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Workday - Next Generation HCM Technology 2021
Vendor Analysis
published on Sep 02, 2021
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Report Overview:
This NelsonHall assessment analyzes Workday's offerings and capabilities in Next Generation HCM Technology
Who is this Report for:
NelsonHall’s HCM technology profile on Workday is a comprehensive assessment of its offerings and capabilities, designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of HCM technology platforms and identifying vendor suitability for RFPs
- Vendor marketing, sales, and business managers looking to benchmark themselves against their peers
- Financial analysts and investors specializing in the HR technology and services sector.
Scope of this Report:
The report provides a comprehensive and objective analysis of Workday HCM Technology offering, capabilities, and market and financial strengths, including:
- Identification of the company’s strategy, emphasis, and new developments
- Analysis of the company’s strengths, weaknesses, and outlook
- Revenue estimates
- Analysis of the profile of the company’s customer base including the company’s targeting strategy and examples of current contracts
- Analysis of the company’s offerings and key service components
- Analysis of the company’s delivery organization including the location for key centers.
Key Findings & Highlights:
Workday, Inc., headquartered in Pleasanton, CA is a publicly traded (Nasdaq: WDAY) provider of cloud-based enterprise applications for human capital management, financial management, spend management, and planning, analytics, and benchmarking.
The firm was formed in 2005 by former PeopleSoft executives Dave Duffield and Aneel Bhusri and launching its Human Capital Management (HCM) product offering in the Fall of 2006 and a beta version of Workday Financial Management in the Fall of 2007. In May 2008, Workday signed its first large client contract with Flextronics, and the deployment of its HCM software was completed by December 2011 for ~200k employees across ~25 countries.
While Workday has historically developed its technology offering on a single platform, code line, and database, it has made select acquisitions to accelerate its innovation; notable examples include:
- Peakon (2021): sentiment analysis and employee engagement
- Scout RFP (2019): procurement and sourcing
- Stories.bi (2018): augmented analytics
- Adaptive Insights (2018): business planning
- SkipFlag (2018): machine learning and artificial intelligence
- Platfora (2016): operational analytics and data discovery.
Workday's HCM technology supports >3.7k clients and >46m users globally.
Workday primarily targets mid to large-sized firms for adopting its HCM technology; NelsonHall estimates ~90% of its clients have >500 employees and recent years have seen its platform being adopted by many enterprise-sized corporations. Workday's client base includes 60% of Fortune 50 companies and 45% of Fortune 500 companies.