Workday Spend Management offers a comprehensive, cloud-based solution that gives organizations complete visibility and control over their spending, from procurement to payment.
By integrating seamlessly with Workday’s financial and operational systems, this platform helps businesses optimize supplier relationships, automate procurement processes, and ensure compliance with spending policies.
This article explores the key features and benefits of Workday Spend Management, highlighting how it empowers organizations to make smarter financial decisions, reduce costs, and improve overall efficiency.
Understanding Cloud Spend Management Solutions
Cloud-based spend management solutions provide a comprehensive platform to consolidate critical procurement data, accelerate manual tasks, and enable more effective business processes.
Workday’s intelligent spend management software simplifies the entire procurement lifecycle, empowering users to source and procure the goods, services, and contingent talent they need to maintain operational efficiency.
From managing inventory and suppliers to conducting expense reporting, optimizing contracts, improving financial planning, and delivering real-time insights into goods and services, Workday’s cloud spend management solutions make it easier to control costs and drive growth.
Key Capabilities of Workday Spend Management
Comprehensive tools
Access intelligent tools for strategic sourcing, contract management, and supplier engagement to improve performance and promote better business decisions.
Consolidate supplier selection, onboarding, sourcing, contract management, and risk assessment tasks in a single platform for better collaboration and efficiency.
Real-time insights
Leverage intelligent spend analysis tools to gain contextual insights into supplier engagement, risk, and performance and improve visibility across procurement teams.
Flexible workflows
Utilize a flexible framework, spending thresholds, and change requisition approval workflows to access critical data at the point of action and manage procurement processes in a way that makes the most sense for your organizational needs.
Task automation
Connect with Workday AI to automate manual tasks, such as contract management, procurement, supplier invoices, and expense reports, and free up internal resources to focus on more strategic activities.
Intelligent Modules to Manage Spend
Here are a few key modules included in the Workday suite to help companies efficiently manage spend:
Supplier management
Workday Supplier Management simplifies high-impact sourcing projects and promotes effective collaboration with suppliers, making it easier to maximize value and minimize risks.
- Automatic feedback loops
- Intelligent tracking for key performance indicators
- Centralized contract forms and templates
- Customized stakeholder approval groups
- Integrations for third-party risk management tools
Procure-to-pay
Workday enables organizations to optimize the procure-to-pay process, from purchasing and spending control to transaction tracking and invoice processing. This way, users can create purchase requisitions and orders, receive goods, and process invoices in a single platform, improving indirect spending control.
- Configurable spend controls
- Invoice automation tools
- Customizable requisitions and purchase orders
- Actionable spend insights
- Intelligent spend management reviews
Strategic sourcing
Workday Strategic Sourcing empowers organizations to optimize the source-to-contract process, leverage data-driven insights for better business decisions, and improve collaboration and visibility between buyers and suppliers.
- Contract and pipeline management
- Flexible negotiation tools
- Reverse auctions, public bidding, and RFx capabilities
- Supplier engagement, onboarding, performance, and risk management
Expense management
Workday Expenses software leverages intuitive user experience and enterprise-grade functionality to improve expense reporting, analyze spending through flexible cost controls, and facilitate efficient integrations with financial systems like Workday Financial Management.
- Complete auditing and control features
- Global receipt scanning and reimbursement
- Mobile access for expense entry, reporting, and approval
- Expense risk reporting through Workday AI tools
VNDLY for procurement
Workday VNDLY offers an intelligent vendor management system that empowers users to manage inventory, streamline sourcing, improve governance, and control overall organizational costs.
- Time, expense, and budget tracking
- Contract and statement of work management
- Global invoice and rate card tracking
- Unified platform for job requisitions
- Comprehensive vendor performance management
How Can We Help?
Whether you need help assessing your existing Workday setup, facilitating real-time data analysis across project systems, or managing complex connections between Workday and non-Workday applications, Surety Systems is here to help.
Our senior-level Workday consultants have the skills and experience to understand your critical project needs and ensure your internal teams are prepared for long-term improvement and innovation.
Contact Us
For more information about our Workday consulting services or to get started on a project with our team of expert consultants, contact us today.
