Workday expands planning and artificial intelligence capabilities
The provider of a cloud-based application platform for human capital management, finance management, analytics and planning outlined its plans how to integrate its latest acquisition, Adaptive Insights. The technology of this specialist for cloud-based planning applications will become the new planning solution inside Workday. Also, Workday is working on the augmentation of its applications with artificial intelligence e.g. in finance.
Adaptive Insights was acquired because it can help Workday build new planning applications faster. Workday says that, in terms of functional depth, Adaptive Insights is two years ahead.
The acquired company offers planning for areas such as finance, workforce, sales and operations. Also, it provides tools to develop models for any other business area. These features will be embedded into Workday's application platform and with this it will replace the current planning solution.
The vendor is continuing to augment its applications with artificial intelligence. One example is its finance solution. Soon, this application will get features for transaction matching, account reconciliation and anomaly detection.
The augmentation of business applications with AI is a trend PAC has analyzed as part of a comprehensive trend story. Workday develops its own AI technology and it is leveraging partner tools such as IBM Watson.
Another area of development is data management. Prism Analytics, an analytics cloud platform Workday acquired a few years ago, was integrated into the Workday platform. It can be used to integrate any kind of external data and make it accessible to Workday users. Prism, as the vendor says, acts as a data hub. With this data hub idea Workday follows the same path as other vendors, such as SAP, who have introduced products offering similar things.
Workday Cloud Platform
The hottest topic for Workday in our view is Workday Cloud Platform. About 30 companies, such as IBM and Netflix, use Workday Cloud Platform to add features to their Workday applications. For this, they don't need additional tools, nor do they need to import or export data. Next year, Workday is going to make this platform available to all its customers.
In the future, this platform will enable customers and partners to write complete applications on this platform that leverage the capabilities of the Workday application framework. This would put Workday in a position where Salesforce is today. The latter has created vibrant business around its platform that supports the development of cloud-based applications.