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Workday (WDAY) Inks Deals to Aid Customers Amid Pandemic

Zacks Equity Research
·4-min read

Workday’s WDAY partner base recently expanded as it signed separate agreements with Microsoft MSFT and salesforce.com CRM. The collaborations aims at helping joint customers maintain business continuity amid the coronavirus outbreak.

Workday-salesforce Focuses on Evolving Workplace Needs

The collaboration with salesforce involves the integration of Workday’s capabilities with latter’s new ‘Work.com’ offering to develop solutions that will provide customers with timely insights and tools. These will help customers manage their workforce and support their reopening strategy.

Notably, the customer’s will be able to assess the readiness of their sites and ensure that office space reconfigurations can accommodate social distancing requirements. They will also be able to able to create a phased approach to bring workers back based on factors such as criticality, shift management, and location capacity. Further, customers will able to identify the employee skills required to meet the needs of a changing work environment.

The first phase of the integrated solutions is expected to be available from June 2020 with additional solutions to follow.

Workday, Inc. Price and Consensus

 

Workday, Inc. Price and Consensus
Workday, Inc. Price and Consensus

Workday, Inc. price-consensus-chart | Workday, Inc. Quote

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Microsoft Deal Focuses on Cloud-based Enterprise Planning

The Microsoft partnership involves combining the capabilities of the two companies to deliver solutions that can aid customers optimize their daily work.

Per the recent agreement, Workday customers will be able to operate the Workday Adaptive Planning solutions on Microsoft’s Azure cloud platform. Meanwhile, Microsoft’s global finance teams for planning, budgeting and forecasting will use Workday Adaptive Planning to accelerate decision making.

Moreover, the two companies showcased new integrations between Workday’s suite of applications and Microsoft Teams and Azure Active Directory that will enhance the day-to-day functioning of customers’ business.

Markedly, the Microsoft Teams integration with Workday Financial Management and Workday Human Capital Management (HCM) solutions will enable users to access Workday without having to leave teams. Moreover, Microsoft Azure Active Directory integrations will make it easier for clients to access enterprise data and applications securely through a single sign-on.

Workday for Microsoft Teams is now available to all customers on Workday HCM and Workday Financial Management. Notably, Microsoft Azure Active Directory capabilities and Workday Adaptive Planning on Azure will be available in 2021.

Solid Partner Base Aids Workday’s Prospects

Workday’s expanding partner base will help it acquiring more customers, which will drive the top line.

Workday already boasts a strong partner base that comprises International Business Machines IBM, Deloitte and Accenture, among others. These partnerships have helped the company to enhance its go-to-market strategy and increase its market reach.

Moreover, the company’s strategic partnerships with Microsoft and Salesforce to develop new solutions will give a significant boost to its HCM offerings, which is expected to boost the top line in the long haul. This is due to increase in demand for efficient HCM solutions as more companies are planning to resume their business operations amid the pandemic.

Notably, Workday witnessed rapid deployment of HCM solution in first-quarter fiscal 2020. Key deal wins also include EMEA-based utility company with more than 80,000 employees and Asia Pacific-based large insurance company with more than 50,000 employees.

Workday, which currently carries a Zacks Rank #3 (Hold), will likely be able to expand its presence in the HCM market. Per Grand View Research data, the HCM market is expected to witness a CAGR of 11.7% between 2020 and 2027 timeframe. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Moreover, incremental adoption of Workday Extend, formerly known as Workday Cloud Platform, integrated with enhanced capabilities, is expected to be a key growth driver.

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