Wells Fargo has committed a major investment in Workday solutions. It will deploy Workday Human Capital Management to around 260,000 employees globally. This is likely to see the company moving off its Oracle HCM solution. It has used Peoplesoft for many years. In addition the banking giant will implement more workday solutions over time. These include: Adaptive Insights Business Planning Cloud, Workday Payroll, Workday Prism Analytics, Workday Recruiting, and Workday Time Tracking.
David Galloreese, head of human resources, Wells Fargo commented: “We are on a multi-year journey to transform the HR experience at Wells Fargo, and adopting industry-leading technology through our partnership with Workday is key to that transformation. By investing in best-in-class tools, we’re working to deliver a best-in-class experience for our people.”
This is a major deal for the multinational financial services company. It is the world’s fourth-largest bank by market capitalization and the fourth-largest bank in the US by total assets. It also means another Fortune 50 (no 29) company will join those already using Workday. The bank has more than 7,400 locations across 32 countries and is headquartered in San Francisco.
Benefits of deploying Workday
The bank highlighted several benefits it is looking to leverage from the deployment:
- Enhance HR experiences for global team members with an intuitive, user-friendly system that will help enable them to access relevant information and perform tasks whenever and wherever necessary.
- Minimize risk with controlled access to data, equipping employees with the right level of information and a single source of truth for HR data across the entire organization.
- Gain greater visibility into its workforce and utilize insights to make more informed and timely people decisions.
- Streamline and support critical HR processes and operations, creating efficiencies for team members to focus on strategic tasks that help drive the business forward.
- Utilize scalable workforce planning capabilities and analytics to help allow HR business partners and organizational leaders to optimize talent in a way that effectively aligns with corporate goals, and to more quickly make informed decisions that drive business value.
Workday is capable of delivering these through its “Power of One” architecture. This will enable the bank to have a single view of its employee base across the organisation.
Chano Fernandez, co-president, Workday commented: “We continue to see financial services leaders select Workday to help advance their HR functions globally with one system to plan for, execute on, and analyze people-related initiatives. Wells Fargo joins several other Fortune 50 financial services organizations that are leveraging Workday’s innovative HR technology to better engage their workforce and inform people decisions that help meet customers’ financial needs.”
Enterprise Times: What does this mean
This is a significant blow for Oracle as it looks to fight back against the rise of Workday. Wells Fargo is a significant Oracle customer and has worked closely with it in the past. Perhaps more impressive is the longer term commitment that Wells Fargo is making to the Workday Platform. Planning is another potential area that Oracle might have hoped to retain or gain as the bank transforms its IT systems. This is a big win for Adaptive Insights as well. Workday is increasing its presence in the banking world. Is this perhaps a sector it might go after with an even deeper level of functionality?
For Oracle, the roll out of the Redwood UI cannot come fast enough. With the user friendliness of the Workday solution cited as the top reason for changes, Oracle needs it quickly. Phill Wallace of Accenture also noted this in a recent interview.