Gartner recently recognized Workday for its Intelligent Capabilities, analytics, intuitive experiences and better business planning abilities in its Magic Quadrant for Cloud Core Financial Management Suites.
Workday’s recognition in the industry also is translating to higher revenues, as its Q1 2019 revenues grew 33% over the year to $825.1 Million. Its net loss widened to $116.3 Million, and on an adjusted basis, the company recorded an EPS of $0.43, which grew over the previous year’s $0.33.
Classifying its services by segment, subscription services revenues grew 34% to $701 Million, and Professional services revenues grew 29% over the year to $124 Million.
For Q2 2019, Workday anticipates subscription revenues in the range of $746-$748 Million and professional services revenues of about $124 Million. It expects to end the current year with subscription services revenues of $3.045-$3.06 Billion and professional services revenues of $500 Billion.
At its recently held annual summit, Workday’s management announced their plans on the growing importance of Machine Learning (ML) within cloud computing. On that front, the company is working with its customers and focusing on concrete use cases.
The first application-specific use of ML and graph analysis is its newly launched Skills Cloud, which powers a Skills Insight feature that will discern team, employee, and candidate skills and offer-related recommendations on hiring, training, team building, and project planning.
The company is also working on deploying ML within the user experience arena and is building a self-modifying user experience that will adapt to the customers as their needs change.
Within the analytics segment, Workday released a unified reporting architecture for all Workday users called the ‘Discovery Board’. The service leverages shared ML, graph and pattern-detection capabilities available across the platform and integrates it with natural-language generation capabilities. This helps businesses turn raw data into actionable insights.
The company also plans to introduce multiple augmented analytics applications starting with a Workday People Analytics app. The app uses ML, graph, and NLG-powered insights to help organizations focus on hiring, workforce composition, diversity and inclusion, talent and performance, and retention and attrition.
