Workday brings data insights to finance and HR

Benchmarking tool can measure diversity and employee turnover

Workday aims to offer finance and HR departments the ability to discover insights from the data they hold with its Data-as-a-Service (DaaS) platform, which went live yesterday.

The first application delivered on the platform is the company's Workday Benchmarking offering, which attempts to help businesses use finance and HR data to gain a better understanding of their business.

Workday Benchmarking allows a business to assess information such as an employee's age, ethnicity, gender and more and compare it against similar companies to see how they're performing in the diversity goals, for instance. They can also determine whether their employee turnover is higher than other organisations by analysing data related to talent and retention and work out which managers may need extra support from the HR department based upon performance.

The HCM specialist plans to develop more benchmarks as the product grows, leveraging the power of data to help companies benchmark their performance and make adjustments accordingly.

From a finance point of view, future releases of the software will be able to assess core revenue growth and returns to benchmark financial data against workforce metrics, working out the average revenue-per-employee to benchmark against competitors.

“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, chief technology officer at Workday.

“With Workday Benchmarking, our customers 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.”

Workday Benchmarking integrates with the company's full suite of services, including Workday Financial Management, Workday Human Capital Management (HCM), Workday Planning, and Workday Prism Analytics.

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