Workday (NASDAQ:WDAY), a leader in enterprise cloud applications
for finance and human resources, today announced it has been
positioned by Gartner, Inc. in the Leaders quadrant of the 2021
Gartner Magic Quadrant for Cloud Core Financial Management Suites
for Midsize, Large, and Global Enterprises* for the fifth year in a
row based on completeness of vision and ability to execute.
The events of 2020 have caused many organizations to accelerate
their finance digital transformation efforts. As a result, finance
leaders are turning to Workday to help them plan, execute, and
analyze all in one system. The company’s broad portfolio of cloud
finance offerings brings new levels of visibility and control that
go beyond the boundaries of traditional ERP systems. Together
Workday Financial Management, Workday Adaptive Planning, Workday
Accounting Center, Workday Prism Analytics, and Workday Spend
Management Sourcing deliver a deep and comprehensive solution for
enterprise planning and analysis across all finance processes
including record to report, report to forecast, contract to cash,
and source to pay.
Relentless Focus on Customer Success and Innovation to
Elevate the Office of the CFO Workday continues to deliver
on its vision for the office of the CFO to optimize organizational
agility and deliver trusted insights to fuel the most effective
operations. Its commitment to delivering exceptional customer value
and continuous innovation is helping organizations from a diverse
range of industries and sectors. With more than 1,000 Workday
Financial Management customers and 5,500 Workday Adaptive Planning
customers in more than 120 countries, Workday continues to drive
global innovation fueled by machine learning (ML) and advanced
analytics to allow customers to:
- Become decision-ready with an intelligent data
foundation. Workday offers a unique architecture featuring
an intelligent data foundation that helps finance teams harness the
power of data by blending operational and transactional data into a
single source. Workday Accounting Center, built on this data
foundation, represents a fundamental change in the way finance
teams manage operational data by dramatically simplifying the
transformation of high-volume operational data into accounting.
Machine learning is also embedded into the core data architecture
to infuse intelligence into finance processes driven by Workday
Financial Management, Workday Adaptive Planning and Workday Spend
Management. These ML-powered applications allow customers to
continuously detect journal line and plan entry anomalies,
intelligently match customer payments to invoices, offer spend
recommendations, and scan supplier invoices and expense receipts
with optical character recognition to automate processing.
- Unify accounting and FP&A for greater
agility: The ability to manage financial activity through
the lens of FP&A has become increasingly important, especially
given the unpredictability of the past 18 months. In the report,
Gartner states, “This year, we have included FP&A capabilities
in the evaluation where Cloud Core Financial Management vendors
have brought them to market. FP&A is quickly becoming a point
of differentiation for many vendors in the study and will continue
to drive customer acquisition.”*Workday, positioned by Gartner in
the Leaders quadrant of the 2020 Gartner Magic Quadrant for Cloud
Financial Planning & Analysis**, offers deep integration from
both a data and user experience (UX) perspective with Workday
Financial Management and Workday Human Capital Management (HCM).
Offered either as a standalone solution or combined with other
Workday solutions, Workday Adaptive Planning allows FP&A to
plan with greater accuracy and confidence, harnessing ML and
predictive analytics at the core.
- Start with finance for digital acceleration.
Replacing legacy systems over time is the best option for many
organizations, particularly product-based industries. The Workday
Enterprise Finance solution provides customers with the flexibility
to adopt individual Workday solutions that coexist with current ERP
systems or replace their entire financial software suite to
accelerate their digital transformation, allowing customers to
realize the benefits of cloud technology throughout the transition
and at their own pace.
Consistent Customer SatisfactionWorkday aims to
maintain a customer satisfaction rating of over 95% and achieved an
industry-leading 97% customer satisfaction rating in its most
recent customer satisfaction survey. Key factors in the
consistently high customer satisfaction rating include the ability
to understand customer needs, the quality of technical support, and
the responsiveness of the Workday customer experience organization.
Additionally, Gartner Peer Insights documents customer experience
through verified ratings and peer reviews. As of May 12, 2021,
Workday customer reviews include the following:
- "It is a great financial management
and accounting tool with actionable business insights" — DAA in the
Healthcare Industry [read full review]
- “[Workday] Adaptive Planning allows
a CFO to respond to changing landscapes through data." — CFO &
VP For Finance & Business Strategy in the Education Industry
[read full review]
- “[Workday] has revolutionized the
financial operations of our department because now we have [a]
better breakdown of our finance and based on that we are in a
better position to make better decisions that may impact our
revenue in a positive way. It has been the best partner for our
finance and operations team." — IT support in the Communications
Industry [read full review]
- “Outstanding planning tool — best in
class and ahead of competitors.” — Senior Finance Director in the
Healthcare Industry [read full review]
- “C Suite is equipped with relevant,
contextual financial insights available from anywhere.” — VP,
Security & Risk, in the Finance Industry [read full
review]
Comments on the News“As an international
organization, we need to be dynamic and easily adapt to changing
market conditions,” said Rob Bloor, group financial controller, EQ.
