It’s been an exciting year for Workday Financial Management—we continue to see growing adoption and successful deployment, industry recognition, and the delivery and continued innovation of complementary products such as Workday Planning and Workday Prism Analytics. And I’m happy to share that the momentum continues.
Workday has been recognized by global market intelligence firm IDC as a Leader in four recent IDC MarketScape reports, each one assessing SaaS and cloud-enabled ERP vendors across a variety of markets.
Being recognized as a Leader in these reports validates our commitment to providing a differentiated cloud system for financial management and human capital management. We also want to share this recognition with our customers, who’ve helped us reach this leadership position through their active involvement and collaboration in the design of our products over the years.
We believe this acknowledgment also affirms that the technology foundation of a system matters. Not all cloud-based systems are built the same. Workday was built with a technology foundation that provides the scalability, flexibility, and access to accurate and meaningful insights that businesses need today and in the future.
Being named a Leader also underscores the value that Workday brings customers ranging from mid-sized business to the world’s largest enterprises, delivering capabilities and benefits that can improve performance and support growth.
“Workday customers are always on the latest version of the software, reducing downtime for upgrades, increasing collaboration, and decreasing costs by improving overall efficiency.” —IDC MarketScape
Below are some of the IDC MarketScape’s observations about Workday in each report:
This report focuses on how digital transformation is fundamentally changing financial applications, helping organizations make better decisions and improve outcomes. The IDC MarketScape highlights several strengths of Workday Financial Management, including extensive data modeling capabilities (e.g., spreadsheet-based modeling and prepackaged machine learning tools) built directly into the application.
Among other things, the IDC MarketScape also calls out Workday Planning as a differentiator in the market, emphasizing the ability to plan and transact in one system. “Workday Planning allows end users to incorporate real-time financial and workforce data within their financial budgeting and planning,” the report stated.
A major emphasis in this report is the drivers and needs of large enterprises when it comes to ERP, including global support, real-time data analysis, security, and breadth of functionality.
The IDC MarketScape highlights Workday’s single platform approach for financial management and HCM along with its deep functionality as strengths for large enterprises. “Workday entered the SaaS ERP market at the perfect time as there are still few vendors able to provide SaaS ERP with functionality as deep as on-premises alternatives,” the report stated.
Focused on the midmarket, this report highlights that small and midmarket businesses are now recognizing the benefits of SaaS and cloud-enabled ERP systems.
Workday’s single platform and its multitenant SaaS architecture are called out as strengths, with the report noting, “Workday customers are always on the latest version of the software, reducing downtime for upgrades, increasing collaboration, and decreasing costs by improving overall efficiency.”
The IDC MarketScape notes the increasing services side of the business world and the benefits of SaaS and cloud-enabled professional services automation (PSA) ERP systems in helping organizations support the full delivery of a project.
Workday’s comprehensive single platform across financial management and HCM is cited as a strength for PSA customers. The report cited Workday’s strong reporting and analytics and visibility into projects. “PSA ERP customers benefit from Workday’s talent data and intelligent reporting and analytics—so that employees are assigned to the optimal projects for their skill set and workload. Similarly, services businesses on Workday have visibility into projects when making hiring decisions,” the report stated.
Looking forward, we will continue to focus on innovation and investing in our products to help our customers succeed and stay ahead of the competition. We look forward to many more milestone moments on the road ahead.