May 31, 2018: Please see this year’s Gartner Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large, and Global Enterprises.
We are thrilled to share another milestone at Workday: We have been named a leader in Gartner’s first-ever Gartner Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises.
Workday has been recognized as a leader in the Magic Quadrant based on our ability to execute and completeness of vision.
This recognition as a market leader means a great deal—we believe it validates the commitment we’ve made to deliver a true cloud system for financial management, and it affirms we are doing what matters most—creating value for our customers.
We believe it also supports what we’ve known since delivering Workday Financial Management—that the CFO role has been evolving, and the pressure on finance teams to provide analytical insights and decision support requires a different way of thinking and doing things. We knew organizations would need new technology systems to support these evolving business demands. It’s now imperative to have a technology foundation that can support the pace of change and help organizations grow.
We strongly encourage finance organizations to understand the differences in the technology foundations of finance systems.
Legacy systems were built decades ago and not designed for a continuously changing business environment. Organizations today have to be able to adapt quickly, whether it’s complying with the latest accounting standards or executing on growth initiatives such as global market expansions. With legacy systems, keeping pace can be both time-consuming and costly.
Looking forward, it’s going to be more important than ever that finance teams have the right system, and perform due diligence to understand what capabilities they will need. With all the noise in the market about finance and the cloud, it may seem that all approaches are essentially the same. We strongly encourage finance organizations to understand the differences in the technology foundations of finance systems, and what benefits they are able to deliver.
Starting from scratch, we committed to rethinking financial management software and built an enterprise cloud-first system that supports the way finance organizations aspire to work—with deeper insights, greater flexibility and speed, and strong controls and security to help reduce risks. We leveraged the latest technologies and the newest ways of thinking to create a technology foundation that enables capabilities and benefits other systems can’t—real-time financial consolidation, the ability to plan and transact in a single system, multi-dimensional real-time insights into the business, an always-on audit trail—and one that adapts as business needs evolve.
Customer Feedback on Workday Financial Management
Our customers are seeing an impact to their organizations, especially in supporting growth and change. Christopher Klimek, vice president of global finance and HR technology at Aon plc, said, “We’ve always been acquisitive, and Workday supports our M&A strategy. Now we can be predictable in how we execute M&A and divestitures, and nimbler in the closing days of these deals. Workday allows us to move forward and deal with last-minute changes without having to raise any red flags.”
Mike Hite, director of finance technology at WeWork, also shared how Workday has helped their business. “It would previously take WeWork three months to go through a full data cycle. Now we have the ability to go through the full cycle of accounting close in a normal period of time, iterate on that data, and leverage data to make clear business decisions in real time.”
We believe Gartner’s recognition further validates that finance in the cloud is where the market is headed, and it’s been exciting to see this reflected in our customer momentum. In the last three years, we have tripled our financial management customer community with organizations from midsized companies to large, global enterprises such as Aon, Nasdaq, Netflix, and Cushman & Wakefield having selected Workday Financial Management.
This wouldn’t be possible without our commitment to customer satisfaction—it’s in our DNA and drives us as a company and the vision we have for our solutions. This is something I am very passionate about, as is every person here at Workday. We’ve maintained a 95 percent or greater customer satisfaction rating every year since we began measuring it in 2007, and last year achieved a 97 percent rating.
Workday also continues to invest in extending the benefits of its finance system with the addition of new products including Workday Planning, the first planning, budgeting, and forecasting application that allows customers to continuously and collaboratively plan within their core accounting system of record. In addition, Workday recently unveiled Workday Financial Performance Management, which provides the flexibility to consolidate, close, report, and plan without having to replace a company’s general ledger.
For our customers, we will continue to invest in our products and innovate to help keep you always moving forward and achieving success. We will also continue to demonstrate the core values that have shaped our company and products, and have been the cornerstone for our customer relationships and shared successes.
This is an exciting time for finance, and we look forward to helping to create new opportunities and successes for our customers on the road ahead.