Workday Sees Surge in Company-wide Planning and Forecasting Drive Continued Momentum for its Planning Solution

Rhea-AI Summary

Workday (NASDAQ: WDAY) announces strong demand for its Workday Adaptive Planning solution, as organizations across various sectors like healthcare and finance enhance their planning capabilities. As of March 31, 2022, large enterprise customers are generating over 40% more planning scenarios compared to pre-pandemic levels. The platform aids in breaking down data silos, applies machine learning for enhanced decision-making, and allows for industry-specific solutions. Notable clients include Dayton Children's and TMX Group Limited, reflecting increasing reliance on cloud-based planning.

Positive

• Over 5,900 existing customers showing strong adoption of Workday Adaptive Planning.
• Customers creating over 40% more planning scenarios than pre-pandemic.
• 45% growth in customers utilizing workforce planning features since 2021.
• Enhanced decision-making through embedded machine learning capabilities.

Negative

• None.

Dayton Children's, Innisfree Hotels, Innovate UK, Iowa State University, Sonic Healthcare, and TMX Group Limited Select Workday Adaptive Planning

PLEASANTON, Calif., July 13, 2022 /PRNewswire/ -- Workday (NASDAQ:WDAY), a leader in enterprise cloud applications for finance and human resources, today announced continued momentum for its Workday Adaptive Planning solution, as companies in healthcare, finance, education, government, and hospitality continue to anticipate and plan for today's changing business landscape. Companies including Dayton Children's, Innisfree Hotels, Innovate UK, Iowa State University, Sonic Healthcare, and TMX Group Limited selected Workday Adaptive Planning to help achieve greater business agility with financial, workforce, sales, and operational planning in the cloud, alongside more than 5,900 existing customers.

Company-wide planning and forecasting has taken on a greater role in organizations over the past two years, as companies adapted to changes brought on by the pandemic. As of March 31, 2022, Workday Adaptive Planning large enterprise customers are, on average, creating more than 40% more planning scenarios compared to pre-pandemic levels, underscoring the increasing value of continuous planning to anticipate challenges and adapt to change in a constantly evolving business environment.

Flexible Planning for a Dynamic Business Environment

Workday Adaptive Planning provides a scalable platform that supports highly flexible modeling without compromising ease of use. As a result, the planning process becomes more collaborative across the organization, helping improve operational efficiency and decision making across an organization. Specifically, Workday is helping customers to:

• Break down data silos to accelerate planning company-wide. Organizations are embracing integrated, company-wide planning that extends across departments and functions by unifying and aligning people, processes, and data with Workday Adaptive Planning. For example, finance teams, in close partnership with HR, are taking a leadership role in planning workforce needs as the labor market continues to transform. In fact, the number of Workday Adaptive Planning customers with workforce planning has grown by 45% since 2021.
• Gain richer insights by applying machine learning (ML) to help achieve continuous planning with speed and accuracy. Workday embeds ML capabilities directly into the Workday Adaptive Planning platform, helping customers analyze complex data, detect patterns, and predict future outcomes, resulting in better decision making. With intelligent demand forecasting, finance teams can enhance their demand forecast by using ML algorithms to incorporate relevant external data sources - such as interest rates, labor statistics, and weather data - to see a more accurate projection of their future.
• Adapt quickly with industry-specific solutions from Workday partners. Workday partners are leveraging the flexibility of the Workday Adaptive Planning platform and applying their domain expertise to create innovative and industry-specific solutions to solve distinct problems. A few examples include Accelerate2Zero by Deloitte, which enables dynamic emissions budget management, and Demand Planning for Healthcare by Huron, which helps providers determine resource and staff requirements based on the projected demand of procedures. These solutions are available in the Workday Adaptive Planning Marketplace.

Comments on the News

"With Workday Adaptive Planning, our team can consolidate and evaluate the impact of any change in real-time so we can empower budget owners with deeper insights into the performance of our hundreds of cost centers and help drive enterprise-wide financial planning and forecasting to adapt to the changing nature of our business," said Frank DiLiso, vice president, corporate finance and administration, TMX Group Limited.

"Workday Adaptive Planning has enabled Dayton Children's to continue to be forward-thinking, creating an avenue for supply-demand planning to ensure our patients have what they need, when they need it, amidst a continuous global supply chain crisis," said David Farrall, corporate director of sourcing and supply chain, Dayton Children's. "With Workday Adaptive Planning, we have improved visibility into our overall demand for supplies. This means we can better forecast, order ahead, reduce potential stock overages, and identify opportunities for cost savings and avoidance – all while planning for a constantly changing business environment."

"Continuous planning is essential in today's business landscape where teams are expected to develop plans and anticipate challenges based on multiple scenarios," said Doug Henschen, vice president and principal analyst, Constellation Research, Inc. "As cloud-based planning platforms replace legacy systems and help curtail the use of spreadsheets, organizations are able to break down data silos and embrace cross-functional planning to drive strategic decision making. Businesses without a sophisticated and flexible planning platform are at risk of falling behind."

"Over the past two years, planning has played an even more critical role in helping companies from a variety of industries keep up with the accelerated pace of business and prepare for this ever-changing environment," said Michael Magaro, senior vice president, business finance and investor relations, Workday. "With Workday Adaptive Planning, organizations in healthcare, finance and beyond can keep an eye on the road ahead and plan for, predict, and model what's next to remain flexible and gain competitive advantage."

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.

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 April 30, 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.

 

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SOURCE Workday Inc.

FAQ

What companies selected Workday Adaptive Planning in July 2022?

Companies like Dayton Children's, Innisfree Hotels, Innovate UK, Iowa State University, Sonic Healthcare, and TMX Group Limited chose Workday Adaptive Planning.

How has the demand for Workday Adaptive Planning changed since the pandemic?

As of March 31, 2022, large enterprise customers are creating over 40% more planning scenarios than before the pandemic.

What is the significance of machine learning in Workday Adaptive Planning?

Machine learning is embedded into the platform to enhance decision-making and predictive capabilities for better planning outcomes.

How much has the number of customers utilizing workforce planning grown?

The number of customers using workforce planning features has increased by 45% since 2021.

What sectors are benefiting from Workday Adaptive Planning?

Sectors such as healthcare, finance, education, government, and hospitality are realizing benefits from Workday Adaptive Planning.