Navigating the complexities of modern retail demands dynamic solutions that enable visibility into core processes and empower users to control their own experience. Workday Retail addresses this by offering resource management, strategic data insights, and operational agility.
This article discusses how the features of Workday’s unified system can help organizations and Workday customers streamline workforce management, boost financial planning, and strengthen customer engagement, providing retailers an edge in a highly competitive landscape.
Key Takeaways
- Workday’s AI-driven workforce management tools, including real-time scheduling and labor optimization, reduce labor costs while enhancing employee engagement and operational efficiency in the retail industry.
- Workday Prism Analytics enables retailers to glean insights from integrated data sources, informing strategic decisions for store and product performance, crafting omnichannel strategies, and personalizing customer relationships for retention and satisfaction.
- The platform provides key financial management tools for budgeting, forecasting, cost management, and adapting to changing business models. These tools are essential for driving revenue and maintaining cost efficiency in the competitive retail industry.
Redefining Workforce Management in Retail with Workday
Workday’s AI-driven scheduling tools are revolutionizing the modern workforce management (WFM) landscape. By adjusting employee schedules in real time, they prevent the common retail pitfalls of over- or understaffing, leading to significant reductions in labor costs. This innovative approach to scheduling is just one piece of the puzzle.
Coupled with Workday’s integrated data core, retail leaders are empowered to make more informed decisions, cutting labor costs even further. Both labor optimization and proactive spend management capabilities integrated into Workday are crucial in maintaining cost-efficient WFM, a lifeline for retailers in an increasingly competitive sector.
Yet, Workday’s impact goes beyond numbers. Workday fosters a positive environment that bolsters employee engagement by providing flexibility in work arrangements and catering to preferences for remote work options. This, in turn, streamlines store operations, improves productivity, and enhances schedule quality, creating a win-win situation for retailers and employees alike.
Harnessing Data Analytics for Retail Growth
Data is the new gold in the retail industry, and Workday Prism Analytics follows suit. It empowers retailers to integrate and analyze diverse data such as point-of-sale, inventory, and social media, providing a goldmine of insights to inform strategic decisions.
Using these analytics, retailers can:
- Evaluate store and product performance effectively
- Craft effective omnichannel strategies for critical retail processes
- Identify strategies to enhance customer retention
- Analyzing customer profiles, visit frequency, and purchase history
- Personalize their approach and foster stronger customer relationships
More than just a metrics machine, Workday Prism Analytics offers insights into customer engagement, sentiment, and satisfaction across various regions and channels. It generates critical growth metrics, such as cost analysis by business process, labor and supply costs, fulfillment times, and revenue variance, which drive informed decision-making and support future growth for retailers.
Financial Planning and Revenue Management with Workday
Financial planning and revenue management are cardinal elements of success in the retail sector, and Workday is leading the charge. Its financial solutions support budgeting and sales forecasting, leveraging tools for scenario and driver-based planning. This enables informed decision-making and helps retailers plan and increase revenue while managing costs.
Workday offers the following features to streamline cost-efficiency in the retail sector:
- Proactive spend management
- Supplier contract management
- Flexible global financial framework
- Automated financial operations
These capabilities ensure that no dollar is wasted and enhance financial management in retail, ultimately improving overall finance.
Workday’s approach is centered on integration and adaptability, ensuring retailers stay ahead of the curve. It enables retailers to combine financial and operational data for a comprehensive business view and accommodates changing business models, such as buying online and picking up in-store.
The Role of Workday in Talent Acquisition and Retention
Workday’s connected WFM system is key in maintaining effective talent acquisition and retention strategies. Internal hires facilitated by Workday have been found to be 82% more likely to be rated as top performers than external hires, further enhancing productivity and fostering a culture of growth within the organization.
By enabling retail leaders to identify and bridge skill gaps, Workday fosters employee growth and increases engagement and loyalty. It helps HR leaders refine talent management tools and processes to prevent talent from going to competitors by enhancing internal mobility and making employees feel valued and appreciated.
Workday also aids retailers in pinpointing critical areas of improvement and assessing the effectiveness of employee training programs in relation to customer satisfaction. By rethinking their talent and performance philosophy using Workday’s Retail solutions, retail companies have seen a 35% reduction in employee dissatisfaction with professional growth paths on average.
