Workday, which specializes in cloud-based accounting and human resources software, announced new machine learning and automation features in several of its products.
Workday Adaptive Planning will now sport a Machine Learning Forecaster that allows automated generation of forecasts that can incorporate historical or third-party data like weather reports and labor statistics. Workday said the software enhancements have led to a more than 60% speed improvement for data import and export.
Workday Strategic Sourcing, meanwhile, now has a contract automation feature that extracts key metadata and clauses from third-party paper and legacy contracts to aid in identifying and searching for key contract terms, as well as uncovering risks and managing contract obligations.
Workday Expenses will have a new Expense Protect feature that will automatically detect potential duplicate expenses, which will reduce the need for manual review.
The company also announced new solutions for environmental, social and governance-related reporting. Workday Strategic Sourcing now has supplier diversity discovery boards that can provide data about supplier diversity ratios. Further, a new solution called Workday Supplier Sustainability gives users information about their suppliers’ science-based targets, actual and derived CO2 emissions, and their ESG ratings from third-party analysts.
The company also announced an Industry Accelerators program to help organizations transition operations to Workday. The Industry Accelerators combine industry practices, solutions and connectors for banking, health care, insurance and technology companies. They will also help automate and streamline operations for customers.
“While it’s a complex environment for finance professionals, it’s also an opportunity for them to partner more closely with the business to mitigate risk and surface valuable insights for their organization,” said Terrance Wampler, group general manager of the office of the CFO at Workday, in a statement. “At Workday, our innovations are aimed at helping advance the finance function by streamlining business processes in the cloud and accelerating data analysis so teams can respond faster and take action.”