Workday Tutorial

Workday offers a wide range of products in order to meet the ever-evolving modern requirements of businesses. Following are the key offerings of Workday:

• Workday Human capital management (HCM)
• Workday Financial Management
• Workday Studio
• Workday Enterprise Planning
• Workday Analytics

Workday Human Capital Management (HCM) Suite:

Workday HCM delivers its services from the cloud. It presents the organizations with all the required information to make quick and meaningful business decisions. Workday HCM is a widely deployed global enterprise application that acts as a single stop solution for human resources, recruitment, talent management, benefits, attendance, and payroll.

Following are the key offerings of Workday HCM:

• Human Resource Management
• Recruiting
• Talent Management
• Learning
• Benefits
• Payroll solutions
• Time & Absence

Let’s discuss all the key product areas of HCM:

1) Workday Human Resource Management:

Workday HCM is a Human Capital Management software application that offers you intuitive, self-service capabilities to manage, staff and pay your global workforce. It allows you to align with global as well as local policies for managing the workforce.

Workday HCM offers flexibility and easily aligns with changing business requirements. It also helps you in managing compensation across different teams, and geographies.

2) Workday Recruiting:

Workday Recruiting helps organizations in finding and acquiring the right talent across the globe. It offers the hiring teams greater visibility into the talent acquisition process.

It provides a positive environment where teams can collaborate and accelerate the hiring process.

3) Workday Talent Management:

Effective management of human resources is very critical for the success of the business. Workday Talent management offers you a wide range of tools to manage, reward, and motivate people. Workday Goal management helps employees to clearly see and understand business goals and motivates them in contributing their part towards the success of organizations.

It also offers many other features like Performance Management to gain real-time insights into employee performance, Success Planning for identifying and organizing the best talent across the organization, and career development tools to provide rights insights for the employees to grow in their career.

4) Workday Learning:

Workday Learning is a new approach for the overall development of an employee by delivering on-demand, relevant and personalized resources to the candidates. Workday learning provides a centralized intuitive application for peer learning, professional development and essential training. It streamlines the learning process and engages them with learning curves.

5) Workday Payroll:

Workday Payroll has been designed in a way to address enterprise payroll needs. This flexible application provides the organizations with complete control over the payroll process, data and costs. It acts as a powerful calculation engine and supports more pay runs and pay groups.

Workday payroll offers high-security features which allow outside partners to run and view payroll results. This also allows the users to conduct analysis on payroll data and allows unlimited reports generation on data.

6) Workday Benefits Administration:

Workday Benefits Administration solutions offer organizations with high flexibility to define, manage, and adjust benefits plans based on the unique needs of businesses. The Workday Benefit administration lets you easily manage health, spending accounts, insurance, health savings accounts, flex plans, retirement plans, and more from a centralized system.

7) Time & Absence:

Workday Time tracking works in collaboration with Workday HCM, Project Management, and Payroll to provide a clear view of employee time & absence tracking. It streamlines the process for employees to check-in and out or enter time using a web browser or mobile device.

Workday Time & Absence Management solution allows employees and managers to easily track time off, leave requests, accruals and balances all from a centralized and user-friendly location. Its simplified working style allows organizations in minimizing expenses and maximizing worker productivity.

Workday Financial Management

Workday Financial management delivers its services from the cloud and offers a bundle of features to fulfil the modern financial management requirements of organizations. This modern solution goes beyond financial management and helps organizations achieve improved financial consolidation, greater visibility into insights, achieve internal control, and bringing consistency across global operations.

Workday Financial Management works as a centralized system to support transaction processing, consolidation, multidimensional reporting, meeting global finance requirements from desktop or user-friendly mobile devices.

Let’s discuss all the key product areas of Workday Finance:

1) Workday Accounting and Finance:

The Workday Accounting & Finance solution lets you eliminate the work associated with traditional ways of bookkeeping and presents you with advanced automatic solutions to manage the financial transactions of your organizations. It offers multi-element, multi-currency, and multibook capabilities to help effectively managing global finance transactions

2) Workday Revenue Management:

Workday Revenue Management offers complete visibility of your customers and allows you to manage the entire revenue lifecycle. It allows the business to easily integrate with any CRM systems and configure billing schedules, contract management, revenue recognition and much more to drive business in a profitable way by meeting customer standards.

3) Management Reporting:

Workday Finance Reporting brings all your financial data into a single secured place. It presents businesses with accurate reports on everything from internal reports to external regulatory statements using this centralized solution. Workday management reporting lets you analyze and bring out financial insights in minutes.

4) Procurement:

Workday Procurement acts as a one-stop solution to manage spendings on goods and services. It provides a centralized system using which organizations can easily manage all the tasks ranging from sourcing goods to process payment.

5) Inventory:

Workday Inventory management streamlines the process to manage the end to the end life cycle of inventory management of organizations. This solution makes it easier to stock, track and maintain required goods. It gives complete visibility of the supply chain.

6) Projects Management:

The Workday Project Management solution seamlessly integrates HCM, Financials, time tracking and many other solutions into a unified system. It allows the teams to quickly have access to areas like essential project details, budgeting, stock in demand, utilization, cost reports, etc. It also streamlines and automates the process of the contract-to-cash cycle.

7) Grant Management:

Managing grants of an organization are one of the complex tasks. But the Workday Grant tracking solution makes it far simpler for organizations. It helps organizations to meet organizational and grantor requirements for accounting, budgeting, restoring, billing and compliance.

Workday Studio

Workday is an advanced Eclipse-based integration tool that enables customers to build customized integration to and from the Workday platform. It allows its users and third-party customers to handle, manage, and troubleshoot complex integrations running on a Workday cloud platform. Workday studio performs advanced functionalities than a simple EIB.

Workday Enterprise Planning

Workday Enterprise Planning equips the organizations with the power to plan every scenario and ready to align with changes. Using Workday Adaptive Planning helps organizations in collaborating teams across various functionalities, geographies and industries. Workday Enterprise Planning comes with a powerful engine that is intelligent, flexible, and easily scalable.

Workday Analytics

Workday Analytics allows the business to gain a complete view of the workforce, financial health, identify opportunities and risks, discover trends, and dig deeper into contributing factors. It consolidates the business information and provides you with the right insights to make more informed decisions.