Workday is a human capital management (HCM) tool that leverages data analytics, combining HR, finance, management, and enterprise planning in one integrated platform. It provides a comprehensive HCM and ERP package built for any size of business—whether small, medium, or large corporation—offering a range of features, from human resource management (HRM) to time tracking to payroll management and data analysis.
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Who uses Workday?
Workday is designed to assist business executives, planners, and managers in making data-informed business decisions and efficient planning. Workday provides a flexible planning solution for small, mid-sized, and enterprise-level businesses that can be used across functions, including human resources (HR), finance, and management.
Workday’s key features: finance, HR, and planning solutions
Workday’s integrated HCM platform offers the following:
Accounting and finance
Workday provides agility and versatility to a company’s finance and accounting team with its customizable tools for consolidating financial data, forecasting future trends, and identifying risks. Plus, it features planning, variance analytics, and financial reporting capabilities.
Analytics and business intelligence
Workday offers the tools of a conventional BI platform, such as data visualization and customizable reporting, leveraging artificial intelligence (AI) in processing data, detecting patterns, and transforming raw information into actionable insights. Workday integrates different business functionalities in a system that allows users to manage all data in one interactive dashboard packed with pre-built analytics templates. Users find these templates useful in understanding key HCM and finance issues and processes, such as compensation, payroll, and workforce planning.
Human capital management
Workday combines HR management with payroll, data, and intelligent automation capabilities, providing employees with a personalized experience and flexibility.
What are Workday’s competitors?
The market for HCM platforms has been competitive in the past few years, with industry big names dominating the landscape. Some of Workday’s top competitors include:
- Oracle PeopleSoft. Integrates Oracle’s cloud infrastructure and database systems with its HCM platform, providing automation tools to simplify workforce management.
- UKG Pro. Offers a comprehensive HR management system that simplifies the work of HR professionals handling a global workforce.
- Paylocity. Combines a corporate learning management system in its HCM platform and adapts to the needs of the modern workplace.
Keep up with the latest innovations in HRIS with a roundup of the year’s top HR platforms at TechnologyAdvice.com
What can a business gain from using Workday?
As a planning tool, Workday:
- Provides executives and managers with up-to-date data about their personnel and the state of their finances for better decision making;
- Simplifies data entry and streamlines complex processes with its advanced automation tools; and
- Offers easy access to information with integrated analytics to understand business processes better, from performance to payroll to financial analysis.
What do people say about Workday?
Customer reviews of Workday have been positive. Most reviewers in TrustRadius cite the platform’s flexibility, accessibility, and ease of use as some of its advantages.