Workday adds McKinsey & Company to global partner network
Software vendor Workday and consulting giant McKinsey & Company have formed a global alliance to support clients facing human resources and finance challenges. The partnership will work to provide real-time data-driven insights and recommendations for executives around the world.
Workday is a US origin cloud-based software vendor, offering products for financial management, human capital management and student information systems. Workday makes money by selling subscriptions to its services rather than selling the software outright, for products including Workday Enterprise Management Cloud, Workday Adaptive Planning, and Workday Peakon Employee Voice.
As the explosion of data across organisations revolutionizes how leaders think about driving change, Workday is also moving to help clients take advantage of data-driven opportunities, and quickly adapt their businesses accordingly. To boost these efforts, Workday has teamed up with McKinsey & Company to bring the strategy consultancy’s proprietary knowledge and analytics, benchmarks, and recommendations into the Workday Enterprise Management Cloud.
Chano Fernandez, co-CEO of Workday, said of the move, “Companies today are navigating an increasingly dynamic environment, which requires new and innovative ways to solve business problems. By working with McKinsey, we look forward to delivering the next generation of analytics and insights to the C-suite so that our joint clients can address key business needs in finance and HR and maximize their investment in Workday.”
The collaboration between the two firms has already achieved notable impacts on several fronts. These include the enhancement of Workday Strategic Sourcing, by helping to build a dynamic negotiation analytics engine to evaluate procurement bids. Over 16 months of early implementation, this saw McKinsey and Workday refine and deploy the technology with more than 30 clients – who realised nearly $2 billion in collective savings, according to McKinsey’s measurements.
Looking ahead, McKinsey Global Managing Partner Bob Sternfels noted, “Leaders are looking for the technology and expertise that will help them make the best decisions possible in this challenging moment. There is perhaps no better time than now for an alliance between McKinsey and Workday, which will help leaders build thriving and resilient organisations."
As Workday looks to boost its offering to its global clients, McKinsey is not the only consultancy it has engaged. Other partners of Workday include Kearney, Mercer, Slalom, North Highland, Cognizant, Deloitte, Accenture, Capgemini, Huron, KPMG and PwC.
