Workday is one of the leading software-as-a-service (SaaS) cloud computing companies in the world. In this video, three respected industry analysts examine Workday, its products such as HCM and Financials, and competitive position in the market. Learn from three top industry analysts as they examine this important enterprise software company.
Brian Sommer founded Vital Analysis in 2007 based on the success of his TechVentive, Inc. launch several years earlier. Brian closely follows what C-level executives think, feel and need.
Jason Averbook is a leading analyst, thought leader, consultant and keynote speaker in the area of human resources, the future of work and the impact technology has on that future. He is the CEO of LeapGen.
Bill Kutik is one of the top four influencers in the HR technology marketplace. In 2015, he started Firing Line with Bill Kutik®, a new independent broadcast-quality video interview program about HR technology.
Michael Krigsman is an industry analyst and host of CXOTALK.
Everyone in HR, financial management, and IT pros, such as the CIO, should watch this video.
Learn more about Workday at https://www.workday.com
From the transcript:
Ok. So, Workday. Let’s begin with an overview: why is Workday important in the market?
Workday was the first SaaS company that actually designed their solution. Once again, like I said, for the worker not thinking about the HR department and the finance department first.
... What Workday did is Workday actually reimagined those processes, put them online with the worker being the center of it, and then having HR and finance be there to consume that data and to use that data in a way that drives business decisions.
We have to think about the experience; the experience of the worker at the core, and I think that’s just a different design principle that was from day one at Workday.
So, you were talking about placing the customer at the center of the world, and I’m really interested in the corporate cultural dimensions of that. Why didn’t earlier software companies take that step?
Workday truly does have a unique culture, similar to the PeopleSoft culture, which Dave will say, puts employees first. Every other company will talk about how they put customers first. Workday says “Employees first, because if employees are happy, they will make our customers happy.” And the fact is, at the last rising, Aneel Bhusri announced that they got a 98% customer satisfaction rating from some outside agency…
They got a 98% customer sat., and I would challenge any software company in the world to meet that!
Customer satisfaction, or net promoter scores and the ERP space are notoriously terrible. And they’re terrible because either the products were a whole lot more expensive and more difficult to implement than anybody actually believed coming in, or more importantly, the vendors have such a notorious culture going for after their own customers doing what an attorney friend of mine calls “shale fracking,” they try to go in there and break up the wallet of the customer and get every little drop of money they can out of them.
The fact that people get a lot of good, new functionality quite frequently and that the vendor is maintaining that version of the code for them, instead of their IT department, you’ve got customers that are happy because they don't have to wait on their own internal CIO and IT to implement this backed up technical data. So it’s great!
Workday emphasizes its platform. It’s not the only software company to do that, but it really presents the platform in a central way. So, what is the importance of platform analytics?
I’ll weigh in on this. On the platform: theirs is an interesting one, in that it predominantly uses a number of open-source technologies, which gives them an incredible cost advantage over competitors. They can scale and add customer, after customer, after customer and they owe no additional fees to some third-party systems software company. So that’s a good thing. Number two is the platform only really has to support one technology stack and one set of code. … many of their competitors have multiple different product lines that they’re supporting. In some cases, one vendor has promised to support old applications on the old platforms in perpetuity.
That just adds cost to the vendor. Cost, you’ll have to get eventually passed down to the consumer or the customer, or whatever you want to call the vendor. They don’t have that. They’ve got one stack, one set of technologies. And the architecture of this stuff, to run predominantly in memory. So now, they’ve run all these additional extensions so that the product line can support other types of data, not just structured, heavy order kind of database transaction and information.