Workday partners, services and solutions power new industry accelerators to streamline ERP replacement initiatives in banking and capital markets, healthcare, insurance and technology
PLEASANTON, Calif. and ORLANDO, Florida., September 12, 2022 /PRNewswire/ — Workday Inc. (NASDAQ: WDAY), a leader in enterprise cloud applications for finance and human ressourcestoday announced the launch of Industry Accelerators at Rising working day, the company’s annual customer conference. The initial set of industry accelerators will aim to help banking, healthcare, insurance and technology companies accelerate their enterprise cloud transformation efforts. Through these initiatives, Workday customers will benefit from a robust ecosystem with deep industry expertise, helping them deliver even more innovation and tailored solutions while transforming operations in finance, human resources (HR), planning and supply chain.
Initial industrial accelerator partners include Accenture, Deloitte, KPMG and PwC. Each partner will uniquely combine industry practices, proven solutions, and ecosystem connectors with Workday Enterprise Management Cloud to transform customers’ business processes from the start. This collaborative go-to-market strategy with global systems integrators will help meet the growing demand for digital transformation with Workday, especially for finance and operations, in these industries.
Industry Accelerators also highlight Workday’s interoperability with other software vendors and mission-critical applications in ecosystems relevant to each industry, such as electronic health records, regulatory reporting, and tax compliance solutions.
Designed with partners to help seamlessly integrate industry ecosystems with Workday
Workday’s industry accelerators will help customers seamlessly move financial, HR, planning, and supply chain operations to Workday. Initial industrial accelerators include:
- Industry accelerator for banking and capital markets. In a highly regulated industry, banks and investment organizations face increased pressure and complexity with reporting and accounting requirements that require speed, accuracy and insights into data. For example, with the Industry Accelerator for Banking and Capital Markets, Workday Financial Management and Workday Accounting Center combine with partner solutions to deliver reconciled financial data with regulatory reporting capabilities to help streamline client operations.
- Industrial accelerator for health. As healthcare organizations continue to face talent shortages, margin pressures and supply chain disruptions, the Industry Accelerator for Healthcare will help organizations better optimize financial resources and talent, manage supply chain operations, and improve organizational agility with software and service partner offerings. For example, customers will be able to rapidly deploy proven solutions to automate clinician credential validation to get new nurses into the field faster.
- Insurance industry accelerator. Insurance companies face ever-changing regulatory requirements and updated accounting requirements. With the Industry Accelerator for Insurance, customers can more easily move financial and operational data to the cloud by leveraging Workday’s extensive ecosystem and solution stack optimized for insurance companies. For example, customers can meet new Long Term Targeted Improvement (LDTI) requirements with a purpose-built solution that ties into Workday Financial Management.
- Industrial accelerator for technology. Tech companies are under pressure to adapt, whether it’s new business models, ways to monetize or scale to meet demand. The Industry Accelerator for Technology will help organizations streamline quotes and cash and simplify their merger and acquisition (M&A) process. For example, by combining Workday Financial Management, Workday Revenue Managementand configure, quote, and price (CPQ) solutions, customers will be able to improve invoicing methodologies, revenue recognition, and automated collections.
Additional industries and partnerships within existing industry accelerators will follow.
A new industrial model to accelerate return on investment
As a cloud native, Workday has helped more than 9,500 companies around the world migrate finance and HR to the cloud. Today, Workday supports 14 lines of business and announced last quarter that the company exceeded $1 billion annual recurring revenue from financial services customers.
Industry Accelerators will leverage this vertical expertise to help automate and streamline back-to-middle office operations for clients in industries facing complex market dynamics, legacy technologies and interoperability challenges. in the cloud, helping them scale at the speed of business.
Industrial accelerators offer customers:
- Faster time to value. Combining industry-specific digital transformation practices and cloud migration tools provided by a global ecosystem of partners, Industry Accelerators will accelerate and streamline deployment by aligning software and services from the start.
- Lower risk deployment. By continuing to open up the Workday platform and combining it with the power of its global community of developers, Workday partners and integrators can more easily connect industry clouds and applications to help create tailored business processes. As a result, there are hundreds of proven connectors with Workday today – across finance, payroll, supply chain and quote-to-treasury apps to help customers reduce risk when moving operations. critical to the cloud.
- Faster community innovation. With Workday Community, customers and partners can collaborate and innovate on industry-specific best practices, solutions, and configurations.
“Cloud transformations can be complex for any organization, but it’s especially challenging for companies that have industry-specific needs,” said Pete Schlampp, Chief Strategy Officer, Workday. “Workday, together with our Industry Accelerator partners, will deliver industry-specific value from day one, while offering a lower-risk deployment. so that our customers can meet their most pressing business needs.”
“The best partners are looking for organizations that open up their platforms and engage deeply with ecosystem partners. By bringing together critical solutions to solve complex industry challenges, customers will benefit from tighter integration and higher levels of innovation,” said R “Ray” Wang, Founder, President and Principal Analyst, Constellation Research, Inc. “Industry Accelerators improve customer success and improve the overall value of technology investment. These actions provide customers with confidence across the full solution stack from day one, with a commitment to innovation continues.”
For more information
- Read Blog »Innovating with our community in a changing world,” by Pete SchlamppChief Strategy Officer, Workday.
- Register and attend the Workday Rising sessions of the Digital Discovery program:
- Workday Innovation Keynote: The Power to Adapt [KEY02], September 13, 9:00 a.m. EDT.
- The Future of Financial Services: Adapt, Innovate and Thrive [INKEY2093], September 13, 10:45 a.m. EDT.
- The Future of Healthcare: Adapt, Innovate and Thrive [INKEY2101], September 13, 10:45 a.m. EDT.
- The future of technology and media: adapt, innovate and thrive [INKEY2102], September 13, 10:45 a.m. EDT.
- Finance in Healthcare: How Finance and Supply Chain Drive Impact and Financial Sustainability [RBVK2114], September 13, 12:00 p.m. EDT.
Working day is a leading provider of enterprise cloud applications for finance and human ressources, helping clients adapt and thrive in a changing world. Workday applications for financial management, human resources, planning, expense management, and analytics have been adopted by thousands of organizations worldwide and in every industry, from midsize businesses to more than 50% companies. Fortune 500. For more information about Workday, visit workday.com.
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