Over 50% of Fortune 500 retailers use Workday to accelerate their digital transformation efforts
Workday Introduces New AI/ML-Based Demand Forecasting to Help Retailers Drive More Accurate, Cost-Effective Schedules and Further Improve Experience for Frontline Workers
New York, January 16, 2023 /PRNewswire/ — NRF 2023 (Booth #5957) — Workday Co., Ltd. (NASDAQ: WDAY) is the leader in enterprise cloud applications. finance When human resources, announced today that momentum continues in the retail industry.Over 50% of his retail organizations are luck 500 people who chose Workday.As part of this momentum, more and more global retail organizations have been selected Workday Finance Management Over the past year, including Dave & Buster’s, Inc., Express LLC, EZCORP, Inc. and others, he has helped drive greater financial insight and organizational flexibility to support future growth.
Retailers continue to face significant challenges in adapting to changing consumer and employee behaviors. Attract, support and retain a skilled frontline workforce. It also provides real-time visibility into financial, people, and operational data. Global retailers of all sizes, including Electrolux, KBP Brands, PVH Corp., RaceTrac and Team Car Care, rely on his Workday to power and accelerate their digital transformation efforts.
Continuous innovation in workforce management
To help retailers improve worker experience and meet changing customer demands, Workday introduced new demand forecasting. Workday scheduling and labor optimizationThis new feature leverages artificial intelligence (AI) and machine learning (ML) technology to help retailers predict business demand based on external data such as sales and travel history. Additional external data, such as weather and local events, will be added in the future. This enables organizations to generate more accurate and cost-effective schedules while matching employee availability, preferences and skills to open shifts.
Retailers need tools and technology to quickly adapt and respond to fluctuating labor demands, evolving customer expectations and temporary workforces, including temporary workers.When VNDLYMoreWorkday provides organizations with comprehensive solutions to help manage and source temporary and outsourced workers, putting the right workers in the right place at the right time.
Accelerating Digital Transformation for Global Retailers
Workday helps retailers bridge the gap between the back and front offices by giving finance, HR, and operations leaders a single source to manage their retail operations.
Leveraging Workday’s intelligent data core, retailers can combine various data sources (merchandising, procurement inventory and invoices, point of sale (POS), supply chain systems, transportation, etc.) with financial and talent data. can be combined with to help business leaders drive change. Through operational insight.
With Workday, retailers can:
- Control tight margins and operating costs. When Workday Finance Managementretailers gain real-time visibility into costs, transactions, and revenue drivers, giving them the insights they need to move their organizations forward.
For example, RaceTrac, a leading convenience store operator with over 780 stores and 10,000 employees, uses Workday Financial Management to simplify and automate workflows, enhance reporting, and improve profitability. doing.
- Improve customer retention and revenue growth with enterprise-wide planning. Workday Adaptive Planning enables retailers to manage enterprise-wide budgeting, scenario planning, and reporting to make more data-driven decisions and prepare for future growth.
For example, Team Car Care, the largest Jiffy Lube store franchisee with over 500 locations and 5,000 employees nationwide, uses Workday Adaptive Planning to improve demand planning and forecasting to support growth. doing. As a result, Team Car Care can predict the number of customers visiting individual stores at various times of the day and feed those customer numbers into the company’s sales and workforce planning to ensure superior customer and employee engagement. It helps us deliver the experience.
- Attract, manage and retain a skilled frontline workforce. Workday Human Capital Management (HCM) provides retailers with a unified view of their workforce, gaining deeper insight into skills across the organization so they can create better experiences that help them engage, grow their careers, and increase productivity. to For example, a retailer uses her Workday HCM and Workday Scheduling and Labor Optimization to enable employees to manage schedules, coordinate and add shifts, and more on her mobile device, improving talent engagement and retention. You can.
Early adopters of Workday Scheduling and Labor Optimization demand forecasting capabilities are expected to begin rolling out in the first half of 2023.
comment on news
“To be stronger and more resilient than ever after the pandemic, retailers will look firsthand at the parts of their business that are driving revenue, supporting and empowering their employees, and delivering superior consumer experiences. is needed. Keith Pickens, Managing Director, Retail, Workday. Our new innovations in AI/ML-powered workforce management and our continued work with our partner ecosystem enable retailers to leverage data across their operations to inform business decisions, Adapt to changing business and workforce demands. ”
For more information
- Stop by the Workday booth (#5957) at NRF 2023 (January 15-17, 2023) to hear what Workday customers are saying, connect with Workday executives, and Workday Finance Management, Workday Human Capital Management, Workday Adaptive Planning, Workday scheduling and labor optimizationmore.
- read the blogRetail and Hospitality: Adapting for Today, Preparing for Tomorrow.”
- Download the report andFrontline Workers: How to Connect, Enable and Support Them in the Modern Workplace.”
Workday is a leading provider of enterprise cloud applications for finance and human resources, helping customers adapt and thrive in a changing world. Workday applications for financial management, human resources, planning, spend management, and analytics are used by thousands of organizations across a variety of industries worldwide, from mid-sized businesses to over 50% of enterprises. luck 500. For more information about Workday, please visit workday.com.
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This press release contains forward-looking statements, including statements regarding the impact of the co-CEO transition, the timing and impact of Workday’s future leadership structure, Workday’s financial guidance for the fourth quarter of 2023 and full-year 2024, and growth rate statements. is included. , innovation, momentum and opportunity. These forward-looking statements are based solely on currently available information and our current beliefs, expectations and assumptions. Forward-looking statements are forward-looking and, therefore, are subject to risks, uncertainties, assumptions and changes in circumstances that are difficult to predict, many of which are beyond our control. If risks materialize, assumptions prove to be incorrect or unforeseen changes in circumstances occur, actual results may differ materially from those implied by these forward-looking statements. As a result, you should not rely on forward-looking statements. Risks include, but are not limited to, those risks described in filings with the Securities and Exchange Commission (“SEC”), including Form 10-Q for the closed fiscal quarter. October 31, 2022, and future reports that the Company may file with the SEC from time to time, actual results may differ from those projected. Workday does not undertake, and does not currently intend to, update any such forward-looking statements after the date of this release.
Any unreleased services, features, or functions referenced in this document, our website, or any other press release or public statement that are not currently available are subject to change at Workday’s discretion. , may not be delivered as planned or may not be delivered at all. Customers who purchase Workday Services should base their purchasing decisions on the services, features and functionality currently available.
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