Workday Launches New Features Prism Analytics and Benchmarking

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workday prism

Do you know that Workday serves over 8,000 clients across the globe? Workday is a cloud-based solution deployed by many organizations across the world. Workday is specialized in Enterprise resource management, financial management applications, and human capital management. It was designed for medium-sized companies to large-sized companies with payroll management, talent management, data analysis, time tracking, human resource management, etc. That is why Workday was deployed in leading organizations that resulted in a number of job opportunities. For Candidates who want to advance their career, Workday training is the best option. To enable the customers to bring together any kind of data for enhanced analytics and allow the companies to work efficiently, Workday announced new features ‘Prism Analytics’ and ‘benchmarking’. 

By expanding the scope and depth of existing analytics, Workday’s Prism Analytics solution is perfectly unified across all the Workday products enabling customers with the single cloud system for planning, executing, and analyzing their activities across a secure environment. Workday Prism Analytics was developed in collaboration with Hitachi, Christiana Care, United Technologies Corporation, Thomson Reuters, and Shelter Mutual Insurance. Workday Prism Analytics gives organizations access to and analysis of all data they need to answer financial and human resource management questions within the context of Workday applications that they already use to take measures. With Workday Prism Analytics, clients can analyze and obtain richer information on a wide range of usage cases like Financial forecasting, Revenue, Organizational Health, and worker productivity.

It enables customers to securely load and synchronize data from external sources and store it in the Workday cloud. It also enables the customers to retrieve raw data from external sources in Workday Prism Analytics and cleanse it, giving more control to administrators, ensuring that the right user will have the correct data through record security and the Workday security framework. It can distribute information and reports to each employee through mobile devices or a browser. Workday Prism Analytics will allow professional users to browse the data and create reports interactively through visual drag-and-drop creation, sharing, and exploration.

Workday Benchmarking is a Data-as-a-Service that gives specific data needed for analysis and usage. Selecting a field of interest to the user company will render the user company’s data unspecified. It becomes possible to reference other companies, and the dashboard can enter the situation of comparison with other companies. The benchmarks of categories include corporate data like the number of employees, new employee data, salary and benefits, and retirement status. It also offers data on organizational health like organizational integrity, the validity of the work process, Workday-specific login credentials of other companies, etc. The information is for clients only, and they can select data to assist in benchmarking. The greater the number of participants, the higher the quality of benchmarking data.

The current trading environment is evolving at an unbelievable rate. To manage change, entrepreneurs need to make the most of their data and put their knowledge into the hands of the employees to give all members of the organization the ability to make smarter decisions. But businesses are having a hard time making use of their data, leaving a valuable organizational resource largely unused. McKinsey & Company discovered that employees in a variety of functions could spend one-third of their time on non-value tasks because of insufficient data quality and inefficient data sourcing, reconciliation, aggregation, and data cleanup processes, as well as manual reporting.

Workday Prism Analytics responds to the financial and human resource challenges while supporting IT teams to streamline systems, cut costs and reduce efforts to maintain existing systems. With Workday Prism Analytics, HR and finance now have an integrated data center in the record system gathering the required data while maintaining their loyalty, giving decision-makers access without compromising security, and providing intuitive tools to more efficiently generate and consume information from diverse data sources.

Workday Prism Analytics

The full picture of performance: Managers, executives, and front-line decision-makers throughout the organization depend on HR and financial information for decision making. They require data from locations like their CRM, engagement, LMS, supplier management, or industry-specific systems to obtain a complete picture of the Company’s performance. Workday Prism Analytics makes a single, reliable, and up-to-date view easy by gathering all this data together with data integration and management capabilities, all within Workday.

Accelerated Time to Insight: In terms of analysis, business analysts were limited in their access to data to produce information quickly. With Workday Prism Analytics, analysts acquire secure business data to prepare, merge and analyze using the point-and-click feature. Users are able to effectively manage and transform data for reporting, analysis, or use case planning through strong auditability as well as data lineage capabilities built into the platform – no special coding or permits required. Then they are able to share the insights with the management and colleagues in need.

