Data is a powerful asset. But did you know that 99.5 percent of collected data never gets used or analyzed? Imagine all the data discovery tools and insights companies could use to improve their organizations, just allowed to go to waste.
In today’s business landscape, companies that leverage data and transform it into actions are more likely to succeed and stay ahead of the competition. However, doing so requires business leaders to have relevant, up-to-date, and accurate data sources, which can be tricky if it’s spread throughout the organization. Luckily, Workday customers have a tool to bring all that information together—Workday Prism Analytics.
Read on to learn about what Workday Prism Analytics is, some of its many capabilities, and how adding the solution to your Workday hub can benefit your organization.
What is Workday Prism?
Workday Prism Analytics is a self-service analytics solution for finance and HR teams that allows organizations to bring external data into Workday, combine it with existing people or financial data, and present it through Workday’s reporting framework. This gives you a holistic set of insights that can be done in a flash.
Workday Prism Analytics is a native component in the Workday fabric, which means it has the same look and feel as other Workday applications, on the surface, at least. Under the hood, however, it works seamlessly and securely with Workday and non-Workday data alike.
How Can Prism Analytics Help You?
Now that you have a better idea of what exactly Workday Prism is, let’s take a closer look into how this solution could make your organization run a little smoother.
We all know that data integration and analytics solutions are important, but we don’t often realize the importance of being able to bring data from multiple sources into a single system, like is possible with Workday. Employees, executives and other stakeholders need access to more than financial and HR data, but complicated systems and integration processes often make this a little tricky.
With Workday Prism, decision-makers are able to access data from other sources like their CRM, LMS or other industry-specific systems to gain more complete insight about their business performance at any given time. By using Workday-specific data integration and migration capabilities, Prism makes it easier for you to generate a cohesive, updated view of your performance data in one place.
With Prism reporting, your systems and data integration processes are simplified, and access to current, reliable data in a singular view makes it easier for employees to make more informed business decisions.
Quicker Time to Value
Business analysts need data and they need it fast. But, with outdated systems and integration capabilities, access to quick data insights is difficult.
Some functionalities and permissions for managing and transforming data can require in-depth knowledge of programming languages and even specific licenses. Workday Prism simplifies this by including built-in data lineage and auditing capabilities, giving analysts and other Workday users in the organization a secure place to analyze, prepare, and integrate their data information.
With more efficient data analysis and management, employees and executives are able to share information more quickly and build better insights in no time. Workday people analytics capabilities shave time off normal business processes, making your organization run more efficiently and effectively. What more could you want, right?
Trying to balance complicated business requests, keep security access up-to-date, and deploy expensive infrastructure systems can become taxing for IT teams, and especially for those that lack the internal system support and people resources needed to get the job done.
This is where Workday Prism comes into play.
Because Workday Prism is an entirely cloud-based solution, the software is maintained and updated internally, taking that stress off of your battle-tested IT team. Prism also allows users to set security preferences and guidelines and provides capabilities to make updating and aligning the system to meet your organizational needs easier. Increased functionality and simplicity within the Workday analytics system allows IT teams to implement programs and deploy solutions faster, while still maintaining data management processes, keeping track of performance metrics, and fulfilling all kinds of business analysis needs.
Capabilities of Workday Prism Analytics
Here are some of the main features and capabilities you’ll find in Workday Prism Analytics:
Data Management and Integration
With Prism, you can bring in data from any source via API, SFTP, or browser-based files. You can also schedule automatic updates to keep your data synced and current. It’s easy to search, discover, and manage datasets in a single data catalog.
Prism gives business analysts a secure space for business data that they can prepare, combine, and analyze with a click of a button—no coding required. Adding to the convenience, these people analytics and insights can easily be shared with colleagues or the big boss to review.
The Workday security framework allows you to govern data and apply role-based and contextual security for personalized access. You can also set different permissions and separate duties for dataset creation and publishing.
Workday Prism Analytics’ intuitive interface makes it easy to create and maintain data preparation and transformation pipelines, plus, you can apply join, union, group-by, and filter functions to any dataset. Finally, you can preview data transformations to ensure your data is what was expected, before go-live.
Prism allows you to query large-scale datasets with an in-memory high-performance analytics engine. (In other words, you can analyze data in a snap). Plus, all of your insights can be generated from desktop or mobile and then shared with anyone in the org.
Benefits of Workday Prism Analytics
There are many benefits to Workday Analytics, but we’ve come up with a short list of the ones we think will help you the most.
We can never talk enough about the importance of security these days. Workday has a single security setup that keeps your most vital and sensitive financial and people data secure. The ability to set role-based permissions and flexible governance allows you to easily open access to the people who need it. Prism also allows for external data sources to be easily integrated into the system with no added stress for your team.
By providing a singular system for processing and storing data, Workday Prism allows users to keep the data organized and gives decision-makers in your organization a more trustworthy source of information to depend on. The functionality of Workday, especially in making reports and employee dashboards available wherever and whenever you need them, makes data sharing a little easier. With Prism, your data management, analysis, and sharing processes are able to be democratized throughout your organization, maintaining balance and cohesion across departments and groups.
Workday connects users by giving them a common, reliable experience within the system. Prism specifically aids in building a better customer experience with its single system for data transactions and analysis that can be accessed throughout the organization as a whole. The simplified Workday reporting tool and its easy-to-use system lets users take control of their experience and gives them more insight to make reporting and data management their own.
Ease of Use
Prism is also easy for your HR and finance teams to use. Traditional tools often use an SQL interface, requiring users to write and maintain complex queries. But Prism has a clean user interface that hides the complexity of SQL.
The Big Picture
Finally, business leaders rely on more than financial and HR data to make decisions. Prism makes data integration easier. Users can tap into data from other sources like CRM or point-of-sale, bringing all of that information together (accurately and reliably) so the folks directing the ship can get the full view of the shoals ahead.
Getting Started With Workday Prism Analytics
If you’re ready to go “all in” with Workday Prism Analytics, our senior-level Workday consulting team is here for you. Whether you’re interested in implementing the tool, just getting started and need some help, or you’re an old pro who’d like to optimize your setup, we’ve got your back.
Contact us today to start putting your data to work for you.