Machine Learning Drives Growth in Workday Ecosystem

Rhea-AI Summary

Machine learning integration in Workday's platform is enabling better strategic decisions for businesses, according to ISG's 2024 Provider Lens™ report. The Workday ecosystem is experiencing growth driven by increased demand for analytics and predictive insights. System integrators and implementation consultants are supporting Workday's enhanced analytics and ML functionality, helping organizations manage workforces, comply with regulations, and improve employee experience.

The report evaluates 20 providers across three service quadrants, with Accenture, Cognizant, Deloitte, Kainos, PwC and Strada named as Leaders in all categories. Partners are leveraging opportunities through Workday Extend for customized applications and supporting ESG reporting requirements in Europe.

Positive

• Growing market demand for Workday analytics and predictive insights services
• New revenue opportunities for ecosystem partners through Workday Extend customization
• Strong competitive positioning with multiple Leaders across service quadrants

Negative

• number of competitors in the market

Insights

Tech Expert

The integration of ML throughout Workday's platform represents a significant technological advancement in enterprise resource management. The platform's enhanced analytics capabilities, particularly in HR functions like performance management, talent acquisition and expense forecasting, demonstrate substantial market evolution.

The development of Workday Extend for custom applications shows strategic platform maturity, while the emphasis on ML-driven predictive insights marks a shift from traditional analytics to proactive business intelligence. This positions Workday strongly against competitors in the enterprise software market.

The platform's adaptation to European ESG reporting requirements through improved transparency tools indicates strong market responsiveness and potential for increased enterprise adoption.

Market Research Analyst

The competitive landscape shows robust growth potential in the Workday ecosystem, with key players like Accenture, Deloitte and PwC leading across all service categories. The expansion of service opportunities through ML integration and analytics capabilities suggests a healthy market with strong revenue potential for both Workday and its partners.

The increasing demand for ESG reporting solutions in Europe, driven by new regulations, creates additional revenue streams and market opportunities. The but highly competitive provider landscape indicates a mature market with high barriers to entry and strong profitability potential.

More capable and functional analytics and reporting tools are opening new opportunities for Workday’s partners, ISG Provider Lens™ report says

LONDON--(BUSINESS WIRE)-- The integration of machine learning (ML) models throughout the Workday platform is allowing businesses to make better strategic decisions about resource allocation and workforce distribution, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm.

The 2024 ISG Provider Lens™ Workday Ecosystem report for Europe finds the providers of services to organizations using Workday are thriving in a marketplace expanded by growing demand for analytics and predictive insights.

“Enterprises throughout Europe are keen to embrace Workday in their human resources environments, and that trend is only likely to increase,” said Stacey Cadigan, partner, ISG Human Capital Management and Enterprise Transformation. “Workday and platforms like it are becoming essential to helping organizations effectively manage their workforces, comply with regulations, improve employee experience and achieve their strategic objectives.”

Enterprises are turning to system integrators and implementation consultants to support Workday’s growing analytics and machine learning functionality, the report notes. While Workday has long been known for its analytical functionality, integrating ML into its analytics toolset enables users to make more effective business decisions and predict issues before they escalate.

Workday ecosystem partners are realizing new growth opportunities by helping customers deploy customized applications built with Workday Extend that integrate seamlessly with the Workday environment, while addressing the specific and unique needs of their users.

Workday ML models are tailored to support key functional HR areas, including performance management, talent acquisition, and expense forecasting. Consulting firms throughout Europe are finding extensive opportunities to help customers leverage insights from these models to achieve or rethink their strategic goals, the report says.

“This is what a healthy technology ecosystem is supposed to look like,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “The competition in this market is very robust, and even though the number of competitors in this market isn’t large, they’re all making tremendous headway with customers as Workday’s capabilities evolve.”

Sustainability and environmental, social, and governance (ESG) reporting has taken on new urgency throughout Europe, with new reporting regulations now being enforced. The report says Workday ecosystem partners are helping customers respond to these new requirements by using the platform’s capabilities to improve transparency and stakeholder relations and advance corporate social responsibility.

For more insights into the Workday-related challenges faced by enterprises in Europe, plus ISG’s advice on overcoming those issues, see the ISG Provider Lens™ Focal Points briefing here.

The 2024 ISG Provider Lens™ Workday Ecosystem report for Europe evaluates the capabilities of 20 providers across three quadrants: Transformation Services, Deployment and Integration Services, and Performance and Optimization Services.

The report names Accenture, Cognizant, Deloitte, Kainos, PwC and Strada (formerly Alight) as Leaders in all three quadrants. HR Path and KPMG were named Leaders in two quadrants each, while IBM and Tietoevry were named Leaders in one quadrant each.

In addition, Tietoevry is named a Rising Star — a company defined by ISG as having a “promising portfolio” and “high future potential” — in two quadrants. HR Path is named a Rising Star in one quadrant.

In the area of customer experience, Invisors is named the ISG CX Star Performer for 2024 among Workday ecosystem providers. Invisors earned the highest customer satisfaction scores in ISG's Voice of the Customer survey, part of the ISG Star of Excellence™ program, the premier quality recognition for the technology and business services industry.

A customized version of the report is available from Deloitte.

The 2024 ISG Provider Lens™ Workday Ecosystem report for Europe is available to subscribers or for one-time purchase from this webpage.

About ISG Provider Lens™ Research

The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Mexico, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.

About ISG

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including AI, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,600 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241023305831/en/

Press:

Will Thoretz, ISG

+1 203 517 3119

will.thoretz@isg-one.com

Philipp Jaensch, ISG

+49 151 730 365 76

philipp.jaensch@isg-one.com

Source: Information Services Group, Inc.

FAQ

What are the main growth drivers for Workday ecosystem according to ISG's 2024 report?

According to ISG's report, the main growth drivers are machine learning integration, increased demand for analytics and predictive insights, and opportunities in customized applications through Workday Extend.

Which companies were named Leaders across all three quadrants in ISG's 2024 Workday Ecosystem report?

Accenture, Cognizant, Deloitte, Kainos, PwC and Strada (formerly Alight) were named Leaders across all three quadrants: Transformation Services, Deployment and Integration Services, and Performance and Optimization Services.

How is Workday addressing ESG reporting requirements in Europe?

Workday ecosystem partners are helping customers meet new ESG reporting regulations by utilizing the platform's capabilities to improve transparency, stakeholder relations, and advance corporate social responsibility.