# Workday delivers its first Data-as-a-Service offering with Workday benchmarking
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-10-12
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Unlock Business Insights with Workday Benchmarking
Meta Description: Leverage Workday Data-as-a-Service (DaaS) for up-to-date benchmarks and insights to improve workforce composition, leadership effectiveness, and overall
URL: https://financedigest.com/workday-delivers-its-first-data-as-a-service-offering-with-workday-benchmarkinghtml

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_Benchmarks including Workforce Composition and Leadership Effectiveness equip global organisations with valuable market insights to optimise business performance_

[Workday, Inc](https://www.workday.com/en-gb/homepage.html). (NASDAQ: WDAY), a leader in enterprise cloud applications for finance and human resources, today announced the general availability of Workday Data-as-a-Service (DaaS), a cloud service that provides valuable data to customers to enable more informed decision-making. The first service delivered on the DaaS offering, Workday Benchmarking, provides key metrics to customers seeking a better understanding of their company’s relative performance in comparison to peers to help achieve optimal performance in their respective markets.

With Workday Benchmarking, customers worldwide can leverage the collective power of Workday’s extensive community – including over 26 million workers across more than 1,800 global organisations. Workday Benchmarking is seamlessly unified with all of Workday’s products, Workday Planning, empowering customers with the only cloud system to plan, execute, and analyse their business through one secure environment.

**Up-to-date Benchmarks, Analytics, and Insights to** [Improve Performance](https://www.financedigest.com/panasonic-delays-production-of-new-tesla-battery-to-improve-performance.html "Panasonic delays production of new Tesla battery to improve performance")

Traditional benchmarking [services and reports](https://www.financedigest.com/talent-acquisition-staffing-technology-and-services-market-to-reach-usd-196-1-bn-by-2028-comprehensive-research-report-by-fmi.html "Talent Acquisition & Staffing Technology and Services Market to reach USD 196.1 Bn by 2028 – Comprehensive Research Report by FMI") typically provide outdated data delivered out of context in silos. These services are not only costly, but difficult to [manage due to their lack of flexibility around](https://www.financedigest.com/the-cardiac-rhythm-management-market-to-throw-its-innovation-based-weight-around.html "The Cardiac Rhythm Management Market to throw its innovation-based weight around") rules and calculations. Workday Benchmarking extends the analytical power of Workday and [addresses these challenges](https://www.financedigest.com/rising-to-the-challenge-addressing-the-difficulties-of-pillar-2-reporting.html "Rising to the challenge: Addressing the difficulties of pillar 2 reporting") by enabling customers to better understand their individual organisation’s relative performance using current, reliable data. Once customers elect to participate in the Workday Benchmarking [service and select what data](https://www.financedigest.com/meeting-the-data-challenge-in-financial-services.html "Meeting the data challenge in financial services") to contribute, their data is de-identified and added to a secure, aggregated dataset. In return, they get access to benchmarks representative of Workday’s participating customer community and can see how they compare against peers with similar demographics such as industry or [company size](https://www.financedigest.com/multigrain-bread-mix-market-size-share-top-leading-companies-consumption-drivers-trends-forces-analysis-revenue-challenges-and-global-forecast-2029.html "Multigrain Bread Mix Market: Size, Share, Top Leading Companies, Consumption, Drivers, Trends, Forces Analysis, Revenue, Challenges And Global Forecast 2029"). Benchmarks are surfaced right in the Workday applications and dashboards that business leaders access most, so they are [empowered to make informed decisions on what actions to take to improve their company’s](https://www.financedigest.com/companies-are-empowered-to-retain-control-with-alternative-routes-to-liquidity.html "Companies are empowered to retain control with alternative routes to liquidity") competitive position—all without ever having to leave Workday.

With Workday Benchmarking, [customers have ready access to a growing](https://www.financedigest.com/walk-in-coolers-and-freezers-market-preference-for-customized-and-smart-machines-growing.html "Walk-in Coolers and Freezers Market: Preference for Customized and Smart Machines Growing") catalogue of benchmarks, including:

