Workday
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In Their Own Words: Workday
Forward-thinking organizations turn to Workday Spend Management for comprehensive source-to-pay capabilities that transform how they manage, optimize, and analyze their spend. In today’s complex business landscape, procurement leaders must balance cost control with strategic value creation while navigating ongoing supply chain challenges and evolving stakeholder expectations.
Workday Spend Management combines spend optimization, contract intelligence, and supplier collaboration to deliver immediate advantages. The solution enables procurement teams to enforce spend policies and adapt seamlessly to changing business requirements, while gaining a thorough understanding of supplier risk profiles before entering into contracts.
Workday Spend Management transforms procurement data into actionable insights that drive strategic decision-making. With Workday Illuminate and contract intelligence, automatically extract and analyze unstructured document data, enabling teams to identify opportunities to reduce costs, increase revenue, and safeguard their business from risk. These capabilities extend across the entire source-to-pay process, from automating routine tasks to providing insights that help organizations stay ahead of market changes.
We empower procurement to become a trusted business partner by leveraging unified, real-time spend, contract, and supplier data. Organizations gain unprecedented visibility into all aspects of spend, with customers realizing an average of $40M in savings for every $1B in spend.
Core Capabilities:
- Strategic Sourcing: Streamline RFx processes and unlock savings opportunities through intuitive event creation and management
- Contract Lifecycle Management: Transform contract management with robust, self-service contract workflows, approval routing, and AI-powered drafting and editing — in addition to AI analysis, chat, search, reports, and dashboards
- Supplier Management and Risk: Foster stronger supplier relationships through comprehensive performance tracking while monitoring and assessing supplier risk across financial, operational, and compliance dimensions through integrated third-party data and continuous monitoring
- Procure-to-Pay: Deliver an intuitive buying experience that drives adoption and ensures compliance
- Spend Analytics: Access real-time insights to optimize spend and make data-driven decisions
Workday’s open and connected system aims to ensure seamless integration with your existing technology while providing the flexibility to adapt as your business evolves. Our solution combines enterprise-grade security with consumer-grade usability, driving high adoption rates across stakeholders without compromising control or compliance.
Through continuous innovation in artificial intelligence and machine learning, we work to help procurement organizations transform into strategic drivers of business value. With Workday Spend Management, you gain a trusted partner committed to your success in navigating today’s challenges while preparing for tomorrow’s opportunities.