Workday Launches New Industry Program to Accelerate Customer Cloud Transformations with Expansive Partner Ecosystem

Rhea-AI Summary

Workday Inc. (NASDAQ: WDAY) has unveiled new Industry Accelerators aimed at enhancing ERP replacement initiatives for sectors including banking, healthcare, insurance, and technology. Announced during Workday Rising, these accelerators will leverage a network of partners such as Accenture and Deloitte to deliver tailored solutions that simplify digital transformations. The initiative seeks to streamline operations and improve data insights, responding to growing demand for cloud technology in complex markets. Workday continues to support over 9,500 global customers, surpassing $1 billion in annual recurring revenue from financial services.

Positive

• Launch of Industry Accelerators aimed at improving ERP replacements in key sectors.
• Collaboration with partners like Accenture and Deloitte to enhance digital transformation efforts.
• Workday surpassed $1 billion in annual recurring revenue from financial services customers.
• Accelerators promise faster deployment and lower risk for companies transitioning to cloud solutions.

Negative

• None.

Workday Partners, Services, and Solutions Power New Industry Accelerators to Streamline ERP Replacement Initiatives in Banking & Capital Markets, Healthcare, Insurance, and Technology Industries

PLEASANTON, Calif. and ORLANDO, Fla., Sept. 12, 2022 /PRNewswire/ -- Workday Inc. (NASDAQ: WDAY), a leader in enterprise cloud applications for finance and human resources, today announced the launch of Industry Accelerators at Workday Rising, the company's annual customer conference. The initial set of Industry Accelerators will be targeted at helping banking, healthcare, insurance, and technology companies speed their enterprise cloud transformation efforts. With these initiatives, Workday customers will benefit from a robust ecosystem with deep industry expertise, helping deliver even more innovation and purpose-built solutions as they transform finance, human resources (HR), planning, and supply chain operations.

Initial Industry 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 business processes for customers from the start. This collaborative go-to-market strategy with global system integrators will help address the increasing demand for digital transformation with Workday, particularly for finance and operations, in these industries.

Industry Accelerators also highlight Workday's interoperability with other critical software vendors and 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 transition finance, HR, planning, and supply chain operations to Workday. The initial Industry 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 data insights. For example, with the Industry Accelerator for Banking and Capital Markets, Workday Financial Management and Workday Accounting Center combine with partner solutions to deliver finance-reconciled data with regulatory reporting capabilities to help streamline customer operations.
• Industry Accelerator for Healthcare. As healthcare organizations continue to face talent shortages, margin pressures, and supply chain disruption, the Industry Accelerator for Healthcare will help organizations better optimize finance and talent resources, manage supply chain operations, and improve organizational agility, with offerings from software and services partners. For example, customers will be able to quickly deploy proven solutions to automate the validation of clinician credentials to get new nurses on the floor faster.
• Industry Accelerator for Insurance. Insurance organizations are dealing with evolving regulatory requirements and updated accounting requirements. With the Industry Accelerator for Insurance, customers can more easily move financial and operational data to the cloud leveraging Workday's expansive ecosystem and solution stack optimized for insurance companies. For example, customers can address new long duration targeted improvement (LDTI) requirements with a purpose-built solution that ties to Workday Financial Management.
• Industry Accelerator for Technology. Technology companies face 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 quote to cash and simplify their merger & acquisition (M&A) process. For example, by combining Workday Financial Management, Workday Revenue Management, and configure, quote, price (CPQ) solutions, customers will be able to enhance billing methodologies, revenue recognition, and automated collections.

Additional industries and additional partnerships within the existing Industry Accelerators will follow.

A New Industry Model to Speed Time to Value
As a cloud native, Workday has helped more than 9,500 companies across the world move finance and HR to the cloud. Today, Workday supports 14 industries and last quarter announced the company surpassed $1 billion in annual recurring revenue from financial services customers.

Industry Accelerators will build on that vertical expertise to help automate and streamline back- to middle-office operations for customers in industries facing complex market dynamics, legacy technology, and cloud interoperability challenges, helping them move at the speed of business.

