Workday Debuts Predictive Analytics Apps for HR, Finance
Cloud-based HR and financial ERP applications vendor Workday is introducing a new set of predictive analytics tools for human resource and finance departments. The company announced Tuesday that its new suite of products, dubbed Workday Insight Applications, will harness the power of advanced data science and machine learning algorithms to allow clients to make smarter financial and workforce decisions. The new products are expected to launch in 2015.
Workday said the analytics apps included in the new package will address specific business scenarios by providing insights, surfacing predictions, and making recommendations on courses of action. The suite will also feature a mobile interface that will be integrated in the broader Workday system.
Predicting the Future
"Our customers want an experience similar to consumer applications that understand user activity over time to deliver more relevant, personalized recommendations on what book to buy, what movie to watch, or what route to take," said Aneel Bhusri, Workday’s co-founder and CEO in a press release announcing the new suite. "We're placing that level of simplicity, accuracy, and value in the hands of our customers."
The goal of the new products is to allow business users to predict future events by using analytics and data visualizations that are more advanced than previous tools, according to the company. Insight Applications will also make recommendations based on its analysis to help decision makers capitalize on opportunities.
The suite will take the historical data in Workday, combine it with pre-configured sources of non-Workday data, and apply data science and machine learning algorithms to produce predictive insights and recommendations for specific business scenarios.
The platform will also be unified with Workday Financial Management and Workday Human Capital Management, avoiding the need for separate data warehousing, data cleansing, or business intelligence tools. Users will have the option to receive notifications and take action on new recommendations in real-time, on any device.
Insight Applications will also learn from new actions and data, providing more relevant and accurate predictions over time, Workday said. The suite uses the SYMAN intelligent information system to analyze data across multiple sources and data structures.
Through SYMAN, Insight Applications will offer pre-configured job classifications for more than 20 industries including consumer packaged goods, education, financial services, government, healthcare and software and Internet services. Additionally, SYMAN understands and processes new descriptions introduced over time, automatically mapping them back to the original registered definition without any additional work from the customer.
Orlando, Unilever Already Onboard
In Orlando, Florida -- best known as home to Disney World and a host of other theme parks -- city officials have already started using Workday’s tools to manage costs and resources. Workday reports that the implementation of its unified suite has helped the city save time and money on a number of administrative tasks including spend management, absence management, payroll processing, and reporting.
"The City of Orlando is an excellent example of how cities and other government entities can benefit from unifying finance and HR in the cloud," Randy Hendricks, president, Education and Government, Workday, said in a news release. "With Workday, the City of Orlando has reduced the complexity and cost of running finance and HR on their legacy systems, while increasing the insights employees need to better serve residents and visitors."
In the private sector, Workday’s applications have been implemented by Unilever, the global consumer products company behind Lipton tea, Dove beauty products, and some 400 different brands. Workday reports that Unilever chose its cloud platform for HR operations to help streamline its business processes around the world, and to provide access to real-time analytics for better business intelligence.
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