Workday’s Fresh Approach to Financial Management

When Workday was founded seven years ago, we completely rethought enterprise software as it was then known. A shift was underway—one where a finance professional’s focus on accounting and transaction processing was evolving to include analytics and business leadership. The office of the CFO needed better information access, ways to make faster decisions, and a deeper understanding of costs, revenue, and profitability across the organization. On-premise software, built decades ago, couldn’t make the transition. So at Workday, we started from scratch. We leveraged the newest technologies and the newest ways of thinking, and set out to deliver a unified financial management and human capital management solution. We share a strong sense of pride at Workday around having achieved that goal.

Inter Company TransfersOn April 19, Workday unveiled 128 new features that were included as part of our current update, Workday 16. For Workday Financial Management, we’ve added complex asset lifecycle events such as inter-company transfers, complete with I/C accounting. We’ve included more features that let our customers prepare for the future, such as adding the ability to acquire and manage rights as assets—from contract to amortization—to support new business models (like streaming media), and the ability to set up their infrastructures to support upcoming changes in lease accounting. And we’ve included features that help our customers to better collaborate with suppliers and manage those relationships, including the ability to track spending against supplier contracts.

Our fresh approach to financial management and our focus on constant innovation (updates three times a year), has attracted customers including AAA Northern California, Nevada and Utah, Guggenheim PartnersSallie Mae, and announced last week, CEC Entertainment (NYSE: CEC). CEC Entertainment, affectionately known as Chuck E. Cheese’s, selected Workday Financial Management, Human Capital Management, and Payroll to manage its workforce of approximately 17,000 employees.

I’ll share with you a quote from Tiffany Kice, executive vice president and chief financial officer at CEC Entertainment, who told us, “By selecting Workday, our company was able to leapfrog yesterday’s on-premise technologies with a system that will support our business now and in the future.”

That is exactly what we’ve been driving toward, and it’s exciting to see our own vision, started seven years ago, become a reality for CFOs at large enterprises.