Whether big or small, all businesses rely on their procurement processes to save money and increase value by keeping spend under control. But if you still rely on manual workflows and paper-based procurement processes, they could be costing you.

In today’s global business environment, a digital procurement solution can streamline, automate, and optimize your entire procurement process, as well as capture cost and create a foundation for digital transformation. Which is where Workday comes in. Specifically, Workday Procurement.

From requisition to payment, Workday Procurement provides a single system for the entire procure-to-pay process. This article will give you a primer on what you need to know about Workday Procurement, from a general overview to some of its best features to results other businesses have seen from it. Let’s dive in.

Overview of Workday Procurement 

Workday Procurement is more than merely a tool to purchase goods and services. It’s a comprehensive spend management application that provides visibility over the procure-to-pay process. 

Single System to Control Indirect Spend

With a single system to manage indirect procurements, Workday Procurement allows you to access all of your suppliers, catalogs, and contracts in a single place. Connect to any supplier website or network to access a community of suppliers, just like that. The solution also allows you to create and submit requisitions, receipts, and issue purchase orders on any device. 

Supplier Portal Experience

Workday Procurement’s supplier portal makes it easier to drive collaboration and transactions. The portal allows suppliers to self-register through an external, company-branded website, keeping things consistent for your clients and customers. Suppliers can also load catalogs, create invoices, approve purchase orders, and maintain their own data, saving your team tons of time and energy.

Comprehensive Visibility

Workday gives you complete insight into goods and services spend. With that visibility, it becomes far easier to identify spending trends that impact the bottom line, analyze spend, create real-time reports and dashboards, and configure spend policies and workflows for more control. 

Insights and Data 

Workday gives you access to data on Who, What, When, Where, and Why with every transaction. Knowing the answers to these questions will help you analyze and understand operational spend, giving you the tools you need to look for ways to optimize. The solution also provides you with reporting known as “worktags” that provide more reporting capabilities over traditional procurement systems. Even more impressive, everything is done in real time. 

Benefits of Workday Procurement

Workday Procurement is a cloud-based tool, which means less maintenance, fewer costs, and increased security. Here are some of the other benefits customers experience when using the tool: 

  • Modern interface for easy employee adoption
  • Consistent global spend controls
  • Multi-supplier punchout for streamlined purchase requisitions 
  • Enhanced management spend reporting 
  • Seamless procure-to-pay process 
  • Stronger internal spend policies and enforcement 
  • Cost savings through better insights 
  • One system for all your indirect spend management needs 

The Results 

Unum, an insurance company in the US and UK, implemented Workday Procurement to replace a home-grown system. With Workday, the company has improved its control and visibility of their indirect spend, including insight into who and what was purchased—without having to ask its IT department. Unum has experienced an 86% reduction in requisition to purchase order cycle time and a 38% improvement in on-time payments.

According to Workday, the procurement solution also helped Broward College increase return-on-investment by 189% and helped them see a 50% reduction in questionable spend. Shelter Insurance saw a $650,000 annual reduction in out-of-policy spend. 

Getting Started with Workday Procurement 

The numbers speak for themselves. Workday Procurement can improve your organization’s spend and increase performance. But wait, there’s more! Workday also provides financial management and human resources in a single system. When Workday Procurement is used in combination with Workday Financial Management and Workday Human Capital Management, you’ll have consistent processes, data, and security policies across your organization, improving overall efficiency and control. 

Surety Systems has a senior-level Workday consulting team that can help you evaluate the Workday solutions and implement the tools best suited for your business needs.

Contact us today to get started.