CFOtech New Zealand - Technology news for CFOs & financial decision-makers
Story image
Workday recognised as Leader in Gartner Magic Quadrant for Financial Planning Software
Wed, 13th Dec 2023

Workday, a global expert in enterprise cloud applications for finance and human resources, has been recognised as a Leader in the 2023 Gartner Magic Quadrant for Financial Planning Software. This marks the second year that Workday has been honoured with this title since the category’s inception in 2022.

The financial planning software is increasingly becoming critical for businesses as they navigate a rapidly evolving business landscape that demands frequent planning and the ability to process substantial datasets to account for potential fluctuations.

Workday's Adaptive Planning Software has been selected by over 6,300 organisations worldwide, such as Life Care Services, Ryder System, Inc., Salesforce, Shutterstock, and Wintrust, to help them make strategic business decisions more swiftly and confidently.

General Manager of Planning at Workday, Dennis Yen, sees this recognition as an endorsement of their innovation, citing the software’s "unique blend of easy-to-use functionality with a system that can handle large data volumes to meet complex modelling requirements".

To keep pace with the speed of business, Workday AI has been incorporated into the core of Workday Adaptive Planning, enabling customers to draw real-time insights and make faster decisions.

Workday Adaptive Planning offers powerful performance at scale and ease of use, underpinned by the Elastic Hypercube Technology (EHT), which allows for efficient calculations of complex models by adding memory and compute power as necessary.

Additionally, it is user-friendly, enabling financial planning and analysis teams to revise models quickly by adjusting dimensions, logic, and formulas as needed, without requiring technical expertise.

This platform-agnostic solution integrates well with both Workday and non-Workday data sources. An out-of-the-box, built-in integration framework ensures customers can efficiently integrate any third-party system of record with Workday Adaptive Planning.

These include enterprise resource planning, customer relationship management software, marketing and HR systems, and data warehouses.

Workday's AI technology allows customers to utilise AI capabilities without technical expertise. This includes the predictive forecaster within Workday Adaptive Planning that uses machine learning to automatically create demand forecasts by swiftly analysing historical and third-party datasets.

An emerging generative AI capability allows users to leverage conversational text to navigate the system, surface data rapidly, uncover insights, and get recommended actions based on these insights.

Workday has also been acknowledged recently as a Leader in the 2023 Gartner Magic Quadrant for Cloud ERP for Service-Centric Enterprises. Connecting Workday Adaptive Planning to the Workday platform provides customers with additional benefits, including streamlined workflows and a consistent user experience.