We’re delighted to announce that Workday has been recognized as a Leader in the 2019 Gartner Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large, and Global Enterprises based on our ability to execute and completeness of vision. This is the third year in a row we’ve received this recognition from Gartner.
We believe that for Workday to achieve this recognition year after year reflects our ability to deliver new functionality and continuously innovate, which helps our customers better manage risk, identify new opportunities, and keep pace with change.
Perhaps more importantly, we believe it demonstrates Workday’s ability to execute on our vision to successfully deploy Workday Financial Management to customers across the globe.
Our world today is awash with change and disruption, and finance teams are increasingly expected to be more strategic and guide the business. To transform threats into opportunities, businesses need to be agile and have actionable data and insights to make fast, accurate decisions.
As a business we talk a lot about the importance of the feedback we receive from our customers and how we use that to enhance our financial management product. Customers tell us they want to simplify auditing and compliance, consolidate and close their books faster, and model, plan, and prepare for different scenarios that may or may not happen in the future. We are building a financial management system with a technology foundation that supports all of this and more.
In addition, disruptive technologies like machine learning and augmented analytics will transform the way finance operates, by automating mundane tasks to free up workers to be more strategic. That’s why at Workday we are continually innovating and leveraging these technologies to enhance our cloud-based financial system. We understand the importance of building products that meet the needs of future finance teams while also helping our customers execute today.
And, with Workday Prism Analytics, Workday Benchmarking, and the 2018 acquisition of Adaptive Insights, a leading cloud-based company for modernizing business planning, Workday customers are equipped to better plan, execute, and analyze across the enterprise all in one system.
The Workday story is not just that we continue to grow, but how we are growing. That means helping Workday customers navigate change, deliver better insights back to the business, and ultimately be a more strategic partner. It’s also about doing what’s right for our customers and never deviating from our core values. These values keep us focused on helping our customers to enable financial transformation through the power of data. That means executing on our vision to provide our customers with intelligent automation, intuitive experiences, and predictive insights.
But we don’t do this alone. We’re proud of our 98 percent customer satisfaction rating, so whether you’re a long-standing Workday customer like Aon, Netflix, and WeWork or a more recent customer, like Alight Solutions and Quicken Loans, thank you for selecting Workday.
These are exciting times, and our recent fourth quarter was our best quarter ever for our Workday Financial Management product line. We added 79 Workday Financial Management customers in that period, taking the total number of customers who have selected Workday Financial Management to more than 650. We’ll continue to innovate and add even more capabilities to Workday Financial Management to ensure we can continue to drive customer success across the community.
Finance teams continue to be asked to do even more to support the broader business by providing data to support decisions and helping plan for what’s next. We continue to make investments in the core technology platform that underpins Workday’s applications to make predictions and automate routine tasks. To that end, Workday Financial Management customers will be able to take advantage of advances in machine learning for processes such as transaction matching, account reconciliation, and anomaly detection, all designed to free up finance teams to focus on more strategic tasks.
Let’s take a closer look at anomaly detection, which will be transformative for Workday Financial Management customers. By monitoring customer payments and flagging last-minute material adjustments, we can not only alert finance teams about events or trends they need to dig into, but also offer insights into why the anomalies are occurring. Finance leaders must be able to act, rather than simply react, and that is where predictive technologies come into their own, helping finance teams spend their time being strategic rather than spotting and flagging anomalies.
In today’s constantly changing world, business leaders have to make faster decisions—and are looking to finance for relevant information to help guide them. The days of guesswork and acting on gut instinct are long gone, and that means better use of data to drive more intelligent insights.
In addition to delivering the latest technology capabilities, Workday is giving businesses access to the intelligent insights they need to make timely data-driven decisions based on information they can trust. That means an end to complex and separate business intelligence tools needed to analyze data. Workday was built with the power to transact and analyze in the same system, with reporting and analytics available throughout.
Another investment we’re making to bring greater insights to finance is Workday Accounting Center, which will help finance turn business events into accounting entries. This will allow organizations to bring in operational transactions from external systems and run them through the Workday accounting rules engine to generate the accounting entries for those transactions. Workday Accounting Center will help finance unlock intelligent financial insights to power data-driven decisions.
One thing is clear—that change and disruption will be a constant for businesses everywhere. At Workday, we will continue to execute on our vision, and invest in the right technology and innovation to help our customers transform their finance function and ensure they are ready for the future, whatever it may bring.
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