make sure uh you have the right change management is in place so your end users they understand what is happening how to make use of the next experience including the new workspaces like the project workspace the spw uh so a lot of change management is required as part of this but assuming if you are more waterfall or a traditional customer uh and this is what you follow as part of your organization you can decide to continue with the classic view point number one uh if you need a unified ux uh across the cost baselines budgets and benefits and there is a reason why I'm calling this out because a couple of features like the budgets and the benefits as on today uh are not supported on the new financial management that is going to be part of our future releases so if you feel you are if you're not okay you would like to make use of all these things uh our request is to continue to use the classic one in case you are making use of your cost with the help of the multiple currencies so that option is also more future looking uh when it comes to the next experience so so you can avoid moving to the next experience if you are making use of the multiple currencies because currently or as part of the latest me release multiple currencies are not being supported at the same time if none of these two options you are interested to uh make use of the new ux you are interested uh to make use of the resource assignments or you want to track your financials uh for the demands for the projects for the agile entities feel free to go ahead and start making use of the mix experience uh and the financial planning over there at the same time uh customers were more agile or hybrid the good news is you can directly start making use of the financial management because of a simple reason this was never supported in the Legacy one but now it is supported in the new finan management the only difference would be on the left hand side you can see the features which are currently available uh as part of the financial management and the features which are going to be available in the coming future or in the near future so these are things by which you can decide uh on the waterfall approach or on the agile or hybrid approach but the key would be uh you must be having a good change management in place considering a new look and feel end users may come and ask for some kind of trainings over there so they can get maximum benefit out of uh the new experience okay the next one is time for demo let me switch my screen quickly just give me a minute and I'll show go I hope you can see my screen just give me a thumbs up okay let me quickly log in here okay so for the demo purpose uh I'm going to make use of the project workspace and I have picked up one of the project on the project workspace named as advanced bill pay let it load you might have seen other tabs over here a couple of them are new but I'm primarily going to focus on the financial stab of project workspace so this is how the new uh Financial module looks like and I'm going to cover one by one what are all the information it covers first you have two different views one which is currently selected to have a view of a cost second to have a view of all the baselines you have then you have the option to select the time scope for which you would like to see your financial for in this Cur current scenario I just selected for 2 and a half years 2023 till 2025 uh then you have these top five wigets one talks about the budget gives you the ESC gives you the information about where you can identify are you over budget or under budget with the help of the variance if it is going to be positive it means you are still within the budget if you find it as negative it will come in the red uh font or then the red color uh which means you are spending more or you will end up spending more what you have plan for you have an option to view the pl cost with the breakup of the CAPIC and the opix and same goes to the actuals with the break up of the CAPIC and the opics you do have an option to select in the tray which of column you would like to use so you can select you can deselect whichever you are interested but here comes the key part what are all the things you will get over here so by default I have let's assume couple of uh resource plans created over here and what I see current considering I'm in the month of let me quickly change it to 2024 so we have some smaller data set okay so what are all the things you see over here it gives you the information for for this one cost plan the kind of spent you have already made uh till date so here it shows you the amount it gives you the ETC which is nothing more of the remaining current month and the remaining Plan cost of the year the estimate to complete what you have the ESC is something which is a combination of your actuals like for this specific item you might have planned for the 100K but as part of the latest es you may end up uh using this much of amount okay if you have noticed for the past month like from January till August I have few items which are grade out over here but I'm seeing some numbers so all these numbers if you look at the legend what we have these are not the planned costs these are the actual costs because you have already uh planned for your earlier month and actuals have been incurred so the whole idea is to show you the real picture for the past month but at the same time if you look at for the current or for the future months all these costs are nothing but more of your planed cost I just wanted to highlight and you can follow the Legend legend over here what these different color means it comes with the functionality of adding your expense line for any specific month let's take an example uh assuming I have this item as other Capital cost So currently I have not entered any actuals for the past month either I can create an expense line from here and then associate that new expense line to this specific uh cost plan by selecting it instead what I can do I can directly click here for the specific month I add the expense line I select the incur amount let me put 500k automatically it gives you a date because you this is the date uh last date of that specific month you can select when are you going to process it let's assume I have already process it on the same or the end of April and assuming things have already processed once I select the process and click on the save button it is going to start popping up here there you go so from the same grid you have an option to add your actuals or the expenses for against a cost plan for the specific month depending on the way you would like to use it then assuming you may have a need to export this data uh into the Excel so now you