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PLEASANTON, Calif. and ORLANDO, Fla., Oct. 15, 2019 (GLOBE NEWSWIRE) -- Workday Inc. (NASDAQ: WDAY), a leader in enterprise cloud applications for finance and human resources, today unveiled new advancements across Workday Financial Management and Adaptive Insights Business Planning Cloud to help enterprise customers better navigate the changing world of finance.
At Workday Rising, the company’s annual customer conference, Workday highlighted how organizations will be able to reimagine their businesses with a new application, Workday Accounting Center, and machine learning-powered capabilities such as anomaly detection for accounting entries. Leveraging the Power of One—one source for data, one security model, one user experience, and one community—Workday is uniquely suited to deliver solutions to help enterprise customers streamline financial processes and make faster, data-driven decisions.
With Workday, businesses have a single system to plan, execute, analyze, and extend—powered by machine learning, and backed by an unwavering commitment to customer service. Using advanced analytics to surface trends and insights, and machine learning to automate manual processes and save time, Workday continuously innovates so organizations can increase their business agility.
Innovations to Transform Finance and Planning
Today’s chief financial officers (CFOs) and finance leaders are faced with constant change and new challenges in a rapidly-evolving environment driven by technological advancements, shifting business models, and new competitors. This leads to mounting pressure to innovate faster, provide more accurate forecasts, and deliver insights that will help the business quickly respond and adapt to market changes. With these new responsibilities at hand, CFOs find themselves in the driver's seat of navigating organizational transformation.
With new solutions announced at Workday Rising, customers are able to:
Accounting Processes With External and Internal Data
Workday will help business users better manage the end-to-end process of creating journal entries and reporting on enriched data from sources outside of Workday—all in one centralized solution.
Automate Labor-Intensive Processes With Machine Learning
Workday leverages data science capabilities, which span state-of-the-art neural networks and classic machine learning techniques, to intelligently automate traditionally labor-intensive finance processes. With this approach to machine learning, the system is able to better understand the relationships between financial entities. For example, it can learn about the relationships between cost centers, spend categories, projects, regions, currencies, and more to understand that expenses like taxis, airfare, and hotels are all related. This approach enables various features that help save time and resources, including:
Make Faster, More Informed Decisions
Every user can be empowered to make smarter, data-driven decisions with operational insights the business needs, and capabilities that enable a more seamless transition from planning to execution.
Comment on the News
“As the finance function continues to evolve, CFOs and finance leaders are looking for tools that will help their teams focus on more strategic work and innovate in a way that enhances revenue,” said Barbara Larson, general manager, Workday Financial Management. “Workday is weaving new technologies such as machine learning and advanced analytics into every aspect of our accounting and finance solutions to save time and enable faster, data-driven decisions. By creating more efficiencies across the board, we can help drive agility and immediate business value for our customers’ benefit.”
All products and features are available or planned for availability in the next calendar year.
Workday is a leading provider of enterprise cloud applications for finance and human resources. Founded in 2005, Workday delivers financial management, human capital management, planning, and analytics applications designed for the world’s largest companies, educational institutions, and government agencies. Organizations ranging from medium-sized businesses to Fortune 50 enterprises have selected Workday.
This press release contains forward-looking statements including, among other things, statements regarding the expected performance and benefits of Workday’s offerings. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “seek,” “plan,” “project,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these 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 year ended July 31, 2019 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, Inc. services should make their purchase decisions based upon services, features, and functions that are currently available.
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