Updated Workday Accounting Center will add new levels of visibility and control.
The company also unveiled additional functionality across its finance offerings. Workday says these innovations transform the way customers engage with data, bringing new levels of visibility and control to the office of the Chief Financial Officer (CFO).
Creating agility through intelligence
Workday Accounting Center represents a fundamental change in the way finance manages operational data, according to the company. This new type pf ERP system aims to keep up with the ever-increasing volume of operational data and turning it into accounting and insight faster and more efficiently.
Workday Accounting Center enables customers to ingest operational data, enrich it with meaningful attributes, and transform it into accounting. This allows customers to manage operational and financial data from multiple sources with a single point of control across the enterprise.
Data lineage delivers a cost savings estimated to be upwards of 50 percent to maintain accounting rules. Combining Workday Prism Analytics and Workday Financial Management creates an intelligent data foundation that also fuels ML-enabled transactions and processes.
ML and predictive analytics help companies navigate the pandemic
Planning has become even more critical for organizations managing through the pandemic, with forecasting activity increasing up to 30X from pre-pandemic operations.
Using time series prediction, Workday applies the power of ML to enable predictive analytics with Workday Adaptive Planning. The ML algorithms use historical and current data to predict likely outcomes for revenue, expenses, and other critical business variables creating a predictive forecast.
Predictive forecasts stem from thousands or even hundreds of thousands of data points aggregated from across the enterprise. That includes sales, HR, marketing, and manufacturing data, for example.
With predictive forecasting embedded in the analytics engine of Workday Adaptive Planning, it will continue to learn over time. The insights gained then become greater as more data is added.
The predictive forecasting capability is available now to all Workday Adaptive Planning customers.
Workday’s new product suite is now commercially available, with early adopters such as CNA and Shelter Insurance currently in production.