Workday, Inc., a leader in enterprise cloud applications for finance and human resources, announced it has been positioned by Gartner, Inc. in the Leaders quadrant of the Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large, and Global Enterprises. Workday was acknowledged as a Leader for the third year in a row.
Businesses today are facing growing demands to scale, recruit the best talent, and navigate a complex regulatory environment. To support these heightened dynamics, customers globally are turning to Workday to help them plan, execute, and analyze across the enterprise, all in one system, powered by machine learning. As part of this, Workday continues to invest heavily in its core finance offering – Workday Financial Management – which has been selected by more than 650 organizations to manage their finance operations in the cloud, plan for uncertainty, and drive strategic advantage.
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As these customers look to grow, Workday is expanding the breadth and depth of Workday Financial Management to create greater value for employees and the business. These planned advancements include:
— Increased Intelligent Capabilities:Workday continues to invest in machine learning – a subset of artificial intelligence – to deliver greater business value for customers. For example, using the account reconciliation feature in Workday Financial Management, an accountant will be able to detect and fix accounting issues as they occur. In addition, the application’s anomaly detection feature will be able to surface activity to finance managers that appears inaccurate based on past transactions. — Greater Analytics and Insights: Workday is advancing its financial analytics capabilities, giving customers more ability to manage multiple data sources that lead to better business decisions. For instance, an insurance company can load operational transactions – such as claims data – into the system using Workday Prism Analytics for further reporting and analysis, and will be able to create accounting entries for those transactions through Workday Accounting Center. In addition, through the use of augmented analytics, Workday will enable financial managers to answer questions such as, “what is driving revenue growth?” or “why is gross margin performing lower than expected?” The system will surface the underlying causes for these trends and be able to predict the financial metrics that will have the biggest impact on the organization. — More Intuitive Experiences:By meeting users where they are, Workday is making it easier for customers to complete tasks in their natural workspaces. For example, using Workday Assistant, finance executives will get notified of key business insights through the chatbot, such as sudden increases to the expense forecast or other changes to the company’s financial situation. In addition, inside Slack and Microsoft Teams, employees will be able to perform tasks such as taking photos of business receipts on their mobile devices and submitting expense entries into Workday. — Better Business Planning:To accelerate customers’ ability to plan, execute, and analyze in one system, Workday acquired Adaptive Insights, a leader in business planning solutions. With Adaptive Insights Business Planning Cloud, finance teams can accurately model key areas of the business, including expenses, revenue, bookings, headcount, and more. Bringing together financial and operational plans gives finance and business users a consistent and comprehensive model to monitor and manage corporate performance.
Comment on the News“We believe Gartner’s recognition of Workday as a Leader in cloud core financial management suites for the third consecutive year demonstrates our commitment to product innovation and heightened investment in new capabilities that address our global customers’ needs,” said Barbara Larson, general manager, Workday Financial Management. “There’s no questioning the power of technology to drive growth and mitigate risk in our increasingly dynamic and global business environment. This is why more organizations are leading their digital transformations with finance, and more finance teams are partnering with Workday to provide the experience and insights they need to prepare for the future and drive the business forward.”