7 Reasons Workday Remains A Leader In Financial ManagementCategory: Workday Financials Posted:Sep 22, 2020 By: Alvera Anto
Lately, Gartner Research study used its Magic Quadrant to place Workday ERP as a leader for the third year straight. Workday has been a leader by focusing on its core platform, Workday Financial Management, which is a cloud-based Data ERP. The platform is used by over 700 companies of all sizes across the world. To name a few, there’s Netflix, Chiquita, IHG, Ohio State University, and Quicken Loans.
So if businesses out there are considering to implement or upgrade their Workday ERP? Below are 7 reasons Workday has remained to be an ERP Market Leader:
1. Advanced Machine Learning
It is a type of artificial intelligence (AI) that easily detects and fixes accounting issues before they become a business-wide issue. The program features an anomaly detection feature that identifies input mistakes and automatically corrects them. This attribute conserves users’ time and prevents potential detrimental business finance and accounting errors.
2. User-friendly Features
Customer satisfaction and user experience have constantly been the top priority for Workday. Workday Assistant is a new feature that notifies customers about key insights through a chatbot. Users can select what sort of insights they wish to get and how frequently they wish to get them through the chatbot. They can also use Workday Assistant to easily request for help, ask questions, and give feedback.
3. Offering In-depth Data for Users
Workday has created numerous insights and analytics dashboards that offer detailed and comprehensive data. Prism Analytics allows users to build a personalized dashboard that assesses data and offers actionable insights. Prism Analytics is recognized for its ease to use and features that allow you to filter data to quickly locate data patterns. Workday’s Accounting Centre is another data feature that transforms business data into accounting entries and spots and automatically fixes blunders.
4. New Integrations
Workday has partnered with both Microsoft Teams and Slack to offer an easy way for the user to perform accountancy and administrative jobs without needing to leave either platform. While using both integrations, users can quickly easily upload receipts, look up for HR information, find employee contacts, request time offs, and carry out lite accounting and financing tasks. To view, a complete checklist of Workday’s Integration visit their Software Partner’s Page
5. Acquisition of Additional companies
Workday has lately acquired 2 major technology players: Adaptive Insights, a leader in business planning and Stories.bi, a firm whose software easily discovers potential dangers within a business. Workday obtained both companies with the goal of providing more targeted data to its Users. Workday uses Adaptive Insights technology to offer detailed budgeting and forecast data, which helps the business make informed planning decisions. Workday uses Stories.bi (currently Stories.) to carry out comprehensive business analysis, which detects business hazards across all divisions. Stories.bi also give insights regarding prospective opportunities that could be worth 10-20% of a company’s revenue
6. Industry Recognition
Workday is one of the most identified firms within the Cloud ERP market. It has obtained several honours for its customer service, business culture, and products. Recent recognitions consist of landing the 8th position in 2019’s Cloud Wars, a competition that rates the 10 most prominent cloud vendors worldwide. Workday also secured the # 1 spot as one of the most customer-centric businesses on the Forbes Top 100 Most Customer-Centric Business report. It also made the Fortune Top 100 Best Workplaces to Work and Fortune Top 50 Best Workplaces in Technology list.
7. Accelerated Growth
Workday has grown substantially over the past few years. In 2019 Workday reported that its total profits closing in fiscal Q1 rose 33% to $825.1 million, coming in above the estimated revenue of $813.9 million. At the end of Q2, its overall revenues were reported at $671.7 Million. Workday has seen a 27.9% year-on-year growth in revenues during the first quarter of the year (Workday, 2019). Experts predict that Workday’s revenues will continue to proliferate over Q3 and s Q4 of 2019.
Workday’s newest updates will be launched in September 2019 in the nick of time for Workday’s annual conferences, Workday Rising. Workday Rising will be held in Orlando, FL. in the 2nd week of October.
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