do have that option where you select it gives you the option to import export it to the Excel once you click on the export you will get a a XLS file to make use of it now let's move to the baselines so baselines primarily uh you might be aware this is more of an option to capture the situation or the financial of your project at one given point of time okay so with the help of this new looking field or with the next experience of the financial management you can create your Baseline at any given point of time and I can create one but yeah this is the button which you can use you can give the name of the Baseline put the description around it I already have couple of them so I'm not using it but I do have an option to compare so let's assume I want to see how my current Financial looks like at when I check as compared to when I was or when I kicked off the project I select both the options I clicked on the compare now let's see what it gives me so what it says the way uh I can read it out at the time of a project kick off my ESC was less as compared to uh what I have as on today at the end what it says initially I planned for the uh less cost or for the less budget but in the current scenario I will end up uh making use of the more budget and that is where my variance is going to be in negative okay at the same time it gives you the similar comparison not at a project level even at every record or at every cost plan level there are multiple ways to uh use it one of the examples if I'm a project manager I want to understand uh where I actually did a wrong planning maybe this one because I see some key variances over here when it comes to the es to understand it in more detail what are these variances how it occurred let's move ahead and I may look for 2024 so here if you see I can easily identify for the month of January and February I did not plan for anything or I didn't even plan for the cost but in reality this much of expenditures have happened during these months so maybe that something which I can consider for the future respects at the same time once we are done uh with the actual one you may have an option to see where did you go wrong when it comes to the plan cost this is another example for the resourcing initially at the time of a project kick off I did not consider any of my resourcing cost but later I realized this is going to be the additional cost and hence as on today you will see you have some additional numbers or additional do dollar as compared to uh the situation what you had at the time of project kickoff so that this is how you can compare these numbers and at the same time you want to change it okay I did it for the project kickoff let me do it for the stage kick two so from here itself you just change it and it will start showing the comparisons uh in those to the baselines what you have taken so this is primarily how it looks like on the project workspace primarily for the Persona like the project manager but what if I'm working as a demand manager portfolio manager or uh I'm doing some work on the epics so as we mentioned you do have all these options available as part of your uh new uh sorry for the agile planning or the agile items as well I'm just going to open one of my plans so this is another workspace what we have the strategic planning workspace and here if you see I do have a demand if I open it on the demand I have an option for the financials if you see you have the same look and feeli at the demand level where you can create your cost plans uh you you can compare your baselines you can create your baselines the idea over here is uh the user interface is very much consistent over here doesn't matter if you are making use of a project or if you're making use of a demand same is also applicable for the Epic if I just pick one of the epics which is one of my agile entities I do have the financials over here with the same look and feel you might be seeing a couple of missing elements like the uh budget because at the Epic Level we really don't focus on the budget instead the value which is going to be delivered that brings me back to my presentation let me put it in a presentation mode moving on so though uh we have covered I would say a very high level what has happened in the financial management in last one year along with that you might be having many questions okay how can I enable the financial management what are the steps I will require to enable it on the uh agile entities or on the demand or on the project for that we do have a good number of Articles available as a short videos so you can refer that we do have a detailed guide which will help you out understanding how you can enable the financial management on the agile entities like epic I also covered as part of the attribute based cost generation the planning attributes what we have if you want to do a deeper dive you do have that reference material all these are the Articles available on our service now uh community so I request you when the deck is going to be shared uh with you feel free to access that moving on uh so I do have a product manager uh as my uh panelist so the whole idea is we are look we are running an early adopter program uh for the new financial planning experience and the whole idea is if any of you are interested to be part of this early adopter program we request you to quickly uh scan the QR code uh will take couple of minutes if you're okay uh you can make use of your phone and once you fill in the details our product team will reach out to you considering you are you have interest uh being an early adopter as part of uh this program so I'll keep this screen open for let's say another 30 second just to give you enough time to uh scan it and uh if you can fill the form over there that will help us out and identifying the key people and we will reach out to you okay another 10 more seconds before I move on and meanwhile if anyone is having any kind of questions uh request you to please post in a Q&A section okay moving on again please scan the QR code and the link will also be shared with you uh don't forget to register for our upcoming sessions I can give you the heads up uh the sessions are going to be on the resource management and there are a couple of sessions on the APM the cwm collaborative Work Management please check out the schedule and uh register okay these are some other resources around the service now impact training and certification expert Services keeping the business goal in mind where uh you have the right skill sets available to get or to do the service now related job what are the leading practices we have so we request you to please keep an eye out and have a look at it and that brings me to my last slide which is