Workday and McKinsey Team Up to Unleash the Power of Finance and People Data for Businesses

The explosion of data across organizations has revolutionized how leaders think about driving change. However, data-driven opportunities to move faster and make better-informed finance and people decisions are challenging to seize and execute. With this in mind, McKinsey and Workday have teamed up to bring McKinsey-proprietary knowledge and analytics, benchmarks, and recommendations onto the Workday Enterprise Management Cloud.

This alliance provides real-time data-driven insights and recommendations for the C-suite to solve challenges in finance and human resources. The combination of McKinsey’s expert insights across industries and functions paired with Workday’s innovative technology and analytics enables clients to address business challenges and maximize returns from their technology and data investments. In one case, for example, the collaboration between Workday and McKinsey resulted in a real-time dashboard that identifies sources of attrition—at the individual level—to help retain critical talent. McKinsey is also building a team of in-house experts to develop solutions directly within the Workday platform.

“Companies today are navigating an increasingly dynamic environment, which requires new and innovative ways to solve business problems,” said Chano Fernandez, co-CEO of Workday. “By working with McKinsey, we look forward to delivering the next generation of analytics and insights to the C-suite so that our joint clients can address key business needs in finance and HR and maximize their investment in Workday.” 

McKinsey and Workday have already achieved substantial impact in their initial phase of work, including enhancing Workday Strategic Sourcing by building a dynamic negotiation analytics engine to evaluate procurement bids. Within the first sixteen months of implementation, McKinsey and Workday refined, piloted, and successfully deployed the technology with more than 30 clients, capturing them nearly $2 billion in savings as measured by McKinsey.

“Leaders are looking for the technology and expertise that will help them make the best decisions possible in this challenging moment,” said Bob Sternfels, McKinsey global managing partner. "There is perhaps no better time than now for an alliance between McKinsey and Workday, which will help leaders build thriving and resilient organizations."