“With Workday, our transaction and planning data are in the same
system, and we're able to translate data into insight we need to
make decisions. Having our accounting and planning teams work off
of the same data set makes it possible for us to be continuously
agile and confident in our decision making.”
“We’re thrilled Workday built machine learning into its core
cash-to-pay application natively, creating a seamless extension to
our accounts receivable process,” Preeti Iyer, senior director,
Finance & Order to Cash, Blue Yonder. “Workday has all of our
data, and knows how we handle cash applications, and how we’ve
applied payments in the past. This deep understanding gave us a
huge leap forward, was more cost effective, and has helped us
realize value faster as we continue to reduce time spent on our
complex cash applications and move from 70 percent of our time
spent on manual matches to just 20 percent.”
“Workday has proven they are a modern cloud system that delivers
continuous innovation to its customers and is a true partner for
Shelter Insurance,” Tina Workman, vice president of accounting and
treasurer, Shelter Insurance. “We went live on Accounting Center
last year and have since retired several legacy COBOL programs that
had little visibility into creating accounting from operational
systems. With Workday Accounting Center we have full transparency
into detailed accounting creation from close to 75 files from
policy, claims, and other systems, streamlining our accounting into
one system and providing us with deeper insight into insurance
product profitability.”
“We believe the reason Gartner continues to recognize Workday as
a Leader in Cloud Core Financial Management Suites is our deep
customer commitment and relentless focus on innovation to help
advance the Office of the CFO,” said Terrance Wampler, general
manager, Workday Financial Management. “For finance organizations,
having proven solutions that support current and emerging finance
processes provide a clear competitive advantage. With Workday, our
customers can more easily distill actionable insights from all of
their data, quickly remove friction from finance processes, and
continuously plan to deliver the strategic business partnership
that their organizations require from finance.”
Additional Information
- Read the blog “Workday Named a 2021 Leader in Gartner Magic
Quadrant for Cloud Core Financial Management Suites for Midsize,
Large, and Global Enterprises for Fifth Year in a Row”
- Get the report, “2021 Gartner Magic Quadrant for Cloud Core
Financial Management Suites for Midsize, Large, and Global
Enterprises”
- See a demonstration of Workday Financial Management, Workday
Accounting Center, and Workday Adaptive Planning
*Gartner Magic Quadrant for Cloud Core Financial Management
Suites for Midsize, Large, and Global Enterprises, John Van Decker,
Greg Leiter, Robert Anderson, 10 May 2021**Gartner Magic Quadrant
for Cloud Financial Planning & Analysis, Robert Anderson, Greg
Leiter, John Van Decker, 6 October 2020
Gartner Disclaimer:Gartner does not endorse any
vendor, product or service depicted in our research publications,
and does not advise technology users to select only those vendors
with the highest ratings or other designation. Gartner research
publications consist of the opinions of Gartner's research
organization and should not be construed as statements of fact.
Gartner disclaims all warranties, expressed or implied, with
respect to this research, including any warranties of
merchantability or fitness for a particular purpose.
Gartner Peer Insights reviews constitute the subjective opinions
of individual end users based on their own experiences and do not
represent the views of Gartner or its affiliates.
About WorkdayWorkday is a leading provider of
enterprise cloud applications for finance and human resources,
helping customers adapt and thrive in a changing world. Workday
applications for financial management, human resources, planning,
spend management, and analytics have been adopted by thousands of
organizations around the world and across industries—from
medium-sized businesses to more than 45 percent of the Fortune 500.
For more information about Workday, visit workday.com.
Forward Looking StatementsThis press release
contains forward-looking statements including, among other things,
statements regarding the expected performance and benefits of
Workday’s and Workday Strategic Sourcing’s offerings. The words
“believe,” “may,” “will,” “estimate,” “continue,” “anticipate,”
“intend,” “expect,” “seek,” “plan,” “project,” and similar
expressions are intended to identify forward-looking statements.
These forward-looking statements are subject to risks,
uncertainties, and assumptions. If the risks materialize or
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. Risks
include, but are not limited to, risks described in Workday’s
filings with the Securities and Exchange Commission (“SEC”),
including Workday’s Form 10-K for the fiscal year ended January 31,
2021 and future reports that may be filed with the SEC from time to
time, which could cause actual results to vary from expectations.
Workday assumes no obligation to, and does not currently intend to,
update any such forward-looking statements after the date of this
release.
Any unreleased services, features, or functions referenced in
this document, our website, or other press releases or public
statements that are not currently available are subject to change
at Workday’s and Workday Strategic Sourcing’s discretion and may
not be delivered as planned or at all. Customers who purchase
Workday and/or Workday Strategic Sourcing services should make
their purchase decisions based upon services, features, and
functions that are currently available.
Media Contact:Diane Orrmedia@workday.com
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