We’re living at a time when we’re awash in data, but short on ways to quickly turn that data into information we can act on with confidence. Much like the sailor in the classic Samuel Taylor Coleridge poem who laments, “Water, water, everywhere, nor any drop to drink,” the problem isn’t the quantity of data. The problem is that it’s not easily consumable. Too often, data is disparate and disconnected from essential business processes, making it difficult to use in a timely way.
At Workday, we’ve designed all of our products to give customers more visibility—into their workforces, financials, recruiting pipeline, and more. We’re extending this visibility with two new products, Workday Benchmarking and Workday Prism Analytics. The former lets you zoom out to see how your company’s performance compares with peers, and the latter lets you zoom in to use all the information relevant for your business, not just the data that lives inside your Workday system.
Why is this important? By getting up-to-date, data-driven insights into your most vital business metrics, and then seeing how these key indicators compare to companies of similar size or industry, decision-makers can better understand what issues are industry-wide, and what issues are specific to the company. In other words, the metrics you have about your business may be robust and informative, but without deeper analytical insights—achieved with greater context and direct comparison with similar companies—the “why” remains more elusive.
This is where our new offerings shine: Additional context around your data can help business leaders better diagnose the reasons behind particular numbers. And, these contextual insights can guide a smarter prioritization of business initiatives, best practices, and resource allocation.
Let’s dive a little deeper into how both these new offerings extend the power of Workday’s built-in analytics to help our customers gain even more insights into their data.