Despite the fact that Workday faced some struggles towards the end of the year as compared to most other SaaS vendors, they have since reported yet another impressive financial year – with more than 30% growth. From this, it’s clear that the company sees no limits and are not planning on slowing down its’ rapid expansion!
Clearly, in the competitive HCM market, Workday seems to have found the secret recipe to success – as the greenfield opportunities in this market are limited, the company has become a champion when it comes to launching new products at just the right time.
One good example is Workday’s investment into their financial products. It is no secret that the company, until recently, avoided association with the term “ERP” (Enterprise Resource Planning). But, along with the recent acquisition of Adaptive Insights, Workday has admitted to having made a strategic transition from HR and Business Finance software, into a full ERP platform. This makes them a threat to rooted ERP vendors.
At this year’s annual Workday event, Workday Rising, CEO Aneel Bhusri explains how:
”It will play a critical role,” he says. “If I had to do it all over again, frankly, Workday would have gone into planning before it went into the core financial ERP applications, because the CFO’s office today is going through the transition from on-premise to cloud for planning first in many cases and the transactional piece second.”
”What it allows us to do is if a company is not ready to move to the ERP in the cloud, but they’ve moved HR, they’ve moved planning, we’re very well positioned to be that ERP solution when they decide to move, so planning is absolutely critical.’’
It is exciting to see Workday rocking the ERP boat, as this will lead the way for new inventions and opportunities in the field. I’m looking forward to seeing what 2019 has in store for Workday, and what their next strategic move will be.