It was recently announced that Workday has taken the top spot on Fortune Future 50 List. At a time where the software market is booming, I have had a look into how a company – that yet is not profitable (GAAP profitability) – has made this impressive achievement. Here are the top three reasons why:
1. Workday is quickly expanding
Whilst Workday has been heavily criticised for not expanding as quickly as competitors or other software vendors in the market, company CEO and co-founder Aneel Bhusri seems content with the rather steady growth that has been seen during the last few years. As well as increasing its’ physical global presence, Workday shares are up 25% over the past 12 months.
2. Workday is investing heavily in its’ technology
Built completely from scratch, Workday was created for the cloud and so it comes with the same benefits as other cloud-based products – easily accessible and with limitless capabilities. Alongside this, Workday is investing heavily in Research & Development – as a matter of fact, 31% of its’ annual revenue. Workday has recently invested in Artificial Intelligence, which shows that they are committed to harnessing emerging tech to enhance their capabilities in large, business markets. What’s interesting is that Workday puts in less towards sales and marketing, compared to their competitors.
3. Workday has a forward-thinking culture
Rewarded with 7th place in ‘FORTUNE 100 Best Companies to Work’ for in 2018, it is clear that not only does Workday take pride in pleasing their customers, but is also seeing the perks in investing in their own people. The company culture is fun and rewarding, directing its’ happy employees towards building an even bigger company.
As a SaaS company we can see that Workday is making waves in the industry and it’ll be interesting to see how they continue to evolve and extend their business. An impressive 35% of Fortune 500 companies are already using Workday – which is impressive, considering their rather short life of 13 years.
After seeing a massive trend in CRM followed by HCM, I’m excited to see more of Workday’s financial offerings. Perhaps this will bring Workday to join the Fortune 500 itself?