Workday was founded in 2005 by ex-PeopleSoft senior executives as a next-generation cloud-based Human Capital Management (HCM) solution. Since its inception until today, the company has evolved to become a broader cloud platform (describing itself as “an alternative to ERP”) that supports a much broader range of HCM, “financial management” and vertically oriented solutions.
Workday’s state-of-the-art cloud technology platform architecture enables configurability, rapid enhancements, analytics, integration and the ability to support advanced scenarios that should help Workday serve the procurement function.
For today however, Workday procurement software is best suited to firms running a broader Workday footprint and having requirements for managing indirect spending, with a focus on procure-to-pay and on services procurement in particular. The services procurement module shouldn't be a surprise given Workday's HCM roots and supports functionality like that seen in specialist vendor management systems (VMS).