What is cloud-based finance?
AI and ML are already transforming the finance function across organizations. But that transformation depends on the technology foundation of a financial management system.
Finance is defined as the management, creation, and analysis of money and investments. Certain aspects of banking and finance are undertaken by dedicated financial institutions, such as credit scoring, underwriting decisions, and fraud detection. Other areas are managed internally by organizations, such as risk assessment, budgeting, and planning investments.
Many organizations will use financial management solutions to better inform their decisions. These solutions have long been the backbone for accounting and finance departments, and are typically part of a broader suite of applications known as enterprise resource planning, or ERP.
Historically, ERP systems have been held back by their legacy origins, with long, costly upgrade cycles; the need for IT to add or modify functionality; and frustrating data silos. Shifting to a native cloud approach such as Workday Enterprise Management Cloud gives organizations access to their data in real time, revealing a complete picture of your business and its finances.
Workday has embedded AI and ML into the very core of our platform. Leading finance organizations are already using AI and ML technologies in Workday to help deliver better employee experiences, improve operational efficiencies, and provide insights for faster data-driven decision-making.