Workday on Tuesday unveiled Workday Planning, which is designed for budgeting and forecasting, in a move that could put it in competition with partners such as Tidemark and Anaplan in some cases.
Leighanne Levensaler, senior vice president at Workday, said customers have been asking for more native planning tools. Workday's approach will be to roll out some capabilities in March with a full rollout in the second half of 2016.
"Many companies don't have a planning tool and use spreadsheets," said Levensaler. "Others are using Tidemark, Anaplan and others. In some cases, Workday Planning will be a replacement."
Workday recently invested in Tidemark's latest funding round.
According to Levensaler, Workday Planning is likely to appeal to companies that use the company's financial and human capital management cloud applications. However, Workday Planning could be applied to a customer who uses HCM, but not financials. "The more likely scenario is that customers with both (financials and HCM) would get Planning," said Levensaler.
What Workday Planning is designed to do is to take real-time finance and HR data and provide a framework for continuous planning with an audit trail throughout. Workday is betting that its planning app will be a "Holy Grail" for CFOs.
Workday Planning will include:
- A budget generator that will combine actuals and budget data to model baselines.
- Collaboration tools so internal teams can share and edit budgets and forecasts within Workday. The user interface will aim to be as familiar as a spreadsheet, but feature interactive grids and Workday's look.
- Ongoing budget management. After teams finalize a plan, teams can monitor performance metrics, control budgets and adjust forecasts as business changes.
As for pricing, Workday Planning will be an add-on service. Workday will reveal more about the application as well as its design customers at its Rising conference in September.