Finance and human resources cloud applications provider Workday today announced the general availability of Workday Data-as-a-Service (DaaS), a cloud service that provides data to customers to enable more informed decision-making.
The first service delivered on the DaaS offering, Workday Benchmarking, provides key metrics to customers seeking a better understanding of their company’s relative performance in comparison to peers to help achieve optimal performance in their respective markets.
With Workday Benchmarking, customers worldwide can leverage the collective power of Workday’s extensive community – including over 26 million workers across more than 1,800 global organisations.
Workday Benchmarking is seamlessly unified with all of Workday’s products, including Workday Financial Management, Workday Human Capital Management (HCM), Workday Planning, and Workday Prism Analytics, empowering customers with the only cloud system to plan, execute, and analyse their business through one secure environment.
“Data is the new currency, and Workday Benchmarking demonstrates how we continually deliver the analytical capabilities that enable our customers worldwide to unlock even more insights from their data and the broader Workday community,” said Joe Korngiebel, Workday chief technology officer.
“With Workday Benchmarking, they can tap into up-to-date, reliable data that gives an industry-wide view of how their individual business is performing compared to others, better equipping them to prioritise business initiatives, pick up new best practices, and strategically allocate resources in an instant.”
Up-to-date benchmarks, analytics, and insights to improve performance
Traditional benchmarking services and reports typically provide outdated data delivered out of context in silos.
These services are not only costly but difficult to manage due to their lack of flexibility around rules and calculations.
Workday Benchmarking addresses these challenges by enabling customers to better understand their individual organisation’s relative performance using current, reliable data.
Once customers elect to participate in the Workday Benchmarking service and select what data to contribute, their data is de-identified and added to a secure, aggregated dataset.
In return, they get access to benchmarks representative of Workday’s participating customer community and can see how they compare against peers with similar demographics such as industry or company size. Benchmarks are surfaced right in the Workday applications and dashboards that business leaders access most, so they are empowered to make informed decisions on what actions to take to improve their company’s competitive position—all without ever having to leave Workday.
With Workday Benchmarking, customers have ready access to a growing catalogue of benchmarks, including:
Like the entire Workday suite of applications, Workday Benchmarking leverages the power of one - one version of software, a single source of truth, one customer community, and a single security model and user experience – enabling customers to benefit from:
Workday Benchmarking is now generally available to all customers, at no additional cost to their core subscription.