a Q&A and I can quickly go to the open question and answers okay I see most of them have been answered uh so when I know you I see you typing uh the answer what that be okay if you come off mute and answer it live yeah sure thank you so uh let me answer Paul's question regarding uh comparing plan versus actuals so uh the compare Baseline screen uh helps you to compare the cost in two different points in time so uh the ideal way for you to compare plan versus actual for past months is uh to capture a snapshot during the beginning of the project so it could be before the project has started or uh in the first month of the project where you only have planned costs uh for all the months uh so that uh the snapshot only captures the plan cost and then when you are like four months or five months into the project now you want to compare how much does your latest financials compare against your initial Baseline uh so you can select the current financials compare against that first Baseline that you have captured and the screen shows actuals versus plan for the past months and then uh if you have re forecasted the plan cost for any of the current and future months it will show the plan latest plan versus the initial forecasted plan uh from the initial Baseline that's how you can compare actual SP plan in the new view when I do see another question from James uh is the AP integration or just an export uh to me it seems like a follow-up question you might have answered earlier uh yeah I wasn't sure about that so we don't have any app outof box integration with Appo so if you are planning to take any financial data to APO from service now then you should be using the export to Excel or or export the Excel option from the new financials view or uh directly from the table so John has a question will the new Enterprise Azel planning functionality also work with financials and when so we do have plans uh John So currently the financial on epics are only supported in the portfolio planning view of spw but very soon probably in couple of quarters we will bring financials in uh epics directly in the Enterprise agile planning workspace uh can you review the cost Plan conversion process again and clarify what the record type is created following the conion so the cost and conversion is uh actually uh tied to the resource Plan conversion so as many of you might be aware uh we have a new Resource Management capability um which is based on resource assignments uh so the financials are also different from how they used to work with the Legacy resource plans uh we now have an attribute based labor cost calculation capability so the the migration that Shan has talked about is related to uh migrating the labor cost plans from the old resource plans to the new resource assignment based labor cost cost duration of field option versus monthly recurring field on cost and why two different field the same yeah uh hi Spa so we have have taken your feedback duly uh so we will update the forms as well to have a consistent experience uh coming to the uh recurring cost plans a question from lari are the Showcase project workspace Financial functionality available for demands as well um so the demand uh exper is not yet built uh so it is available on the portfolio planning workspace or strategic planning workspace depending on your license so if you open a demand on the ppw or spw you will have similar Financial functionality for demands as well uh but uh there is no Demand work space in the next experience yet it is in plan so when we bring the new demand workspace we will have similar capability on demands in a demand workspace but till then uh you should be able to leverage the portfolio planning workspace or strategic planning so sa when forms will be updated um we will probably we don't have a timeline as of no potentially we might Target it for November release since we are already development done for AUST this will there be similar capabilities implemented from program records or will users be expected to utilize SP spw for program financials uh yeah so for uh programs and other high level entities we are planning to bring Financial capability in spw so going forward uh uh strategic planning workspace will be the uh experience for all of your portfolio or strategic needs which include which involves any high level planning items like programs initiatives portfolios Etc uh so it is being planned as a future enhancement okay and I think with that it seems like we have covered okay okay looks like uh had another one so can the expense line creation disabled in workspace to follow any other organizational Financial lines rather than the end user creation yeah uh nin it is possible to disable expense lines creation using ACLS so if your organization has ACLS to restrict users from creating manual expense lines the new workspace will honor it okay I hope that answers the question and with that I really don't see any other there are some questions in the chat there's a question from me we are currently loading financials on a monthly basis per project how can we accomplish the same for a file and product mod model Uh current ly only financials in a monthly basis are supported for low level items like projects demands and epic uh if you want if your question is that you want to do the same for high level items like product models it is not currently supported but we do have plans to enable them for high level entities in upcoming quarters uh we may communicate those timelines when we have once we have concrete timelines in future another question from Nick we currently over all resource plan how will the cost plans be updated when utilizing resour assignments when when the initial request is to fill the assignment is submitted is there an opportunity to override the cost and how Finance uh maybe it's a nuance question so uh maybe we can have a discussion offline you can reach out to me through email v. sing.com um I will post my email ID in the chat so feel free to contact me through email and we can have a discussion in which release is this available in Project workspace so whatever uh Sha has demoted it is as of May 2024 release uh we have future enhancements coming up uh like being able to allocate budget in the new next experience is coming in August and then benefits and portfolio financials are coming in future water Rel okay thank you so much V for taking up all the questions we had and if there or do I see another question okay perfect thank you good so with no open questions uh I'm happy to give the remaining 10 or 12 minutes back to our audience thank you so much for joining us today and please don't forget to uh fill the survey and look for our upcoming event have a great day take care