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Five analyst relations lessons from Workday

By | August 27, 2010, 7:22am PDT

Summary: Enterprise vendor, Workday, invited twenty top analysts to the company’s first briefing day. The event offers lessons for creating transparent and open dialog with industry analysts.

Enterprise applications vendor, Workday, invited twenty top analysts to the company’s first briefing day. The event offers lessons to the enterprise industry for creating transparent and open dialog with industry analysts.

Fellow Enterprise Irregular, Naomi Bloom, describes the situation in a blog post:

Workday held a briefing yesterday for twenty of enterprise software’s toughest and most knowledgeable analysts.  Workday had much more to say about their technology and business strategy, about their underlying architecture and object model, and about what’s cooking in the Lab than they’ve revealed thus far to this type of audience.

Another Enterprise Irregular, Zoli Erdos, explains the level of depth and preparation that Workday brought to this party:

[A]bsolutely intense, very open, and, boy, they did take the “Technical” part in the name seriously..  There was no marketing fluff, just information, information, information. I am still trying to process all I absorbed – more detailed analysis to follow … unless my esteemed colleagues beat me to it.

Yet a third Enterprise Irregular, Vinnie Mirchandani, was impressed with Workday’s energy and willingness to answer tough questions:

Few vendors have the guts to be open to such a smart and opinionated bunch as Workday was during its Technology Day yesterday. Like a marathon tennis match with plenty of volleys and lobs and aces, the back and forth was something to watch….

[T]he last time I can remember such an energetic session was during a visit to SAP in Walldorf in 1997.

Enterprise analyst, Mike Fauscette from IDC, reinforced these views with comments in a blog post:

[Y]ou have to give them credit for inviting 20 of what are probably the toughest group of software analysts you could assemble in one room, to the inaugural event.

STRATEGIC ANALYSIS

The event was successful for five reasons, which I present as lessons to consider:

1. Compelling story. Interesting content is the foundation for everything else; sparks won’t fly unless you’ve got something worthwhile to say.

2. Everything on the record. Without exception, Workday presented the entire day on the record for publication and Twittering. Most vendors lack the confidence to discuss their challenges and limitations so openly, which made Workday appear honest and authentic.

A Twitter transcript, showing approximately 850 tweets, is appended to the bottom of this post. You can download a PDF file containing the entire Twitter transcript and judge for yourself.

3. Knowledgeable presenters. The speakers were all experts in their respective fields rather than marketing spokespeople, which allowed attendees to push the discussion hard. The interactive format encouraged analysts to ask in-depth questions of the Workday team.

4. A great audience. Workday invited experienced, smart folks who all possess the background and context needed to understand the presentations. Magic happens when great presentations meet the right audience.

5. Solid infrastructure. Workday arranged seating as a horseshoe, rather than classroom style, to encourage discussion. Excellent wireless networking and many power strips made connectivity to Twitter easy, which sparked interest from a larger community of interest. Never underestimate the power of infrastructure.

My take. Openness and transparency create an environment where healthy discussion can arise spontaneously. At the same time, transparency involves risk and Workday did receive some critical feedback from the audience. Most importantly, however, the analysts generally came away impressed, which of course, was Workday’s ultimate goal.

—————-

Here’s the entire Twitter transcript - click here to download the PDF file.

#Workdaytech Tweets

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Michael Krigsman is a recognized authority on the causes and prevention of IT failures.

Disclosure

Michael Krigsman

Michael Krigsman writes and speaks about technology in a manner that most observers consider to be fair and balanced. Michael believes that writing about IT failures, which often have complex causes, creates a unique obligation to be reasonable and accurate in both reporting and analysis.

Michael maintains active personal and professional relationships with enterprise technology buyers, vendors, analyst firms (or individual analysts), consultants, and system integrators. As CEO of Asuret, Michael sells and delivers paid services to members of these same groups.

Vendors regularly reimburse Michael's out-of-pocket travel expenses to attend industry conferences and events. Conference organizers frequently waive entry fees when Michael attends industry events. Michael often speaks at industry conferences and events.

He is a member of the Enterprise Irregulars, a loose association of consultants, investors, industry representatives, analysts, and users of enterprise software.

For daily updates on Michael's activities, follow him on Twitter.

Biography

Michael Krigsman

Michael Krigsman is CEO of Asuret, Inc., a consulting company dedicated to reducing technology implementation failures. Asuret's suite of software tools improve the success rate of enterprise software deployments by quantifying and measuring governance issues that cause most project failures. Michael led the research effort underlying Asuret's model of collective intelligence and its practical application to reducing IT failures in consulting environments. He is a recognized authority on the causes and prevention of IT failures and is frequently quoted in the press on IT project and related CIO issues. He is considered an enterprise software industry "influencer" and provides advice to technology buyers, vendors, and services firms.

