Workday Announces Continued Retail Industry Momentum Driven By Accelerated Demand for AI Solutions that Help Fuel Organizational Agility and Growth
- More than 55% of NRF Top 100 Retailers using Workday's enterprise cloud applications
- Retail and hospitality business exceeding $1 billion in annual recurring revenue
- Leading global retailers gaining real-time visibility into financial, workforce, and operational data with Workday
- Expanded partnership with Accenture to develop composable finance solutions for retail clients
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Insights
Workday, Inc.'s announcement of surpassing $1 billion in annual recurring revenue (ARR) from its retail and hospitality business signifies a robust penetration in the market, particularly among the NRF Top 100 Retailers. This milestone is a testament to the increasing adoption of cloud-based solutions by retail organizations seeking to integrate their finance and human resources data for more streamlined operations.
The strategic expansion of Workday's partner ecosystem, including the collaboration with Accenture, is poised to enhance the company's value proposition. By offering pre-packaged integrations and solutions tailored for the retail sector, Workday is addressing the industry's demand for agility and data-driven decision-making processes. The focus on digital finance transformation is particularly relevant given the current economic climate, where businesses are looking for ways to optimize costs and improve efficiency.
With the retail industry facing challenges in workforce management and operational visibility, Workday's suite of applications is well-positioned to meet these needs. The emphasis on a single, connected workforce management system could lead to increased productivity and employee engagement, which are critical factors for retail success. As retailers continue to navigate a dynamic market, Workday's solutions could become increasingly integral to their operations.
The achievement of $1 billion in ARR from Workday's retail and hospitality segment is a significant financial milestone, reflecting the company's growth trajectory and potential for future revenue streams. This performance could influence investor sentiment and stock valuation, as it suggests a strong market presence and customer retention.
Workday's focus on AI and workforce management innovations is strategically aligned with the evolving needs of the retail industry, which could lead to sustained demand for their services. By leveraging AI to adapt to changing labor and customer expectations, Workday is enhancing its competitive edge, which may translate to improved financial performance over time.
Moreover, the collaboration with Accenture to develop finance solutions integrated with merchandising and inventory systems could result in operational efficiencies for clients, potentially leading to an expanded customer base and increased market share for Workday. Such strategic partnerships are crucial in maintaining a growth trajectory and could be a focal point for investors assessing the company's long-term value proposition.
The adoption of Workday's enterprise cloud applications by over 55% of the NRF Top 100 Retailers highlights a significant trend in technology adoption within the retail sector. This shift towards cloud-based, AI-enhanced workforce management systems reflects the industry's need to optimize operations and enhance the frontline worker experience.
Workday's integration of financial, workforce and operational data into a unified system provides actionable insights that can lead to more informed decision-making. The ability to quickly identify and address skills gaps, as well as align resources with business needs, demonstrates the practical benefits of digital transformation in the workplace.
The expanded partnership with Accenture to offer composable finance solutions suggests a move towards more flexible and adaptive technology infrastructures. This approach enables retailers to respond more effectively to market changes and could set a precedent for how enterprise software providers support digital transformation in various industries.
More Than
As part of this momentum, Group1 Automotive Inc., KIKO
"In our fast-paced industry, it is critical that we bring together our back and front office solutions so our leaders have a single, unified source of truth for viewing, managing, and optimizing our operations," said Art Kilmer, chief operations officer, P.F. Chang's. "With Workday AI and its continued workforce management innovations, we can adapt quickly to changing labor and customer expectations and better support our mission in delivering engaging experiences for our employees and guests."
Putting the Frontline Worker Experience at the Forefront
According to an IDC infographic*,
Workday delivers a single, connected workforce management system – including Workday Scheduling and Labor Optimization, Workday Time Tracking, Workday Absence Management, Workday Talent Optimization, Workday Payroll, and more – that provides retail organizations with a personalized worker experience, clear workforce and labor cost insights, and a streamlined manager experience. With visibility across the frontline workforce, retail leaders can identify and quickly fill critical skills gaps and determine whether to train, hire, or realign resources to meet changing business needs. This helps nurture growth and increase employee engagement, productivity, and loyalty with user-friendly workforce tools.
Accelerating Digital Finance Transformation with an Expanded Partner Ecosystem
Retail organizations need finance, workforce, planning, and business agility to respond to shifting market and economic conditions. To help customers speed their digital transformation efforts and accelerate time to value, Workday empowers them to leverage both Workday and partner solutions.
Workday recently announced an expanded partnership with Accenture to develop a suite of data-led, composable finance solutions that can be configured to help retail clients be more responsive to changing business needs. Workday and Accenture plan to offer customers pre-packaged integrations, configurations, and reports to optimize the integration of Workday Financial Management with other best-of-breed merchandising and inventory solutions, providing finance and store operations teams with better insight on inventory and store data to make the right products available in the right place; a comprehensive retail and analytics solution that provides dashboards for store operators to better understand store performance; and a strategic workforce management solution that provides retailers with a fact-based solution to plan and manage their workforce.
Additionally, Workday Solutions Marketplace offers numerous retail-specific solutions, allowing customers to easily discover, learn, and evaluate trusted solutions from Workday certified partners that help address their unique business needs.
"Organizations worldwide trust Workday to better manage their two biggest assets – their people and their money – and we're proud to support leading retail and hospitality workers with innovative finance, HR, and planning solutions," said Keith Pickens, head of retail, Workday. "With Workday AI and our expanded partner ecosystem, our retail customers have the tools they need to support the business demands of today while empowering them to anticipate and react to the challenges of tomorrow."
For More Information
- Stop by the Workday booth (#4675) at NRF 2024 (January 14–16, 2024) to hear from Workday customers, connect with Workday executives, and see demos of Workday AI and Workday workforce management solutions.
- Attend the session, "P.F. Chang's Recipe for Success: An Intelligent Platform for HR, Workforce Management, and Finance," on Monday, January 15 from 9:15am - 10:00 am.
*Source: IDC Infographic, sponsored by Workday, Enterprise Software Drives the IT and Finance Operations of the Insurance Industry, doc #US50932323, July 2023.
About Workday
Workday is a leading provider of enterprise cloud applications for finance and human resources, helping customers adapt and thrive in a changing world. Workday applications for financial management, human resources, planning, spend management, and analytics are built with artificial intelligence and machine learning at the core to help organizations around the world embrace the future of work. Workday is used by more than 10,000 organizations around the world and across industries – from medium-sized businesses to more than
© 2024 Workday, Inc. All rights reserved. Workday and the Workday logo are registered trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.
Forward-Looking Statements
This press release contains forward-looking statements including, among other things, statements regarding Workday's plans, beliefs, and expectations. These forward-looking statements are based only on currently available information and Workday's current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of Workday's control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to, risks described in Workday's filings with the Securities and Exchange Commission ("SEC"), including Workday's Form 10-Q for the fiscal quarter ended October 31, 2023, and other reports that we have filed and will file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.
Any unreleased services, features, or functions referenced in this document, Workday's website, or other press releases or public statements that are not currently available are subject to change at Workday's discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.
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FAQ
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