Workday Named a Leader in Gartner Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large, and Global Enterprises

Positioned as a Leader for Fifth Year in a Row Based on Completeness of Vision and Ability to Execute

SINGAPORE – Media
OutReach – 13 May 2021 – Workday (NASDAQ:WDAY), a
leader in enterprise cloud applications for finance and human
resources,
today announced it has been positioned by Gartner, Inc. in the Leaders quadrant
of the 2021 Gartner Magic
Quadrant for Cloud Core Financial Management Suites for Midsize, Large, and
Global Enterprises*
for the fifth year in a row based on completeness of vision and ability to
execute.

 

The
events of 2020 have caused many organizations to accelerate their finance
digital transformation efforts. As a result, finance leaders are turning to
Workday to help them plan, execute, and analyze all in one system. The company’s broad portfolio of
cloud finance offerings brings new levels of visibility and control that go
beyond the boundaries of traditional ERP systems. Together Workday Financial Management, Workday Adaptive Planning, Workday Accounting Center, Workday Prism Analytics, and Workday
Spend Management Sourcing deliver a
deep and comprehensive solution for enterprise planning and analysis across all
finance processes including record to report, report to forecast, contract to
cash, and source to pay.

 

Relentless Focus on
Customer Success and Innovation to Elevate the Office of the CFO 

Workday
continues to deliver on its vision for the office of the CFO to optimize organizational agility and deliver
trusted insights to fuel the most effective operations. Its commitment
to delivering exceptional customer value and continuous innovation is helping
organizations from a diverse range of industries and sectors. With more than
1,000 Workday Financial Management customers and 5,500 Workday Adaptive
Planning customers in more than 120 countries, Workday continues to drive
global innovation fueled by machine learning (ML) and advanced analytics to
allow customers to:

 

• Become decision-ready
  with an intelligent data foundation. Workday offers a unique architecture featuring
  an intelligent data foundation that helps finance teams harness the power of
  data by blending operational and transactional data into a single source. Workday
  Accounting Center,
  built on this data foundation, represents a fundamental change in the way finance teams manage
  operational data by dramatically simplifying the transformation of
  high-volume operational data into accounting. Machine learning is also embedded
  into the core data architecture to infuse intelligence into finance processes
  driven by Workday
  Financial Management,
  Workday
  Adaptive Planning
  and Workday
  Spend Management.
  These ML-powered applications allow customers to continuously detect journal
  line and plan entry anomalies, intelligently match customer payments to
  invoices, offer spend recommendations, and scan supplier invoices and expense
  receipts with optical character recognition to automate processing.
• Unify accounting and
  FP&A for greater agility: The ability to manage financial activity
  through the lens of FP&A has become increasingly important, especially
  given the unpredictability of the past 18 months. In the report, Gartner
  states, “This year, we have included FP&A capabilities in the evaluation
  where Cloud Core Financial Management vendors have brought them to market.
  FP&A is quickly becoming a point of differentiation for many vendors in the
  study and will continue to drive customer acquisition.”*

 

Workday, positioned by Gartner in the Leaders quadrant of the 2020 Gartner Magic Quadrant for Cloud
Financial Planning & Analysis**, offers
deep
integration from both a data and user experience (UX) perspective with Workday
Financial Management
and Workday
Human Capital Management (HCM). Offered either as a standalone solution or combined
with other Workday solutions, Workday
Adaptive Planning allows FP&A to
plan with greater accuracy and confidence, harnessing ML and predictive analytics at the core.

 

• Start with finance for
  digital acceleration.
  Replacing legacy systems over time is the best option for many organizations,
  particularly product-based industries. The Workday Enterprise Finance solution provides customers with the flexibility to adopt
  individual Workday solutions that coexist with current ERP systems or replace
  their entire financial software suite to accelerate their digital
  transformation, allowing customers to realize the benefits of cloud technology
  throughout the transition and at their own pace.

 

Consistent Customer
Satisfaction

Workday
aims to maintain a customer satisfaction rating of over 95% and achieved an
industry-leading 97% customer satisfaction rating in its most recent customer
satisfaction survey. Key factors in the consistently high customer satisfaction
rating include the ability to understand customer needs, the quality of
technical support, and the responsiveness of the Workday customer experience
organization. Additionally, Gartner Peer Insights documents customer experience through verified ratings and
peer reviews. As of
May 12, 2021, Workday customer reviews include
the following:

 

• “It is a great
  financial management and accounting tool with actionable business
  insights” — DAA in the Healthcare Industry [read full review]
• “[Workday] Adaptive
  Planning allows a CFO to respond to changing landscapes through data.” — CFO & VP For Finance & Business
  Strategy in the Education Industry [read full review]
• “[Workday]
  has revolutionized the financial operations of our department because now we
  have [a] better breakdown of our finance and based on that we are in a better
  position to make better decisions that may impact our revenue in a positive
  way. It has been the best partner for our finance and operations team.” —
  IT support in the Communications Industry [read full review]
• “Outstanding
  planning tool — best in class and ahead of competitors.” — Senior Finance
  Director in the Healthcare Industry [read full review]
• “C Suite is equipped
  with relevant, contextual financial insights available from anywhere.” — VP,
  Security & Risk, in the Finance Industry [read full review]

Comments on the News

“As
an international organization, we need to be dynamic and easily adapt to
changing market conditions,” said Rob Bloor, group financial controller, EQ.
“With Workday, our transaction and planning data are in the same system, and
we’re able to translate data into insight we need to make decisions. Having our
accounting and planning teams work off of the same data set makes it possible
for us to be continuously agile and confident in our decision making.”

 

“We’re
thrilled Workday built machine learning into its core cash-to-pay application
natively, creating a seamless extension to our accounts receivable process,”
Preeti Iyer, senior director, Finance & Order to Cash, Blue Yonder.
“Workday has all of our data, and knows how we handle cash applications, and how
we’ve applied payments in the past. This deep understanding gave us a huge leap
forward, was more cost effective, and has helped us realize value faster as we
continue to reduce time spent on our complex cash applications and move from 70
percent of our time spent on manual matches to just 20 percent.”

 

“Workday
has proven they are a modern cloud system that delivers continuous innovation
to its customers and is a true partner for Shelter Insurance,” Tina Workman,
vice president of accounting and treasurer, Shelter Insurance. “We went live on
Accounting Center last year and have since retired several legacy COBOL
programs that had little visibility into creating accounting from operational
systems. With Workday Accounting Center we have full transparency into detailed
accounting creation from close to 75 files from policy, claims, and other
systems, streamlining our accounting into one system and providing us with
deeper insight into insurance product profitability.”

 

“We
believe the reason Gartner continues to recognize Workday as a Leader in Cloud
Core Financial Management Suites is our deep customer commitment and relentless
focus on innovation to help advance the Office of the CFO,” said Terrance
Wampler, general manager, Workday Financial Management. “For finance
organizations, having proven solutions that support current and emerging
finance processes provide a clear competitive advantage. With Workday, our
customers can more easily distill actionable insights from all of their data,
quickly remove friction from finance processes, and continuously plan to
deliver the strategic business partnership that their organizations require
from finance.”

 

Additional Information

*Gartner Magic Quadrant for Cloud Core Financial Management
Suites for Midsize, Large, and Global Enterprises, John Van Decker, Greg
Leiter, Robert Anderson, 10 May 2021

**Gartner Magic Quadrant
for Cloud Financial Planning & Analysis, Robert Anderson, Greg Leiter, John
Van Decker, 6 October 2020

 

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