Previously, Michael served as CEO of Cambridge Publications, which develops tools and processes for software implementations and related business practice automation projects. Michael has been involved with hundreds of software development projects, for companies ranging from small startups to Fortune 500 organizations. Michael graduated with an M.B.A. from Boston University and a B.A. from Bard College. He is a Board member of the America's Cup Hall of Fame and the Herreshoff Marine Museum in Bristol, RI.

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RE: Five analyst relations lessons from Workday
workday#2 27th Aug 2010
@ggheorghiu@... Workday is focused on building a real SaaS ERP platform for services companies ranging in size from medium to large to very large organizations. That would include HR, Payroll, Talent, Financials, Spend Management; all of which are generally available today. Given our focus on the services industries, we have no intention to build MRP or shop floor capabilities into the product at this time.

And being the co-CEO of Workday and sponsor for the Tech Summit, I can assure you that the analysts asked ALOT of tough questions and offered their criticisms along the way, albeit in a constructive tone:-).

Aneel
0 Votes
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Who cares?
Justin James 27th Aug 2010
So far, you are the SECOND ZDNet "analyst" who wrote a whole story about how wonderful Workday is about giving a press conference by another name. But neither you nor the other author seem able to enunciate what Workday does ("enterprise application vendor", wow, that's vague) or why we, the audience should care. When the other author was called out on it, he didn't even bother following up... I guess having your head stuck in Twitter makes one unable to read and respond to the comments on the blog you get paid to write? C'mon ZDNet, get real. All too often it feels like the ZDNet writers have Gartner envy, and this is one of those cases. If I want smoke blown up my shirt, I'll pay to read a Gartner "magic quadrant" or ask Forrester to feed me some useless information.

J.Ja
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Contributr
@Justin James

To appreciate why the Workday event was significant, one must understand the industry context. Most such briefings are tightly controlled and driven by marketing. Workday took a risk by offering a highly unusual level of openness; as I said in the post, nothing whatsoever was off the record. The company deserves kudos for taking that risk and achieving a successful result.

This post was about analyst relations rather than the substance of Workday's business. I am currently writing an overview report about Workday that I hope you will read when complete.

Thanks for commenting and sharing your opinions.
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@mkrigsman@...

Then why not put it somewhere relevant (BNET comes to mind, or perhaps under the "Between the Lines" category)? "IT Project Failures" is not what I normally associate with "how to have a meeting with analysts".

J.Ja
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It seems that magic really happened there since no one questioned the fact that Workday claims to offer an ERP solution, which is not really the case.

And actually, i may be wrong, but i did not see much criticism and questioning in the flow of tweets. Everyone talked about how great Workday is, how they're reinventing business software and the way it is delivered, but very few wondered how that really works.

In conclusion, i'm quite confused after following this on Twitter and i'm not sure what was marketing and what was real.
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Contributr
RE: Five analyst relations lessons from Workday
mkrigsman@... Updated - 27th Aug 2010
@ggheorghiu@...

Workday does not claim to offer an ERP solution although they have outlined a gradual roadmap in that direction.

I think it fair to say that most analysts present thought the presentation was real rather than marketing. This is especially so, since we had chance to interrogate company executives to our satisfaction.
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@mkrigsman@...

Sorry, my mistake - they are not claiming to offer an ERP now, but they intend to get there. My point is that it's not really ERP what they're trying to do, since it doesn't have basic functionality for this type of software and you said they'll not do it (@ggheorghiu They are starting with HCM, talent mgt, then payroll, then financials. Not doing MRP, shop floor People-centric #workdaytech)

But you also said that they're trying to build a full ERP (@ggheorghiu Workday building system they plan to become full ERP in next few years. Today, the system has less functionality. #workdaytech). How can it be a full ERP without manufacturing functionality?

In my opinion, this, and hundreds of other tweets did not describe properly what Workday is trying to do and how. Maybe Twitter is not even a great tool to cover such events...
0 Votes
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@ggheorghiu@... Workday is focused on building a real SaaS ERP platform for services companies ranging in size from medium to large to very large organizations. That would include HR, Payroll, Talent, Financials, Spend Management; all of which are generally available today. Given our focus on the services industries, we have no intention to build MRP or shop floor capabilities into the product at this time.

And being the co-CEO of Workday and sponsor for the Tech Summit, I can assure you that the analysts asked ALOT of tough questions and offered their criticisms along the way, albeit in a constructive tone:-).

Aneel
Worday isd a very interesting SaaS company that offer enterprise (and mid-market) software for HR and Finance, moving toward the ERP market. I expect them to give SAP and Oracle a run for their money someday,

But I think the point of this article was the care and feeding of analysts (which few cmpanies do well) rather than about what Workday had to say. Given that, I think the article made its point.

I;ve sat through too-many content-free briefings with no Internet Connection to let me talk about it -- or amuse myself so I don't fall asleep!
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Contributr
@amywohl

Thanks so much for making clear that this post was about analyst relations rather than Workday's products!

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