In the ever-changing landscape of enterprise resource planning (ERP) solutions, Workday stands out with its robust, integrated approach to managing human resources, finance, and operational data. 

Workday Inventory Management is designed to streamline and optimize an organization’s key supply chain operations, ensuring efficient inventory control, cost management, and seamless integration with other business processes.

This article provides readers with a comprehensive guide to Workday Inventory Management and explains how our senior-level Workday consultants can help their organization maximize the use of their existing technology.

What is Workday Inventory Management?

Workday Inventory is a cloud-based solution designed to meet the current internal inventory management needs of businesses across various industry verticals. It delivers comprehensive visibility throughout the inventory process, enabling organizations to strategically manage cash flow, reduce costs, optimize stock levels, support all supply chain processes, and support growth initiatives. 

Workday Inventory is also a part of the larger Workday Supply Chain suite, integrating smoothly with other modules like Workday Procurement and enhancing the efficiency of purchasing and goods movement.

Main Features of Workday Inventory Management

Let’s take a look at some of the key features of Workday Inventory Management:

Managing Internal Supply Chains

Workday offers a dynamic solution for monitoring every phase of the materials management process for internal supplies and products.

In addition to purchasing and receiving goods through the Workday Procurement module, Workday Inventory allows for the flexible storage and tracking of inventory items and enables users to manage their usage and replenishment effectively.

Workday makes managing the end-to-end materials process easier, from adding new inventory sites to increasing stocking locations and restructuring key approval processes.

Accurate Visibility

The secret to effective inventory management is awareness. Workday’s modern, flexible foundation ensures that business operations are always reflected through real-time data, delivering accurate analytics regarding on-hand materials and products. This innovative functionality offers a complete picture of all transactions and business dimensions associated with inventory management to improve data consistency and reduce total costs.

Broad Scope of Counting and Replenishment

Workday’s adaptable framework allows for the creation of stock requests through inventory replenishment, requisition sourcing, or ad hoc inquiries. It also automates replenishment through auto-generated purchase requisitions or stock transfer requests and empowers cycle and physical item counts on a scheduled basis.

Workday’s Inventory Management platform provides key innovations to support periodic automatic replacement (PAR) inventory management, allowing users to maintain and replenish PAR levels at each location effectively.

One Enterprise Platform

Workday Inventory comes pre-built with connections to key employees, purchasing, and financial data. This limits the number of process handoffs or manual items and allows for transparency across business units, thus accelerating business growth and optimizing cash flow.

Mobile-First Arrangement

Users can complete approval requests, perform pick transactions, and view actionable dashboards on their mobile devices, whether on the floor or on the go. Mobile capabilities are embedded into Workday’s core foundation without the need for additional software integrations or support from IT teams.

Key Benefits of Workday Inventory Management

  • Access real-time analytics and reporting capabilities for all on-hand goods to improve decision-making and reduce costs.
  • Improve cost management with informed inventory decisions.
  • Lower operational risk with custom business processes that aid automated replenishment, put-away, and purchase-requisition creation processes.
  • Achieve greater efficiency by tracking real-time reports on item consumption and inventory levels.
  • Improve inventory process visibility, from item stocking to counting and replenishing.
  • Increase compliance with corporate policies by ensuring a complete audit trail of inventory transactions.
  • Enhance staff productivity by enabling selected transactions and providing access to accurate dashboards through their mobile devices.

Connections to Workday Supply Chain Management

Workday Supply Chain Management (SCM) delivers dynamic collaboration functions that streamline communication and information exchange across partner and supplier portals, resulting in cost savings and enhanced efficiency throughout the supply chain.

Workday SCM provides an optimal platform for quick decision-making and allows users to examine and optimize supply chain performance as needed. With the right Workday SCM training, organizations can reduce expenses, quickly identify opportunities, and coordinate resources more effectively.

How Does Workday SCM Work?

Enhanced visibility allows businesses to gain insights into their core operations, thus improving overall decision-making. By giving supply chain managers and employees complete control over critical supply chain operations like sourcing and delivery, Workday makes it easier to improve efficiency and reduce the total cost of ownership across the entire organization.

Inventory Management

Workday SCM provides tools for effectively managing inventory, including controlling and monitoring inventory levels, creating reports, automating processes, and assessing performance.

Workday provides all the necessary tools for businesses to successfully manage and optimize inventory levels and maintain efficiency across the end-to-end supply chain.

Inventory Visibility

Workday SCM gives organizations access to specific inventory information, facilitating better inventory management decisions, promoting cost reduction strategies, and increasing efficiency.

How We Can Help

Whether you need help implementing a robust supplier and inventory management tool to improve operations, navigating complex supplier relationships, or just getting started on your journey with Workday, Surety Systems can help.

Our senior-level Workday consultants have the functional expertise and experience to guide you through key Workday implementation and integration processes. We also provide continuous support long after your initial Go-Live date to ensure your systems are optimized, and your teams are operating efficiently.

Contact Us

Are you interested in learning more about our Workday consulting services or how our expert consultants can benefit your business?

Contact us today.