The publisher took advantage of its Workday Rising conference to unveil how organizations can reinvent themselves with its new application, Workday Accounting Center, and new features based on machine learning such as the detection of anomalies in accounting entries. With the power of its "Power of One" approach - a single data source, a single security model, a single user experience, and a single community - Workday is ideally positioned to provide solutions that enable organizations to streamline their business's financial processes and make faster decisions from their data.
With Workday, organizations benefit from a unique system that addresses their planning, execution, analysis and development needs through machine learning and a strong commitment to customer service. By using advanced analytics to bring up trends and information, as well as machine learning to automate manual processes and save time, the publisher is constantly innovating in favor of greater business agility.
Transforming financial management and planning through innovation
CFOs and CFOs are facing constant change and new challenges in a rapidly changing environment driven by advances in technology, the transformation of business models, and the emergence of new competitors. This environment requires them to innovate faster, to make more accurate forecasts, and to provide information that enables the company to react and adapt to changes. These new responsibilities position the DAFs at the forefront of the transformation of their organization.
With the new solutions announced at Workday Rising, companies can now:
Streamline their accounting processes with external and internal data
Workday gives business users the ability to better manage the entire process of creating book and report writes from data enriched with external sources, all thanks to a centralized solution.
Automate time-consuming processes with machine learning
Workday leverages "data science" capabilities to intelligently automate traditionally heavy-handed processes. With this approach, the system is able to better understand the relationships between financial entities. For example, it can identify links between cost centers, expense categories, projects, regions and currencies to link different business expenses (taxis, airline tickets and hotels). This approach offers different features to save time and resources:
Make faster, more informed decisions
Every user can make smarter decisions based on fundamental business analytics, and features that help advance planning at runtime.
Faced with the constant evolution of the finance function, CFOs and other financial managers are looking for tools that will enable their teams to focus on more strategic missions and innovate to increase their company's revenues. Workday integrates new machine learning and advanced analytics technologies at all levels of its solutions to save time and accelerate decision-making with data. By increasing their performance, we help our customers become more agile and immediately create value.Barbara Larson, General Manager, Workday Financial Management