Workday to expand suite of applications for healthcare industry
Workday, a provider of enterprise cloud applications for finance and human resources, announced plans to deliver a new application, Workday Inventory, as well as new features for Workday Procurement designed to meet the supply chain management needs of healthcare providers. Combined with Workday Financial Management and Workday Human Capital Management (HCM), this new supply chain management functionality will equip healthcare providers with one system that offers visibility into talent needs, the flexibility to quickly adapt to new regulations and industry standards, and the ability to manage inventory and supplier interactions. Workday plans to design the expanded suite based on feedback from charter members of the Workday Healthcare Advisory Council, including Christiana Care Health System and Community Health Services of Georgia.
Extending the power of one system for healthcare providers
Healthcare providers – as hospital systems, academic medical centers, and long-term care groups – are faced with dramatic industry changes including widespread industry consolidation and new business models which are forcing them to rethink their talent and organizational needs. Current systems are inflexible and costly to maintain, making it difficult for them to adapt to changes, and get the insights they need to move their organizations forward.
With Workday, healthcare providers are already equipped with one system that:
- Adapts to change: Customers are able to navigate reform-driven changes, mergers and acquisitions, and organizational restructuring via a flexible business process framework.
- Delivers a comprehensive view of talent: With Workday, customers are able to better attract and retain talent through powerful recruiting tools, rapid onboarding, performance and talent management, and insights to help increase retention.
- Provides visibility to drive growth: To continually drive operational efficiency and business growth in a dynamic industry, Workday offers analytics to monitor the financial performance of different business models – including new service lines such as outpatient clinics – and insights into developing talent.
The planned introduction of Workday Inventory and new Workday Procurement features will give healthcare providers the supply chain foundation they need to:
- Closely manage supplier relationships: With Workday, customers will be able to manage supplier and group purchasing contracts, track inventory, and automate replenishment to reduce costs. In addition, they will be able to more clearly understand detailed supply utilization and costs to make better contracting and standardization decisions.
- Drive sustainable cost savings: Workday will enable customers to increase compliance with standard purchasing processes such as applying requisitioning and approval controls. In addition, purchasing teams will have one centralized view of spend by category that they can monitor and analyze to identify opportunities for cost savings. Mobile access, real time analytics, and the flexibility to configure procurement practices based on an organization’s preference will also allow for quicker decision making and adaptability.
- Effectively manage and cultivate supply chain teams: With Workday, customers will have a comprehensive view of talent, and insights on how supply chain teams are performing against business goals. Additionally, supply chain leaders will be able to better develop their teams, measure talent utilization, and cultivate employee skills to better serve the needs of patients and clinicians.
Workday plans to make Workday Inventory generally available to customers in September 2015. Healthcare-related features in both Workday Inventory and Workday Procurement are scheduled to be delivered in calendar year 2016.