Industry Accelerators offer customers:

• Faster time to value. Combining industry-specific digital transformation practices and cloud migration tools delivered by a global partner ecosystem, Industry Accelerators will speed and streamline deployment by aligning software and services from the start.
• Lower risk deployment. By continuing to open the Workday platform and combining it with the power of its worldwide developer community, Workday partners and integrators can more easily connect industry clouds and applications to help create purpose-built business processes. As a result, today, there are hundreds of proven connectors with Workday – across financial, payroll, supply chain, and quote-to-cash apps to help customers lower risk as they move critical operations to the cloud.
• Faster community-driven innovation. With Workday Community, customers and partners can collaborate and innovate on best practices, solutions, and configurations specific to their industry.

Comments on the News
"Cloud transformations can be complex for any organization, but it's particularly challenging for those companies that have industry-specific needs," said Pete Schlampp, chief strategy officer, Workday. "Workday, together with our Industry Accelerator partners, will bring industry-specific value from day one, while offering lower risk deployment. As a cloud finance and HR leader, Workday builds best-in-class applications that connect with other industry-specific clouds so our customers can solve their most pressing business needs."

"The best partners seek organizations who open up their platforms and deeply engage with ecosystem partners. By bringing critical solutions together to solve complex challenges by industry, customers will benefit from tighter integration and greater levels of innovation," said R "Ray" Wang, founder, chairman, and principal analyst, Constellation Research, Inc. "Industry Accelerators improve customer success and improve the overall value of the technology investment. These actions provide customers with confidence across the full solution stack from day one, with a commitment to continued innovation."

For More Information

• Read the blog, "Innovating With Our Community in a Changing World," by Pete Schlampp, chief strategy officer, Workday.
• Register and attend Workday Rising sessions in the Digital Discovery Program:
• Workday Innovation Keynote: The Power to Adapt [KEY02], Sept. 13, 9:00 a.m. EDT.
• The Future of Financial Services: Adapt, Innovate, and Thrive [INKEY2093], Sept. 13, 10:45 a.m. EDT.
• The Future of Healthcare: Adapt, Innovate, and Thrive [INKEY2101], Sept. 13, 10:45 a.m. EDT.
• The Future of Tech & Media: Adapt, Innovate, and Thrive [INKEY2102], Sept. 13, 10:45 a.m. EDT.
• Finance in Healthcare: How Finance and Supply Chain Drive Impact and Financial Sustainability [RBVK2114], Sept. 13, 12:00 p.m. EDT.

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 have been adopted by thousands of organizations around the world and across industries – from medium-sized businesses to more than 50% of the Fortune 500. For more information about Workday, visit workday.com.

© 2022 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 our 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 our 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 our filings with the Securities and Exchange Commission ("SEC"), including our Form 10-Q for the fiscal quarter ended July 31, 2022, and our future reports that we may 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, our 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/workday-launches-new-industry-program-to-accelerate-customer-cloud-transformations-with-expansive-partner-ecosystem-301621651.html

SOURCE Workday Inc.

FAQ

What are Workday's Industry Accelerators?

Workday's Industry Accelerators are initiatives designed to assist companies in banking, healthcare, insurance, and technology with their ERP replacement projects, streamlining digital transformations.

When were the Industry Accelerators announced?

The Industry Accelerators were announced on September 12, 2022, at the Workday Rising conference.

Who are the partners for Workday's Industry Accelerators?

Initial partners include Accenture, Deloitte, KPMG, and PwC, each providing unique industry solutions and expertise.

What is the expected benefit of the Industry Accelerators for companies?

The expected benefits include faster time to value, lower risk in deployment, and enhanced innovation through collaboration with industry-specific partners.

How does Workday support its customers in the financial services sector?

Workday supports over 9,500 companies globally, including surpassing $1 billion in annual recurring revenue from financial services customers, by offering comprehensive cloud solutions.