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 2020
Gartner Magic Quadrant for Cloud Core Financial Management Suites
for Midsize, Large, and Global Enterprises* for the fourth year in
a row.
Now more than ever, businesses need a trusted
partner to navigate uncertain times, support mission critical
operations, and ensure business continuity. As a result, finance
leaders are turning to Workday to help them plan, execute, and
analyze all in one system. Workday continues to invest in its core
financial suite offering, Workday Financial Management, which has
been selected by more than 900 customers, including Aon, CNA,
Equiniti, Georgetown University, and Panera Bread, to manage their
finance and accounting in the cloud.
Continuous Innovation for the Office of the
CFOWorkday’s longstanding mission of accelerating finance
transformation through the power of data has firmly landed as a
strategic priority for the office of the CFO. The company’s broad
portfolio of finance applications including Workday Financial
Management, Workday Adaptive Planning, Workday Prism Analytics, and
Scout RFP, together deliver a deep and comprehensive solution for
enterprise planning and analysis, record to report, contract to
cash, and source to pay.
Over the past year, Workday has launched new
product and service offerings that further extend the value for the
office of the CFO. Customers are now better equipped to do the
following:
- Drive Innovation and Efficiency. New
capabilities available for Workday Financial Management address
three key areas that enable the office of finance to shift focus to
more strategic, value-add projects: automation, where the goal is
to deliver touchless financial transactions; zero-day-close,
utilizing machine learning to surface errors and anomalies, for
example in the general ledger with journal insights; and predictive
processes, where machine learning recommendations will streamline
operations such as customer payment matching and project staffing.
- Make Faster, Better Decisions. Businesses
depend on finance for accurate and detailed information to support
decision-making and agile responses to continuous change. Workday
Accounting Center enables organizations to automatically ingest,
enrich, reconcile, and account for high-volume, mission-critical
operational transactions from legacy or proprietary systems. This
allows finance teams to have visibility into the detailed source
transactions to inform data-driven insights and decisions. Also,
Discovery Boards fulfills an important milestone in Workday’s
enduring focus on embedding analytics in core finance applications.
With Discovery Boards, finance teams are able to perform ad-hoc
visual analysis in real time on live Workday transactions, all in
one system.
- Accelerate Time-to-Value. Workday has expanded
Workday Launch, a preconfigured approach to help customers get up
and running on Workday more quickly and with lower risk, to
qualified large enterprise organizations in the U.S. with plans to
reach additional markets by the end of this year. With the majority
of CFOs expecting more of their workforces to work remotely,
Workday Launch accelerates the fundamental shift to the cloud for
finance teams grappling with a new, post-crisis operating
environment.
Customer Recognition As a result
of its ongoing commitment to customer service and success, Workday
has achieved a 97 percent customer satisfaction rating.
Additionally, Gartner Peer Insights documents
customer experience through verified ratings and peer reviews. As
of July 1, 2020, Workday customer reviews include the
following:
- “Workday is the most customer focused partner I have ever
worked with in my 20+ year career.” --Vice President in the Finance
Industry [read full review]
- “Extremely collaborative vendor, who has a clear vision on the
evolution of finance and how it should be driving business value.”
--CFO in the Services Industry [read full review]
- “We have been able to streamline and simplify our financial
general ledger system with the implementation of Workday which has
increased productivity and efficiency among our staff. --Vice
President of Finance and Controller in the Healthcare Industry
[read full review]
Comments on the News“We believe
Gartner’s recognition of Workday as a Leader in cloud core
financial management suites for the fourth consecutive year
reflects our deep customer commitment and ability to continuously
deliver innovation that helps alleviate the challenges
organizations are currently facing,” said Barbara Larson, general
manager, Workday Financial Management. “For finance organizations,
having a trusted partner like Workday is more critical than ever.
By providing the real-time insight, active planning, and
change-ready business processes our customers need to continually
weather the twists and turns of the times, we can help them emerge
stronger and better position themselves for growth.”
“With Workday as our partner, we’re confident in
our ability to transform our accounting and close process,” said
Bharat Shahdadpuri, AVP, Workday Finance & Data Management, at
CNA, one of the largest U.S. commercial property and casualty
insurance companies. “And, with Workday Accounting Center, we’ll be
able to automate the transformation of business events into
accounting, which, in turn, will give us deeper insights that drive
our decision making. Since our business users can configure
accounting and mapping rules themselves, we expect CNA’s cost to
maintain accounting rules to decrease by 50%–60% with Workday
Accounting Center, while giving time back to IT.”
Additional Information
- Read the blog “Workday Named a Leader in Gartner Magic Quadrant
for Cloud Core Financial Management Suites for Midsize, Large, and
Global Enterprises for Fourth Year in a Row”
- Get the report, “2020 Gartner Magic Quadrant for Cloud Core
Financial Management Suites for Midsize, Large, and Global
Enterprises”
- See a demonstration of Workday Financial Management
*Gartner “Magic Quadrant for Cloud Core Financial
Management Suites for Midsize, Large, and Global Enterprises,” by
Robert Anderson | John Van Decker | Greg Leiter, 29 June 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. Founded in 2005, Workday delivers financial management,
human capital management, planning, and analytics applications
designed for the world’s largest companies, educational
institutions, and government agencies. Organizations ranging from
medium-sized businesses to Fortune 50 enterprises have selected
Workday.
Forward-Looking StatementsThis
press release contains forward-looking statements including, among
other things, statements regarding the expected performance and
benefits of Workday’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 our filings with the Securities and Exchange
Commission (“SEC”), including our Form 10-Q for the fiscal quarter
ended April 30, 2020, and our future reports that we may file 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 discretion and may not be delivered as
planned or at all. Customers who purchase Workday, Inc. services
should make their purchase decisions based upon services, features,
and functions that are currently available.
© 2020 Workday, Inc. All rights reserved. Workday
and the Workday logo are registered trademarks of Workday, Inc. All
other brand and product names are trademarks or registered
trademarks of their respective holders.
News Contact:
Diane OrrWorkdaymedia@workday.com
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