Objective:
In this article, we will discuss the reasons why Workday remains a global leader in finance management.
Let’s know the complete insights of Workday and how it acquired the top position in financial management.
Introduction:
Workday is a package of cloud-based software designed to manage the planning of enterprise resources, financial management applications, and human capital management. Workday has several features used by many types of organizations or large, medium, and small businesses. Human Capital Management is considered the main function that includes managing human resources such as developing, recruiting, and optimizing human resources.
Every company consists of various departments with several operations and functionalities to work on. That’s why the best software is needed by them in which all the teams could strive and work together in order to improve the performance of the company and its development. Hence, implementing and planning the work strategies in running a successful business can be done with software such as Workday. Based on the type of the company and its business requirements, the business teams have the choice to choose the right tool. Suppose, let’s say that it is a human resource-related company, and the tool Workday is the best tool that can be used to opt for the use as the Workday is more about resource planning and human capital management.
Reasons behind how Workday became a leader in financial management:
As per the Gartner Research, which uses the Magic Quadrant to position the Workday ERP as a strong leader for the three years in a row, by focusing on its core platform, Workday has remained as a leader; the Workday Financial Management is referred to as a cloud-based data ERP. The workday platform is used by more than 700 companies across the world of all sizes. A few of the companies include Chiquita, Netflix, Ohio State University, IHG, and Quicken Loans.
The seven reasons behind the success of Workday are:
- User-Friendly Features
- Advanced Machine Learning
- New Integrations
- Offering In-depth Data for Users
- Industry Recognition
- Acquisition of Additional Companies
- Accelerated Growth
1. User-Friendly Features:
For Workday, the user experience and customer satisfaction have always been a top priority. The Workday Assistant is the latest feature that the users can notify about the essential insights via a chatbot. Customers can select the type of insights they are interested in receiving and how often they would like to receive them via the chatbot. Also, the customers can use Workday Assistant to request help, give feedback, and ask questions.
2. Advanced Machine Learning:
It is a type of AI (artificial intelligence) that can detect and fix accounting issues even before they become an organization-wide problem. The program’s features are referred to as anomaly detection that can recognize the errors in the input and automatically correct them. This can save the customers time and can prevent the accounting errors and financial errors of a company.
3. New Integrations:
Workday has partnered with Slack and Microsoft Teams to offer an easy way for the customers to perform administrative and accounting tasks without leaving either platform. While using both the integrations, the customers can upload the receipts easily, find employee contacts, look up HR information, perform finance tasks and lite accounting, and request time off.
4. Offering In-depth Data for Users:
Workday has created various analytics and insights dashboards that can provide in-depth and detailed information or data. Prism Analytics allows the customers to establish personalized dashboards that can analyze the data and offer actionable insights. Also, Prism Analytics is known for its features and ease of use, allowing the user to filter the information to find the data patterns easily. The accounting career in Workday is another data feature that converts a company’s data into accounting entries and automatically detects and fixes the mistakes.
5. Industry Recognition:
Within the Cloud ERP industry, Workday is considered one of the most recognized organizations. It has received various awards for its company culture, customer service, and products. Recent awards include a competition that ranks in the top 10 most influential cloud vendors worldwide and landing the 8th spot in the year 2019. Also, Workday secured the first position in the most customer-centric organization on the Forber top hundred customer-centric organizations report. Besides, it also made the Fortune top 50 best workplaces and Fortune top 100 places to work.
Related Blogs: 3 Ways OnBase boosts your AP process with Workday Financial Management
6. Acquisition of Additional Companies:
Recently, Workday has acquired two major technologies: Stories. bi (an organization whose software detects threats within a company) and Adaptive Insights (very strong in business planning). Also, Workday acquired both organizations with the goal of offering targeted information to its customers. Ir uses the Adaptive Insights technology in order to offer detailed forecast and budgeting data, which helps the organizations make decisions related to educated planning. It also utilizes the Stories.bi to conduct the detailed business analysis that detects the threats of a business across all the departments. Stories.bi also offers insights into potential opportunities worth 10 to 20% of an organization’s revenue.
7. Accelerated Growth:
Over the last few years, Workday has grown substantially. In 2020, Workday reported that its revenue ending in fiscal Q1 rose 33% to $825.1 million, coming in the estimated revenue of having $813.9 million. Also, at the Q2 end, the total revenues of Workday were reported as $671.7 Million. Workday has seen one-year growth of 27.9% in the revenues during the initial part of the year. Many experts predict that the revenues of Workday will continue growing rapidly over Q4 and Q3 of the year 2020.
Conclusion:
There is a lot of craze for the platforms that deliver the best to the companies and help them achieve their objectives and goals. One of the greatest platforms is the Workday software that suits and enhances the business process and performs the process flow effectively. The ideas and hands-on experience on the software platform will give the user exposure to several opportunities worldwide. It is highly recommended to get certified and trained to acquire in-depth knowledge of the software, helping the user establish the best career very soon. Try to learn, understand, and develop your good profession with expertise in software platforms. Still, if you have any queries regarding Workday, feel free to call Gologica: 82969 60414.
