Analytics Machine- It’s been said that data is the new oil, but what if your business is built on top of a gushing geyser? In fact, it most likely is. Almost all companies produce far more data than they can analyze, and for quite a while, Workday’s goal has been to help companies extract valuable insights from their data. Starting with our built-in reporting and analytics, and then with the introduction of Workday Prism Analytics and Workday Data-as-a-Service, as the sheer volume, velocity, and variety of data grows, we’ve expanded our offerings to help our customers take full advantage of their data.
Geared toward openness and bringing non-Workday data into the system, Workday Prism Analytics is the data hub for your finance and HR teams. Earlier this summer, we took another step forward in our analytics journey with the acquisition of Stories.bi, a market leader in augmented analytics.
That’s why, today, we’re pleased to announce Workday People Analytics, a new application that will give executives, organization leaders, and HR business partners a view into the most critical trends in their workforce, and an understanding of the most likely drivers of those trends. It will leverage powerful artificial intelligence (AI), machine learning, and augmented analytics technologies to provide dynamically-created key metrics accompanied by explanatory narratives—what we call stories.
How We Got Here
First, some background. It’s important to note that Workday People Analytics works alongside our existing products. Because of the Power of One, Workday has one data model, so our applications are able to process data about people very easily. For customers of Workday Human Capital Management (HCM), Workday People Analytics will work out of the box with that data. Even for those customers who are not using Workday HCM, they are able to bring in external data from any HCM system via Workday Prism Analytics, so those insights will still be available.