Workday, Inc. WDAY unveiled the next-generation Elastic Hypercube Technology (EHT) to augment the capabilities of its Workday Adaptive Planning software. The software solution embeds AI and ML at its core, offering a range of features to support enterprises in financial planning, workforce and operational planning.
The business landscape is becoming increasingly competitive, characterized by volatile market trends and the emergence of complex business models. With the accelerated pace of digital transformation, companies have to deal with a vast pool of data. Emerging technologies like AI and ML are also increasing the complexity.
Today, organizations are accountable to many stakeholders, including investors, consumers, workers and the community. Decision makers have to assess the potential impact and risks of these new technologies and consider all the diverse sets of variables while chalking out strategic planning for their businesses. Around 6,000 organizations currently rely on Workday Adaptive Planning to optimize their decision-making process.
The next generation EHT in Workday Adaptive Planning intends to streamline these complex multidimensional planning procedures. Its advanced AI enhances the efficiency of complex model calculations and ensures dynamic, automatic scaling.
The upgraded EHT provides several notable features. It enables accelerated data integration that will expedite the import and export of large amounts of financial and non-financial data for complete and accurate models. It will also optimize speed and performance.
Integrated AI will analyze past behaviors to compute calculations and detect the empty cells in the model where analysis is unnecessary. The innovative solution enhances capacity to accommodate the growing number of users engaged in enterprises' financial, human resource and other decision-making processes. Along with greater scalability, it also nullifies performance degradation while working with various reports and dashboards in very large multidimensional views.
Mondelez, a leading global snacks company, has an extensive global presence in 82 countries with over 90,000 employees. Integrating Workday Adaptive Planning has significantly enhanced its workforce planning capabilities. The advanced features have improved visibility into their workforce, simplified the monthly plan-to-actuals variance analysis and accelerated decision-making. One of the leading airplane designers and manufacturers, Boeing, also leveraged Workday solutions to standardize processes, enhance visibility, drive cost savings and improve operational efficiency.
Workday’s diversified product portfolio continues to yield a steady flow of customers. Its revenue growth continues to be driven by high demand for its HCM (Human Capital Management) and financial management solutions. The company’s cloud-based business model and expanding product portfolio have been the primary growth drivers. Moreover, the growing clout of Workday Prism Analytics and Adaptive Insights business planning cloud offerings holds promise.
The stock has gained 59.5% in the past year compared with the industry’s growth of 26.8%.
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Workday currently carries a Zacks Rank #2 (Buy).
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