More than 50% of the Retail Organizations in
the Fortune 500 Are Using Workday to Help Accelerate Digital
Transformation Efforts
Workday Introduces New AI/ML-based Demand
Forecasting to Help Retailers Drive More Accurate, Cost-Effective
Schedules and Further Elevate the Frontline Worker
Experience
NEW YORK, Jan. 16, 2023 /PRNewswire/ -- NRF 2023 (Booth
#5957) -- Workday, Inc. (NASDAQ: WDAY), a leader in enterprise
cloud applications for finance and human resources, today announced
continued momentum within the retail industry, with more than 50%
of the retail organizations in the Fortune 500 having
selected Workday. As part of this momentum, an increasing number of
global retail organizations selected Workday Financial Management
in the past year – including Dave & Buster's, Inc., Express
LLC, EZCORP, Inc., and more – to help drive deeper financial
insight and organizational flexibility and to support future
growth.
Retailers continue to face significant challenges in adapting to
changing consumer and employee behaviors; attracting, supporting,
and retaining a skilled frontline workforce; and having real time
visibility into their financial, people, and operational data. To
keep pace and help accelerate digital transformation efforts,
global retail organizations of all sizes, including Electrolux, KBP
Brands, PVH Corp., RaceTrac, Team Car Care, and more are leveraging
Workday.
Continued Innovations in Workforce Management
To help
retailers elevate the worker experience and respond to changing
customer demand, Workday introduced new demand forecasting to
Workday Scheduling and Labor Optimization. The new feature
leverages artificial intelligence (AI) and machine learning (ML)
technology to enable retailers to forecast business demand based on
external data such as sales and foot traffic history. Additional
external data such as weather and local events will be added in the
future. This allows organizations to generate more accurate and
cost-effective schedules while ensuring workers' availability,
preferences, and skills align with open shifts.
Retailers need the tools and technology to quickly adapt and
respond to fluctuating labor demand, evolving customer
expectations, and a transient labor force, which includes
contingent workers. With VNDLY, Workday provides organizations with
a comprehensive solution that helps manage and source contingent
and outsourced workers, helping to ensure they have the right
workers in the right place at the right time.
Accelerating Digital Transformation for Global Retail
Organizations
Workday helps retail organizations bridge the
gap between the back office and the front office by providing
finance, HR, and operations leaders with a single source to manage
their retail operations.
Leveraging the intelligent data core from Workday, retailers can
combine various data sources – merchandising, procurement inventory
and invoices, point of sale (POS), supply chain systems,
transportation, and more – with financial and people data to help
their business leaders drive transformation through operational
insights.
With Workday, retail organizations can:
- Manage Tight Margins and Operational Costs. With Workday
Financial Management, retailers gain real-time visibility into
costs, transactions, and revenue drivers, providing the insight
needed to move the organization forward.
For example, RaceTrac, a large operator of convenience stores with
more than 780 store locations and 10,000 employees, is using
Workday Financial Management to simplify and automate workflows,
enhance reporting, and drive greater profitability.
- Increase Customer Retention and Revenue Growth with
Company-Wide Planning. Workday Adaptive Planning enables
retailers to manage company-wide budgeting, scenario planning, and
reporting, allowing them to make more data-driven decisions and
better prepare for future growth.
For example, Team Car Care, the largest franchisee of Jiffy Lube
stores with more than 500 locations and more than 5,000 employees
across the U.S., is using Workday Adaptive Planning to help improve
demand planning and forecasting and support growth. As a result,
Team Car Care can forecast how many customers will stop by
individual stores at various times during the day, and feed that
customer count into the company's sales and workforce plans,
helping to deliver superior customer and employee experiences.
- Attract, Manage, and Retain a Skilled Frontline
Workforce. Workday Human Capital Management (HCM) provides
retailers with a unified view of their workforce, allowing them to
gain deeper insight into the skills across the organization and
create better experiences that help to engage employees, nurture
career growth, and improve productivity. For example, retailers can
use Workday HCM and Workday Scheduling and Labor Optimization to
enable workers to manage their schedules, adjust and add shifts,
and more on a mobile device, helping to better engage and retain
talent.
Early adopters of the demand forecasting functionality in
Workday Scheduling and Labor Optimization are expected to begin
deployments in the first half of 2023.
Comment on the News
"As retailers emerge post-pandemic
stronger and more resilient than ever, they need a direct line of
sight into the parts of the business that are driving revenue,
supporting and empowering their workforce, and providing superior
consumer experiences," said Keith
Pickens, managing director, retail industry, Workday. "Our
new innovations in workforce management powered by AI/ML and our
continued work with our partner ecosystem enable retail
organizations to leverage the data across their operations to help
inform business decisions and adapt to changing business and
workforce demands."
For More Information
- Stop by the Workday booth (#5957) at NRF 2023 (January 15–17,
2023) to hear from Workday customers, connect with Workday
executives, and see demos of Workday Financial Management, Workday
Human Capital Management, Workday Adaptive Planning, Workday
Scheduling and Labor Optimization, and more.
- Read the blog, "Retail and Hospitality: Adapting to Today,
Preparing for Tomorrow."
- Download the report, "Frontline Workers: How to Connect,
Enable, and Support Them in the Modern Workplace."
About Workday
Workday 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 50% of the Fortune
500. For more information about Workday, visit workday.com.
© 2023 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.
Forward-Looking Statements
This press release contains
forward-looking statements including, among other things,
statements regarding the impacts of the co-CEO transition, the
timing and impact of Workday's future leadership structure, and
Workday's fourth quarter fiscal 2023 and full year fiscal 2024
financial guidance, growth, innovation, momentum, and
opportunities. These forward-looking statements are based only on
currently available information and our current beliefs,
expectations, and assumptions. Because forward-looking statements
relate to the future, they are subject to risks, uncertainties,
assumptions, and changes in circumstances that are difficult to
predict and many of which are outside of our control. If the risks
materialize, assumptions prove incorrect, or we experience
unexpected changes in circumstances, actual results could differ
materially from the results implied by these forward-looking
statements, and therefore you should not rely on any
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 October 31, 2022, 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 services should make their
purchase decisions based upon services, features, and functions
that are currently available.
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