Workday unveiled a range of innovative generative AI features to enhance productivity, talent management, operational efficiency, and decision-making. These new capabilities, showcased at the annual Workday Rising customer conference, extend across the Workday platform, benefiting various users within organizations, including finance and HR teams, managers, and individual users. Additionally, Workday previewed AI enhancements in Workday Adaptive Planning and introduced innovations to streamline planning processes across finance and HR.
Transforming work as we know it
Workday is harnessing the power of generative AI to transform various aspects of business operations, by combining a robust platform strategy, and an extensive dataset. AI and ML are deeply integrated into the core of the Workday platform, allowing rapid delivery of cutting-edge solutions across all business applications.
"At Workday, we build solutions for business challenges where we can deliver clear and transformative benefits. We build enterprise-grade capabilities that are trustworthy, transparent, safe, and that keep the user in the driver's seat at all times. Workday, our customers, and their employees are writing the playbook for how the future works together," said Sayan Chakraborty, co-president, Workday.
Some key benefits of Workday's generative AI allow users to create job descriptions in minutes, freeing up time for finding quality candidates. Contract analysis AI helps detect discrepancies and propose contract corrections, improving revenue recognition accuracy.
In addition, content creators can easily draft personalized knowledge management articles, while finance teams can automate past-due notices and collections, recapturing missing funds faster. Workday Extend helps users build custom apps with Developer Copilot's text-to-code generation capabilities. Managers can create employee growth plans using Workday's rich database. AI helps streamline statement of work creation for efficient service procurement, enabling organizations to execute their business strategy more flawlessly.
Workday is also exploring the potential of conversational AI and generative AI to enhance the user experience, focusing on natural interaction, summarization, search, and context maintenance.
These generative AI capabilities will gradually roll out to customers within the next 6 to 12 months, building upon Workday's existing suite of over 40 AI and ML features. The aim is to optimize human-machine collaboration, helping users personalize and validate AI-generated content.
Streamlined workflows for planning and analysis
Moreover, Workday has introduced new generative AI capabilities in Workday Adaptive Planning to enhance user experiences. These AI capabilities facilitate quicker access to data, contextually relevant insights, and recommended actions through conversational text interactions. Users can make more informed and strategic decisions efficiently by simplifying data retrieval and analysis in Workday Adaptive Planning.
"By demonstrating the possibilities of using conversational AI, we are showing our commitment to delivering an easy-to-use, highly flexible planning solution to help our more than 6,300 Workday Adaptive Planning customers automate key business processes and drive efficiency and accuracy," said Dennis Yen, general manager of Workday Adaptive Planning, Workday.
The company is also streamlining collaboration between finance and HR through a new user interface within Workday Human Capital Management (HCM). This interface simplifies workforce planning by automatically updating positions in Workday Adaptive Planning based on changes made in Workday HCM, fostering better coordination across the organization. Workday also introduced automated headcount reconciliation and planning configuration manager tools to reduce errors, save time, and enhance planning efficiency.
With these enhancements and the next generation of Elastic Hypercube Technology (EHT) - a recent launch, that caters to the increasing demands placed on organizations dealing with intricate business scenarios, evolving requirements, and broader user engagement, Workday Adaptive Planning provides a powerful experience for planners. Additional innovations include report scheduling, personalized what-if scenarios, improved dashboard performance, and predictive forecasting. Workday is also partnering with MIT Sloan Management Review Connections to offer a certificate program on AI and ML for Finance, helping financial professionals navigate the evolving world of work.
The generative AI capabilities will roll out to customers over the next 6 to 12 months, while some features are already available or in limited release.
In other news, Workday partnered with Accenture to assist organizations in transforming their finance operations, making them more adaptable, data-focused, and customer-oriented.
