SPEND MANAGEMENT

Workday Spend Management enables organizations to gain optimal control and visibility into organizational spend, including the procurement of goods, services, contingent labor, and other employee-related expenses.

Companies allocate a significant portion of their operating costs to these areas, and studies have shown that effective spend management can yield savings of 5% to 20%. Workday Spend Management combines Procurement, Employee Expenses, and Contingent Labor Management to get your spend under control by enabling improved business process automation and controls, greater real time insight into organizational spend, and fast and easy user adoption.

Procurement

Workday Procurement supports and manages the information, policies, and processes relating to the acquisition of goods, services, and contingent labor for your organization.

• Configure procurement business processes to meet your specific requirements, including requisitioning and ordering, receiving, invoicing, and payment
• More effectively collaborate with suppliers and manage supplier content
• Ensure adoption across your global workforce with a consumer-like user experience to support the creation, submission, and approval of purchase requisitions
• Gain real-time visibility into spend with multi-dimensional reporting and analytics

Expenses

Workday Expenses provides a fully integrated expense management system with a modern, intuitive user experience along with solid administrative functionality to control spend and monitor expense reports.

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• Automate your unique expense management business processes while ensuring proper spend controls
• Reduce administrative burden by leveraging workers, roles, organizations, and security policies already setup in Workday HCM
• Ensure rapid adoption across your global workforce with a consumer Internet-like user experience and comprehensive support for global requirements
• Gain real-time visibility into employee spend with multi-dimensional reporting and analytics

Contingent Labor Management

A unified Human Capital Management and Spend Management solution helps you effectively manage the procurement, tracking, and spend on contingent labor—not as an in-between expense between purchasing and HR.

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• Gain unified workforce visibility, including fulltime employees and contingent workers
• Better track utilization by location, job profile, and cost
• Ensure alignment of contingent workers and the work they are doing to the strategic initiatives of your organization
• Make optimal tradeoffs between full-time and contingent workers globally
• Minimize risk associated with misclassification and tenure policies
• Benefit from a solution that unifies HCM, Services Procurement, and Spend Management

About Workday Spend Management

Real SaaS Delivery Model

Workday provides organizations with enterprise-ready applications through a real, multi-tenant Software-as-a- Service (SaaS) delivery model, eliminating the need to buy, install, and maintain databases, middleware, and more. IT departments can then shift their focus to more strategic IT initiatives, rather than spending the majority of their time "keeping the lights on" supporting core systems. From a cost perspective, the real SaaS delivery model allows you to leverage the best technology infrastructure for less than what it would cost to purchase it entirely on your own. Faster implementations, included functional updates, and predictable cost structures also contribute to the financial advantages offered by real SaaS solutions.

Global at the Core

Unlike many of the legacy systems, Workday is built with the expectation that your organization functions globally. There is no need for multiple data centers or localized implementations with Workday. Workday inherently supports multi-entity, multi-currency, multi-language, and multi-book requirements. An adaptable global core supports everything your business needs to manage your company efficiently as a whole, while still adhering to local requirements.

Unified Platform with Built-In Security, Controls, and Reporting

Workday is built entirely on a unified, adaptive foundation that includes the capabilities traditionally provided by bolt-on Workflow, Governance Risk & Compliance (GRC), and Business Intelligence systems. Put simply, that means that you won't have to buy them individually, implement them separately, or integrate them to work together. With Workday, they are already embedded and work seamlessly within the system.

Business Process Framework

Workday's Business Process Framework manages every transaction that occurs through the system. All transactions are recorded, so there is a complete audit history of what, who, when, and why that event occurred. You can establish rules for specific tasks or organizations to ensure that proper controls, approvals, and requirements are satisfied before an event is approved and completed.

Multi-Dimensional Reporting with Worktags

Worktags are an innovative way to establish relationships between certain events or records to facilitate deep reporting and analytics relevant to your business. In other words, thanks to Worktags, you will never be restricted by the limitations of a rigid code block again. Worktags can be applied to any transaction, and then used to analyze results or reports into more detail. New Worktags can be added to the system when new requirements arise.

Built-in Actionable Analytics

Provide immediate insight through embedded analytics and reports right from users' homepages. Reports can be created and distributed without the need for an additional bolt-on data warehouse or BI system. All reports are actionable, meaning that an activity or transaction can be initiated immediately from within a report.

Intuitive User Experience and Mobile Accessibility

Using common constructs like buttons, icons, and links, even the most novice user can get around with minimal training. Workday is accessible on any device that has a browser and an internet connection. Workday also provides native iPhone® and iPad® apps that take advantage of the features provided by the Apple platform.

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