Workday delivers its first Data-as-a-Service offering with Workday Benchmarking
Benchmarks including Workforce Composition and Leadership Effectiveness equip global organisations with valuable market insights to optimise business performance
LONDON, UNITED KINGDOM--(Marketwired - Oct 10, 2017) - WORKDAY RISING - Workday, Inc. (
With Workday Benchmarking, customers worldwide can leverage the collective power of Workday's extensive community -- including over 26 million workers across more than 1,800 global organisations. Workday Benchmarking is seamlessly unified with all of Workday's products, including Workday Financial Management, Workday Human Capital Management (HCM), Workday Planning, and Workday Prism Analytics, empowering customers with the only cloud system to plan, execute, and analyse their business through one secure environment.
Up-to-date Benchmarks, Analytics, and Insights to Improve Performance
Traditional benchmarking services and reports typically provide outdated data delivered out of context in silos. These services are not only costly, but difficult to manage due to their lack of flexibility around rules and calculations. Workday Benchmarking extends the analytical power of Workday and addresses these challenges by enabling customers to better understand their individual organisation's relative performance using current, reliable data. Once customers elect to participate in the Workday Benchmarking service and select what data to contribute, their data is de-identified and added to a secure, aggregated dataset. In return, they get access to benchmarks representative of Workday's participating customer community and can see how they compare against peers with similar demographics such as industry or company size. Benchmarks are surfaced right in the Workday applications and dashboards that business leaders access most, so they are empowered to make informed decisions on what actions to take to improve their company's competitive position -- all without ever having to leave Workday.
With Workday Benchmarking, customers have ready access to a growing catalogue of benchmarks, including:
- Workforce Composition Benchmarks (Age, Diversity, Tenure, and more) - For example, HR leaders at a technology company could compare the percentage of males and females in their workforce with similar organisations to gauge how well they are tracking against diversity goals.
- Turnover and Career Retention Benchmarks (Talent, Turnover, and others) - For example, a talent professional in healthcare noticing an increase in attrition can see if his company's voluntary turnover is higher than that of industry competitors, which may indicate a retention issue.
- Leadership and Manager Effectiveness Benchmarks (Span of Control and Leadership) - For instance, a chief accounting officer at a financial institution concerned that her people managers may be overwhelmed can compare span of control with managers across the industry to identify which teams may need more support.
- Workday Usage Benchmarks (System Utilisation, Business Process, and others) - For example, an HR information systems executive in retail can find out if business processes are being completed faster or slower than peer organisations, to help determine if he should reconfigure business process definitions for greater efficiency.
- Financial Management Benchmarks - In future releases, benchmarks including core revenue growth and return on invested capital will be available to help customers better connect workforce metrics to financial success and strategic business goals. For example, a CFO at a professional services firm could compare revenue per employee against similar companies, then model against project staffing needs to ensure optimal staffing that delivers on billability while balancing costs.
Like the entire Workday suite of applications, Workday Benchmarking leverages the power of one -- one version of software, a single source of truth, one customer community, and a single security model and user experience -- enabling customers to benefit from:
- Current and Reliable Data - Live, transactional data ensures aggregation that is consistent, accurate, and highly relevant, greatly reducing the time customers typically need to wait for access to benchmarks and calculations they can trust.
- Benchmarks in Context - Benchmarks can be configured to surface in the context of where customers most frequently interact with Workday. For example, a business leader can view a dashboard benchmarking their company's actual performance against peers, and then quickly take action all in a single system.
- Built-in Security and Privacy - Workday Benchmarking relies on the highest privacy and security standards. All data contributed to Workday Benchmarking is de-identified and aggregated with similar data from a variety of sources prior to reporting.
- Distribution and Governance - Like all analytics in Workday, benchmarking data can be secured to a domain and shared with anyone in the organisation, allowing insights to reach the people who need them without compromising control over individual permissions.
- Flexibility - As calculations evolve, peer groups change, and metrics are added, Workday's cloud architecture makes it possible for Workday Benchmarking to quickly adapt and immediately deliver new metrics to customers.
Comments on the news
"Data is the new currency, and Workday Benchmarking demonstrates how we continually deliver the analytical capabilities that enable our customers worldwide to unlock even more insights from their data and the broader Workday community," said Joe Korngiebel, chief technology officer, Workday. "With Workday Benchmarking, our customers can tap into up-to-date, reliable data that gives an industry-wide view of how their individual business is performing compared to others, better equipping them to prioritise business initiatives, pick up new best practices, and strategically allocate resources in an instant."
Workday Benchmarking is now generally available to all customers, at no additional cost to their core subscription.
- Please visit the Workday blog for additional perspective from Pete Schlampp, vice president of Workday Prism Analytics, Workday: How Workday is Doubling Down on Data and Analytics.
Workday is a leading provider of enterprise cloud applications for finance and human resources. Founded in 2005, Workday delivers financial management, human capital management, and analytics applications designed for the world's largest companies, educational institutions, and government agencies. Organisations ranging from medium-sized businesses to Fortune 50 enterprises have selected Workday.
This press release contains forward-looking statements including, among other things, statements regarding the expected performance and benefits of Workday's offerings. The words "believe," "may," "will," "plan," "expect," and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialise or assumptions prove incorrect, actual results could differ materially from the results implied by these 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 quarter ended July 31, 2017 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.
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