VIDEO: Workday ERP Review: Pros, Cons, and Similar Products

workday is an enterprise resource planning or erp software system that can help you manage a number of different erp functions from one platform if you're in the market for an erp solution you'll want to consider workday but if you're just starting your search we can help use our product selection tool at technologyadvice.com to get a free list of erp software recommendations click the link in the description below to get started you may know workday for its hcm solution but in recent years workday has expanded its product offerings to position itself as an erp platform in addition to hcm workday also offers products for financial and spend management analytics and reporting talent management and professional services automation workday is best suited for medium to large enterprises and you can bundle products for a tailored erp solution pricing for workday is quote based the system does not offer a free trial but you can request a free demo through the company's website this is a cloud-based system so you can access it through a web browser or through the mobile app for ios and android devices workday offers a number of products to help you manage your business the financial management product from workday comes with a number of applications and features these include accounting and finance financial planning expenses procurement inventory and revenue management the accounting module supports multi-currency multi-language and multi-book for companies with global operations and the financial planning module uses real-time data to let you create budgets and forecasts payroll and workforce management and workday integrates seamlessly with other workday products like hcm and it provides a wide range of functionality this product consists of three modules time tracking absence management and enterprise payroll management all three of these modules are robust programs in their own right including features like global time entry reporting and analytics industry benchmarking for absences automated approvals and reminders and employee self-service for viewing forms like paystubs and w-2s the analytics and reporting offering from workday gives users a self-service data analytics tool all in one system since all data is contained in one source the system gives admins control over who has access to certain data to prevent the wrong people from having access to sensitive data you can create a number of different visualizations in workday and the system uses augmented analytics to show insights you might have missed this product also has a benchmarks feature that lets you see how you're performing against other workday customers similar to your organization workday is a top-rated system but it still comes with its pros and cons one of the biggest pros of workday is its user interface across all of its products workday is designed to feel like a consumer product making it very easy to use the financial management product in particular gets good marks with many users praising the financial reports feature the analytics and reporting product uses artificial intelligence and natural language processing to help you get deeper insights from your data however some users have expressed dissatisfaction with the recruiting module in the human capital management product and while long implementation times aren't uncommon with erp systems some users have reported implementation taking longer than expected and sometimes requiring the help of a third party implementation specialist it's a good idea to get multiple quotes before choosing an erp solution if you're interested in workday you might also want to consider microsoft dynamics 365 oracle netsuite sap s 4hana and sage business cloud still not sure if workday is right for you use our product selection tool at technologyadvice.com to get a free list of erp software recommendations click the button on the left to get started

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