- **Workforce Composition Benchmarks (Age, Diversity, Tenure, and more)** –For example, HR leaders at a technology [company could compare the percentage of males and females in their workforce with similar organisations to gauge how well](https://www.financedigest.com/corporate-wellness-market-insights-by-leading-companies-and-emerging-growth-till-2026.html "Corporate Wellness Market Insights by Leading Companies and Emerging Growth Till 2026") they are tracking against diversity goals.
- **Turnover and Career RetentionBenchmarks (Talent, Turnover, and others)** – For example, a talent professional in healthcare noticing an increase in attrition can [see if his company’s voluntary turnover is higher](https://www.financedigest.com/daimler-truck-sees-higher-returns-as-supply-chains-demand-improve.html "Daimler Truck sees higher returns as supply chains, demand improve") than that of industry competitors, which may indicate a retention issue.
- **Leadership and Manager Effectiveness Benchmarks (Span of Control and Leadership)**– For instance, a chief accounting officer at a financial institution concerned that her people [managers may be overwhelmed can compare span of control with managers across the industry](https://www.financedigest.com/how-application-management-can-help-tackle-the-finance-industrys-carbon-emissions.html "How application management can help tackle the finance industry’s carbon emissions") to identify which teams may need more support.
- **Workday Usage Benchmarks (System Utilization, Business Process, and others)**– For example,an HR [information systems](https://www.financedigest.com/the-cardiovascular-information-systems-market-is-expected-to-grow-on-a-persistent-note-in-the-future.html "The Cardiovascular Information Systems Market is expected to grow on a persistent note in the future") executive in retail can find out if business processes are being completed faster or slower than peer organisations, to help determine if he should reconfigure business process definitions for greater efficiency.
- **Financial Management Benchmarks** [– In future](https://www.financedigest.com/automotive-coolant-aftermarket-is-projected-to-exhibit-a-cagr-of-4-0-through-the-forecast-period-2020-2030-future-market-insights.html "Automotive coolant aftermarket is projected to exhibit a CAGR of 4.0% through the forecast period 2020-2030 – Future Market Insights") releases, benchmarks including core revenue growth and return on invested capital will be available to help customers better connect workforce metrics to financial success and strategic business goals. For example, a CFO at a professional [services firm could compare revenue per employee against similar companies](https://www.financedigest.com/sterilization-services-market-global-leading-companies-analysis-revenue-trends-and-forecasts-2027.html "Sterilization Services Market Global Leading Companies Analysis, Revenue, Trends and Forecasts 2027"), then model against project staffing needs to ensure optimal staffing that delivers on billability while balancing costs.

Like the entire Workday suite of applications, Workday Benchmarking leverages the power of one – one version of software, a single source of truth, one customer community, and a single security model and user experience – enabling customers to benefit from:

- **Current and Reliable** [Data –](https://www.financedigest.com/financial-services-and-data-how-do-we-meet-the-challenge.html "Financial services and data – how do we meet the challenge?") Live, transactional data ensures aggregation that is consistent, accurate, and highly relevant, greatly reducing the time customers typically need to wait for access to benchmarks and calculations they can trust.
- **Benchmarks in Context**–Benchmarks can be configured to surface in the context of where customers most frequently interact with Workday. For example, a [business leader can view a dashboard benchmarking their company’s](https://www.financedigest.com/truic-evaluates-the-biggest-business-incorporation-companies-in-the-us.html "TRUiC Evaluates The Biggest Business Incorporation Companies in The US") actual performance against peers, and then quickly take action all in a single system.
- **Built-in Security and Privacy** [–](https://www.financedigest.com/security-backed-mortgages-essential-tips-and-guidance.html "Security-Backed Mortgages – Essential Tips and Guidance") Workday Benchmarking relies on the highest privacy and security standards. All data contributed to Workday Benchmarking is de-identified and aggregated with similar data from a variety of sources prior to reporting.
- **Distribution and Governance**– Like all analytics in Workday, benchmarking [data can be secured to a domain and shared](https://www.financedigest.com/chipmakers-weigh-on-european-shares-focus-on-u-s-jobs-data.html "Chipmakers weigh on European shares; focus on U.S. jobs data") with anyone in the organisation, allowing insights to reach the people who need them without compromising control over individual permissions.
- **Flexibility**–As calculations evolve, peer groups change, and metrics are added, Workday’s cloud architecture makes it possible for Workday Benchmarking to quickly adapt and immediately deliver new metrics to customers.

**Comments on the news**

“Data is the new currency, and Workday Benchmarking demonstrates how we continually [deliver the analytical capabilities that enable our customers worldwide to unlock even more insights](https://www.financedigest.com/research-delivers-insight-into-the-global-polymer-surfactants-market-during-the-period-2021-2029.html "Research Delivers Insight Into The Global Polymer Surfactants Market During The Period 2021-2029") from their data and the broader Workday community,” said Joe Korngiebel, chief technology officer, Workday. “With Workday Benchmarking, our customers can tap into up-to-date, reliable [data that gives](https://www.financedigest.com/german-bond-yields-give-up-rise-after-u-s-price-data.html "German bond yields give up rise after U.S. price data") an industry-wide view of how their individual business is performing compared to others, better equipping them to prioritise business initiatives, pick up new best practices, and strategically allocate resources in an instant.”


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