The Total Guide to Workday ERP
In this guide, we’ll cover everything you need to know about Workday ERP integration including market-fit, pricing, features, and comparisons.
We’ve also paired this article with a free e-Book to help companies bridge the gap between their ERP and AP processes. Download “The Last Mile of ERP – Payables Transformation Strategies.”
What is Workday ERP?
Workday ERP is a true cloud, unified SaaS software system for finance, human capital management (HCM), planning, professional services automation, project management, analytics, and business intelligence. ERP is enterprise resource management, used for business processes and data transformation enterprise-wide. Most Workday customers are mid-size and large companies and organizations.
Workday ERP system products include:
- Enterprise planning
- Financial management
- Spend management
- Analytics and reporting
- Human capital management (HCM)
- Talent management
- Payroll and workforce management
- Professional services automation (PSA)
- Student, and
- Platform and Product Extensions (PPE).
Workday Enterprise Planning includes financial, workforce, sales planning, and real-time analytics for the entire business enterprise. Workday Financial Management provides accounting and reporting. Workday HCM has human resource management and employee experience. Workday PSA includes project management, expenses, and time tracking, and project billing.
Workday Student is student recruiting, admissions, financial aid, and administration of higher education institutions that include for-profit enterprises.
Workday Platform and Product Extensions is for app software development and integrations.
Workday launched its first product in 2006, beginning with the HR system named Workday Human Capital Management, before adding its ERP software. Earlier, in 2004, Oracle acquired the ERP software company, PeopleSoft, founded by Workday Chairman, Dave Duffield. Workday co-founder/co-CEO Aneel Bhusri was VP Strategy at PeopleSoft.
Which Types of Businesses Use Workday ERP?
Businesses in these industries use Workday ERP:
- Healthcare and Life Sciences
- Higher education
- K-12 education
- Financial services
- Professional and business services
- Energy and resources, and
- Media and entertainment.
Non-profit and government organizations also use Workday software.
Medium and large global businesses use Workday software. Workday customers include major companies, including Adobe, Microsoft (Workday Adaptive Planning), Anheuser-Busch InBev, Flex, Abbott, Bank of America, Target, Airbnb, and Netflix.
In 2018, Workday acquired the company, Adaptive Insights, with its top-rated software product for planning and budgeting, liked by FP&A management and CFOs.
Workday Adaptive Planning is now a cloud-based Workday software product used by small businesses, mid-sized companies, and large enterprise companies for financial planning, workforce planning, and sales planning. Workday Adaptive Planning is more secure than using spreadsheets like Excel. Workday Adaptive Planning includes real-time dashboards for business performance management.
Through a 2020 Workday and Microsoft strategic partnership, Workday Adaptive Planning also runs on Microsoft Azure cloud, and Microsoft Teams integrates with Workday Financial Management and Workday HCM.
How Much Does Workday Cost?
Workday ERP pricing includes the per-user SaaS subscription cost for the selected Workday ERP and other software products, including Workday and third-party add-ons, preconfigured packages for launch, Workday training courses, and Workday partners consulting services costs. Costs also include any extra internal IT and other staffing required during implementation.
How Does AP Automation Software Integration Work With Workday?
Workday ERP integration with AP automation software is either a flat file or API connection. Tipalti uses flat-file integration with Workday software to automate the entire payables cycle and make global mass payments, starting with self-service supplier onboarding to reduce business workloads and fraud risks. Use the SaaS Tipalti add-on through the Workday login.
What Are The Primary Features and Advantages of Workday ERP?
- Modern true cloud software
- Strong planning and budgeting software
- Comprehensive human capital management (HCM) software products
- Seamless integration with third-party software
These Workday features highlight the strengths and benefits of Workday software.
Workday is true cloud software with a modern user interface and features that you can access 24/7 anywhere, including from your home, using computers and mobile apps.
Enterprise planning includes Workday Adaptive Planning software (from the Adaptive Insights acquisition), one of the most robust planning and budgeting products available today. It has informative real-time dashboards for tracking and managing performance.
The recent adoption of Workday Adaptive Planning software by Microsoft for its planning teams should be considered a strong endorsement of the Workday product.
Workday Human Capital Management (HCM) software is one of the most comprehensive human resource information system (HRIS) products. Machine learning driven skills assessment evaluates skills needed in the future for new talent and by existing employees and suggests new knowledge to pursue. Augmented people analytics provides insights for business intelligence and decision-making. Workday HCM automates tasks, starting with recruiting.
Workday has a strategic partnership with Salesforce to integrate its customer relationship management (CRM) software with Workday, using an add-on from the Salesforce AppExchange. Workday doesn’t have a CRM.
The strategic partnership with Microsoft combines the functionality of Microsoft Azure cloud and Microsoft Teams with Workday Adaptive Planning, Workday Financial Management, and Workday Human Capital Management to improve system capabilities, communication, and collaboration.
How to Implement & Use Workday
Workday provides a guide for software deployment (implementation), which recommends using a technology partner and Workday services deployment partner and requiring Delivery Assurance as a roadmap. Workday offers pre-configured packages for launch, with continuing Workday ERP training from Workday or a services partner and access to a peer Workday user group.
Which ERP Systems are Comparable to Workday?
|Both Oracle ERP and Workday are true cloud ERP systems for medium and large enterprises that offer comprehensive software solutions, including strong HCM solutions named Workday Human Capital Management and Oracle Fusion Cloud Human Capital Management.|
|When comparing SAP vs Workday ERP for enterprise software, the ERP vendors compete for large enterprise customers. SAP offers both cloud ERP and on-premises software. Top-tier software vendor, SAP, offers other ERP software products for small businesses and mid-sized companies.|
|Like Workday, Infor is a cloud ERP system with many business applications for medium and large companies in various industries. Infor also offers on-premises ERP.|