SPEND MANAGEMENT

Companies spend a significant portion of their operating costs on goods, services, contingent labor, and other employee-related expenses. Studies have shown that bringing this spend under management can yield a savings of 5% to 20%. Workday Spend Management is unified with Workday Human Capital Management to help you configure, automate, and optimize your spend management business processes.

Organizations can achieve the following with Workday Spend Management:

• Superior insight into the overall workforce composition (employees vs. contingent labor) and organizational spending trends, including worker expenses, services procurement, and requisitions.
• Less wasteful spending thanks to approval process automation and central controls for consistency around the world.
• Risk reduction through better regulatory compliance by leveraging unified controls and business processes with Workday HCM. Configurable workflow routings, enforcement policies, and a comprehensive audit trail ensure proper internal controls.
• Higher adoption and user satisfaction thanks to a modern, consumer-like user experience that ensures fast and easy adoption of employee and manager self-service. Mobile solutions also encourage workers to track their spend wherever they are.

Procurement >>

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

Employee 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.

Contingent Labor >>

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