Real-Time Operational Insights for Retail Agility
In the fast-paced world of retail, agility is key, and Workday’s modern WFM system provides the speed retailers need. According to an IDC global study, a lack of operational visibility is a major challenge in retail, with 44% of retail executives experiencing this issue. Workday addresses this by seamlessly providing real-time operational insights within managerial workflows, aiding better decision-making and leadership.
By automating repetitive tasks, Workday equips retail businesses to respond swiftly to market changes. This helps maintain a competitive edge and control labor costs. In an industry where time is of the essence, these insights can make the difference between staying ahead or falling behind.
Empowering Retail Employees with Digital Solutions
Workday’s digital solutions empower retail employees with a unified system that enhances productivity and addresses workforce retention. These solutions offer features that:
- Streamline retail operations
- Increase store manager efficiency
- Optimize labor
- Are responsive to rapid changes in both consumer demand and workforce expectations.
One noteworthy aspect of Workday’s solution is that its employee self-service options are available on mobile devices. By enhancing user engagement and reducing the costs and risks related to staff turnover, these options are a boon for retailers looking to empower their workforce.
The Workday Solutions Marketplace extends Workday’s capacity, offering retail-specific solutions from certified partners to meet unique business needs. It’s more than just a platform; it’s a comprehensive ecosystem that caters to the evolving needs of the retail industry.
Integrating Workday for Enterprise-Wide Transformation
Workday’s impact on the retail sector is undeniable. Nearly half of the 2021 NRF Top 100 Retailers utilize Workday to manage retail operations and support digital transformation. This widespread adoption is a testament to Workday’s effectiveness in driving enterprise-wide digital transformation.
Workday’s unified platform bridges the gap between front and back office operations, providing comprehensive insights and enabling better alignment and collaboration. This integration is critical in today’s retail landscape, where cohesion and coordination across all operations are essential for success.
How Can We Help?
From redefining WFM to driving enterprise-wide digital transformation, Workday has proven an indispensable asset for retailers. Its AI-driven scheduling, data analytics, financial planning tools, and digital solutions empower retailers to optimize their operations and foster growth.
Workday’s unified platform brings together front and back office operations, providing real-time operational insights and empowering retail employees. Its role in talent acquisition and retention and its ability to adapt to changing business models make it a comprehensive solution for the evolving retail landscape.
But, without the right resources and support to manage critical Workday operations and maximize the efficiency of your existing technology landscape, your investment could be costing more than you may realize. This is where Surety Systems comes in, offering personalized support for critical Workday initiatives and ensuring your most critical needs are met, no matter what.
Contact Us
Whether you need help implementing Workday solutions for the first time, navigating complex integrations between Workday and non-Workday systems, or just maintaining effective communication routes across enterprise teams, our senior-level Workday consultants have you covered.
Contact us today for more information about our Workday consulting services or to get started on a project with our team of expert consultants.
Frequently Asked Questions
How does Workday optimize workforce management in retail?
Workday optimizes workforce management in retail by using AI-driven scheduling to adjust employee schedules in real-time. This prevents over- or understaffing and reduces labor costs while also supporting labor optimization and proactive spend management.
How does Workday's data analytics functionality contribute to retail growth?
Through its Prism Analytics tool, Workday’s data analytics capabilities integrate diverse data to inform strategic decisions, evaluate store and product performance, and identify customer retention strategies, ultimately contributing to retail growth.
How does Workday support financial planning and revenue management?
Workday supports financial planning and revenue management through budgeting, sales forecasting, proactive spend management, supplier contract management, and a flexible global financial framework for the retail industry. Overall, it offers a comprehensive set of tools to streamline cost efficiency and adapt to unique industry needs.
What role does Workday play in talent acquisition and retention?
Workday plays a crucial role in talent acquisition and retention by enabling leaders to identify skill gaps, enhance internal mobility, and refine talent management tools and processes. It also assists in assessing the effectiveness of employee training programs.
How does Workday support enterprise-wide digital transformation?
Workday supports enterprise-wide digital transformation by providing a unified platform that bridges the gap between the front and back-office operations, enabling better alignment and collaboration among leading retailers.