IT Agility and Efficiency: IT teams are getting tired of trying to meet business analytics demands, reel in shadow access, maintain multiple security models, and sustain lengthy and expensive deployments of the big data infrastructure. Workday Prism Analytics allows IT teams to define security only once with flexible governance tailored to the Company’s needs. And since Workday Prism Analytics is completely cloud-based, we do the bulk of the work to maintain and update the software. This makes it possible for IT teams to deploy faster while benefiting from the performance and scalability of Spark, Hadoop, and the latest storage and processing technologies.

Key features:

  • Integrating and managing data: It provides data from any source using the SFTP, API, or file upload by the browser. It helps us to access Workday HR and financial transaction data. It helps us to Plan automatic updates to ensure your data is synchronized and updated. It helps to Easily discover, search and manage data sets from a single data catalog. It provides a quick understanding of how pipelines are built with data lineage.
  • Data Governance: Govens data using Workday’s Security framework. It Implements contextual and role-based security for customized access. Defines various permissions to create, share and publish datasets.
  • Self-Service Preparation: It allows us to build data pipelines with a user-friendly interface. It will enable us to Apply union, join, filter, and group-by functions to the datasets. It allows us to create computed fields using a rich library of functions. We can Preview data transformations to make sure that the data is within expectations.
  • Productionalized Insights: It enables us to Query large-scale datasets using a high-performance analytic engine in memory. Utilize Workday Prism Analytics data in Workday reports, discovery boards, and dashboards. Can Share insights with everyone in your organization.

Benefits of Prism Analytics: 

  • Security: It retains finance and employee-related information on Workday and integrates the external sources when required. It sets permissions based on the roles that fit your organizational changes.
  • Distribution: It manages disparate data sources and gives a single source of truth to the decision-makers. It helps to Democratize data access for all organization members through dashboards and reports available on any device.
  • Experience: It transforms data into actions through analytics and transactions into a single system connected by a shared user experience. It takes control of workflow through intuitive tools – clicks, rather than code – and an easy to deploy, manage and maintain system.

Importance of Workdays’s benchmarking has a long history of providing a broad range of reporting and analysis services to assist clients in understanding their organization and performance. But, to qualify your organization’s performance, we need to understand the context of the marketplace in which it functions. You should be aware of how you’re performing in comparison to your colleagues. A 5% attrition rate may sound like a success depending on your performance history, but what happens if your colleagues have a 2% average? Understanding peer benchmarks such as these allow you to leverage your strengths and correct your weaknesses.

Workday Data-as-a-Service is a new technological foundation to provide customers with access to centralized data sets. Workday Benchmarking provides participants with access to a range of peer benchmarks in workforce composition, turnover, financials, leadership effectiveness, and workday usage.

The design principles of Workday technology make it possible for us to offer a unique service. Our benchmarks are based on transaction data, which makes current measures highly reliable. Then Benchmarks can be used in any of Workday’s reporting and analytical services natively, in the context of decision-making, and secured for the relevant domains. And because every customer uses the same version of Workday in the cloud, we can provide benchmarks with unmatched reliability and consistency. 

How does it work?

  1. Once a customer has chosen the service, they can decide what specific parameters they would like. For these measurements, the client submits de-identified tenant data to Workday Data-as-a-Service, where the benchmark is calculated.
  2. From here, only the aggregate benchmark is provided to participants, and comprehensive measures have been implemented to protect data confidentiality, like minimum statistical thresholds and identity hashing.
  3. Benchmarks are then created in business objects that can access via one of Workday’s analysis or reporting services.
  4. Benchmarks can be used in a standalone report or conjunction with actual data and will soon be available in the trend reports.
  5. The service includes dimensional control, like the size of the industry and the Company, so that you can compare your performance with other colleagues in your organization.
  6. As the minimum participation levels are reached, the service also lets you view a range of percentiles for the benchmark. Benchmark definitions also provide transparency so that you can understand clearly how the calculations are done.

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