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Workday Named a Leader for Cloud Core Financial Management Suites

Workday a leader in enterprise cloud applications for finance and human resources, announced it has been positioned by Gartner, Inc. in the Leaders quadrant of the 2020 Gartner Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large, and Global Enterprises* for the fourth year in a row.

Now more than ever, businesses need a trusted partner to navigate uncertain times, support mission critical operations, and ensure business continuity. As a result, finance leaders are turning to Workday to help them plan, execute, and analyze all in one system. Workday continues to invest in its core financial suite offering, Workday Financial Management, which has been selected by more than 900 customers, including Aon, CNA, Equiniti, Georgetown University, and Panera Bread, to manage their finance and accounting in the cloud.

Workday’s longstanding mission of accelerating finance transformation through the power of data has firmly landed as a strategic priority for the office of the CFO. The company’s broad portfolio of finance applications including Workday Financial Management, Workday Adaptive Planning, Workday Prism Analytics, and Scout RFP, together deliver a deep and comprehensive solution for enterprise planning and analysis, record to report, contract to cash, and source to pay.

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Over the past year, Workday has launched new product and service offerings that further extend the value for the office of the CFO. Customers are now better equipped to do the following:

  • Drive Innovation and Efficiency. New capabilities available for Workday Financial Management address three key areas that enable the office of finance to shift focus to more strategic, value-add projects: automation, where the goal is to deliver touchless financial transactions; zero-day-close, utilizing machine learning to surface errors and anomalies, for example in the general ledger with journal insights; and predictive processes, where machine learning recommendations will streamline operations such as customer payment matching and project staffing.
  • Make Faster, Better Decisions. Businesses depend on finance for accurate and detailed information to support decision-making and agile responses to continuous change. Workday Accounting Center enables organizations to automatically ingest, enrich, reconcile, and account for high-volume, mission-critical operational transactions from legacy or proprietary systems. This allows finance teams to have visibility into the detailed source transactions to inform data-driven insights and decisions. Also, Discovery Boards fulfills an important milestone in Workday’s enduring focus on embedding analytics in core finance applications. With Discovery Boards, finance teams are able to perform ad-hoc visual analysis in real time on live Workday transactions, all in one system.
  • Accelerate Time-to-Value. Workday has expanded Workday Launch, a preconfigured approach to help customers get up and running on Workday more quickly and with lower risk, to qualified large enterprise organizations in the U.S. with plans to reach additional markets by the end of this year. With the majority of CFOs expecting more of their workforces to work remotely, Workday Launch accelerates the fundamental shift to the cloud for finance teams grappling with a new, post-crisis operating environment.
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As a result of its ongoing commitment to customer service and success, Workday has achieved a 97 percent customer satisfaction rating.

Additionally, Gartner Peer Insights documents customer experience through verified ratings and peer reviews. As of July 1, 2020, Workday customer reviews include the following:

  • “Workday is the most customer focused partner I have ever worked with in my 20+ year career.” –Vice President in the Finance Industry
  • “Extremely collaborative vendor, who has a clear vision on the evolution of finance and how it should be driving business value.” –CFO in the Services Industry
  • “We have been able to streamline and simplify our financial general ledger system with the implementation of Workday which has increased productivity and efficiency among our staff. –Vice President of Finance and Controller in the Healthcare Industry

“We believe Gartner’s recognition of Workday as a Leader in cloud core financial management suites for the fourth consecutive year reflects our deep customer commitment and ability to continuously deliver innovation that helps alleviate the challenges organizations are currently facing,” said Barbara Larson, general manager, Workday Financial Management. “For finance organizations, having a trusted partner like Workday is more critical than ever. By providing the real-time insight, active planning, and change-ready business processes our customers need to continually weather the twists and turns of the times, we can help them emerge stronger and better position themselves for growth.”

“With Workday as our partner, we’re confident in our ability to transform our accounting and close process,” said Bharat Shahdadpuri, AVP, Workday Finance & Data Management, at CNA, one of the largest U.S. commercial property and casualty insurance companies. “And, with Workday Accounting Center, we’ll be able to automate the transformation of business events into accounting, which, in turn, will give us deeper insights that drive our decision making. Since our business users can configure accounting and mapping rules themselves, we expect CNA’s cost to maintain accounting rules to decrease by 50%–60% with Workday Accounting Center, while giving time back to IT.”

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