Introduction to Workday HCM and Financial Management Solutions
In recent years, more and more companies are trying to blend IT with talent management according to business goals. In order to prepare for competition, companies all over the world desperately struggle to talent and introduce innovative ways to utilize technology. Under such circumstances, the success of introducing HCM (Human Capital Management) and Financial Management system, and restructuring related business processes are important factors for companies to continue to grow.
Workday Personnel Management (HCM) Solution
Workday HCM is a Human Resources Management solution and can integrate core HR processes such as Human Resource Information Management, Organizational Management, Job Definition, Evaluation Criteria and Master Data to maintain consistency on a global level. It manages the full worker lifecycle – from staffing to compensation – using a single intuitive human capital management system.
Workday is strong against HCM, the main business, now more than 30% of companies in Fortune 500 have adopted Workday for core HR system. For example, one can predict the probability that an excellent employee of a client company will quit within one year with an accuracy of 90% or more (depending on the amount of data).
Specifically, it predicts from the data such as degree of remuneration, the number of persons who are connected to LinkedIn by many people, the tightness of the competition of the talent of the duty with other companies.
HCM is a personnel management method that treats human resources as one of valuable management resources (human resources), strategically and systematically fostering and maximizing utilization throughout the organization. By properly utilizing HCM, individual employees can realize their own ideas to visualize. This enables organization to fulfill long-term vision and manage strategy.
- HR Management
- Talent Management
- Time Tracking
Workday’s Financial Management Solutions
Financial Management Solutions makes accounting, summarization, planning, procurement, project, reporting, and analysis easier. This enables an organization to accurately and quickly grasp the overall picture of business with a single financial management system. The ERP provider is also beginning to introduce Artificial Intelligence (AI), for example, AI predicts companies that do not keep payment deadlines based on data. Although Workday specialized in the core area of personnel and finance, the ERP market as a whole is still smaller than the share of Oracle and SAP.
Forecast for Expanding the Market Size
According to Markets and Markets Research, the market size of Human Resources Management (HCM) is forecasted to be 9.2% annual average growth rate (CAGR) in 2022. The ERP provider made the decision to switch to the cloud at the timing of upgrading their on-premises (their systems), where adoption of a reputable work day advanced.
Most of Workday’s Fortune 500 customers were originally Oracle or SAP customers. However, both SAP and Oracle are doing cloud-turning turnaround and it is interesting to be able to form an ecosystem that can be differentiated as much as the leader of cloud HCM.
Sales are Steadily Increasing
Workday’s fiscal year (FY) is from February to the end of January of the following year, and sales in 2018 will be accounted for by the end of January this year. FY2018 sales grew by + 36% compared with the same period last year to $21.43bn. Sales are gradually growing even if you look at the sales for the last five years.
About Workday, Inc.
Workday is a vendor mainly offering cloud services for personnel management and financial management solutions. It provides human capital, cost, financial management, salary, initiative, higher education solutions. Workday provides services to the financial, healthcare, manufacturing, and education and technology industries around the world.