SOURCE: Workday

August 20, 2007 07:00 ET

Workday Delivers Financials On-Demand

Real Business Information to Support the Entire Workforce: Accounting, Governance, and Business Intelligence at the Core

WALNUT CREEK, CA--(Marketwire - August 20, 2007) - Workday™, Inc. today announced the beta release of Workday Financials. Coupled with Workday Human Capital Management, the company is now providing the first on-demand alternative to ERP. Workday Financials delivers an entirely new model for helping companies manage revenue, resources, and financial accounting, while effectively measuring business performance.

Workday: Modern enterprise software to meet the needs of contemporary business

  • Workday is the first on-demand alternative to ERP:
    • No hardware, no software, no installation, no shelfware, no upgrades or bolt-on additions. Customers subscribe and use the services they need to run their business.
    • Workday has built in key capabilities missing from today's enterprise applications: Agility, Governance, Measurement, Usability, Integration, and Global.

  • Research organizations project robust growth for enterprise software and on-demand solutions, while often citing significant issues with traditional products:
    • AMR Research, in a July 2007 report, projects that ERP vendor revenue will grow from $28.8 billion in 2006 to $47.7 billion by 2011.
    • A recent MIT report discusses challenges with existing enterprise software.
    • Gartner announced August 9th that it projects worldwide Software as a Service (SaaS) revenue will top $5.1 billion in 2007, a 21 percent increase over 2006.
    • A soon-to-be-released study by McKinsey & Company finds 61 percent of North American companies with sales in excess of $1 billion plan to adopt one or more on-demand applications over the next year, up from 38 percent in 2005.
    • An April 2007 report from InformationWeek magazine showed that 18 percent of business technology professionals surveyed would consider using SaaS for Financial solutions, with 37 percent considering SaaS for Human Resources management.

What's New: Workday delivers the next model for enterprise business management

  • Workday Financials uses a new approach to business applications that is at the heart of all Workday solutions.
    • Workday Financials uniquely integrates the three priorities of today's finance organizations: accounting, corporate governance, and business intelligence.
    • ERP was designed in the 1990s to support manufacturing-focused corporations, using accounting methods developed 500 years ago. Workday solutions are built for companies centered on global workforces, talent, and information to fuel their operations.
    • ERP focused on the data required for accounting and regulatory compliance; Workday captures all types of business events, not just the entries managed in traditional general ledger systems. We make it simple for accounting and all other groups and individuals to access and analyze information they need to help their organization grow and thrive.
    • Workday Financials is now in beta release. Organizations interested in participating should contact financials@workday.com.

  • Workday's solutions are based on modern technology, replacing a traditional database with an object management system (OMS). This has considerable benefits to customers:
    • Built for the whole enterprise: ERP requires numerous add-ons to support contemporary requirements. Workday's OMS is built from the ground up to be global, auditable, easy-to-integrate, and provide effective governance and compliance.
    • Search, links, and tags: Finding and using enterprise information is as simple as the consumer Web. For example, Workday replaces the traditional ERP code block with tags, providing richer information about transactions and other business events for everyone in the organization.
    • Agility: ERP can be customized at implementation but is enormously expensive to change. Workday can be reconfigured at any time without IT or development resources, based on business needs.
    • Innovation: Workday developers use definitions, not software code, to build our solutions; we deliver functionality to customers many times quicker than traditional methods.

Core Requirements Built-In

  • Workday Financials includes core accounting functionality such as accounts payable, accounts receivable, and financial accounting and reporting. New capabilities are being added to the suite, based on feedback from early customers, along these functional areas:
    • Resource Management - Services that manage all non-human resources used by an organization through the acquire-to-consume process. Includes sourcing, procurement, employee expenses, settlement and payment, and supplier management.
    • Revenue Management - Services that manage the administration of the order-to-cash process. Includes sales orders, billing, customer accounts, and revenue recognition.
    • Financial Management - Services that manage and deliver the information necessary to measure an organization's financial and general business results. Includes financial accounting, management accounting, cash management, and planning and budgeting.

Comments on Workday Financials

"Workday is bringing together the lower cost of ownership of Software as a Service with our deep domain expertise in enterprise business solutions to deliver an on-demand alternative to ERP," said Aneel Bhusri, president of Workday. "While ERP requires complicated integrations and bolt-on additions to deal with changing business requirements, Workday is built from the ground up to support today's agile enterprise, and our modern architecture means we can continue to adapt and extend our solutions to meet customer needs for years to come."

"ERP was designed to automate accounting processes, which was a huge help to finance organizations back in the 1980s and 90s but fell short when it came to supporting the business itself," said Mark Nittler, vice president of Applications Strategy at Workday. "Workday is providing solutions that support the whole workforce with information and automation centered on activities that are important to day-to-day business, while still providing the reports and controls organizations need to meet accounting and regulatory requirements."

About Workday

Workday is delivering the first on-demand alternative to ERP, with a new generation of solutions designed to meet the needs of today's dynamic and global businesses. Built on a completely new model, Workday Human Capital Management and Workday Financials use the most modern, standards-based technologies to provide an unparalleled level of agility, ease-of-use, and integration capability. For more information about Workday, please visit www.workday.com.

© 2007. Workday, Inc. All rights reserved. Workday, the Workday logo, Workday Enterprise Business Services, Workday Human Capital Management, Workday Financial Management, Workday Resource Management and Workday Revenue Management are all trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.

Contact Information

  • Media Contact Information:
    Andrew McCarthy
    Workday
    (925) 951-9137
    Email Contact