Adaptive Insights Showcases Product and Technology Innovation at Adaptive Live
Customers realize significant performance gains with Business Planning Cloud
Adaptive Insights, a Workday company (NASDAQ: WDAY), showcased continued innovations for Adaptive Insights Business Planning Cloud on day two at Adaptive Live 2019, the annual gathering of finance and business planning professionals that trust Business Planning Cloud for planning, modeling, and reporting. Centered around collaborative planning, company-wide modeling, and an intelligent and scalable platform, the new enhancements continue to support business planning for organizations of all sizes.
At the core of the product innovations is Elastic Hypercube Technology, the planning, reporting, and analytics engine for Business Planning Cloud. Now in use by more than 4,000 customers, Elastic Hypercube Technology has dramatically increased calculation efficiency making the 90th percentile response time more than 50% faster.
Taking the stage at Adaptive Live, Chief Product Officer Bhaskar Himatsingka noted, “Elastic Hypercube Technology has brought unprecedented levels of performance for our customers, including the largest enterprises with hundreds of thousands of employees. We’re fiercely committed to innovation that supports both distributed planning—the ability for non-finance users to contribute expenses and forecasts directly to finance through our platform—and functional planning such as workforce, sales, and operational planning, where non-finance users can easily build and manage models to create a holistic, company-wide plan. Elastic Hypercube Technology has proven it is the engine to power the next generation of planning.”
Large enterprises, such as the American Family Mutual Insurance Company, use Business Planning Cloud to manage business performance across geographies and distributed business units. American Family Mutual Insurance Company uses a monthly rolling forecast cadence involving hundreds of business users to plan and manage billions of dollars in operating expenses. Its sophisticated planning models leverage insurance-specific drivers like premium revenues, new business applications, and claim counts for advanced forecasting and reporting.
“Our performance as a company is dependent on accurate, continuous planning and a deep understanding of our risks and variables,” said Shawn DeBoer, business technology and planning director, American Family Mutual Insurance Company. “We've seen our model performance improve and calculation times speed up since the release of Elastic Hypercube Technology, which is significant for our teams given the planning, reporting and analysis demands we see on a daily—even hourly—basis.”
Product Innovation Takes Center Stage
A future powered by machine learning (ML) technology was highlighted and a new anomaly detection capability for Business Planning Cloud was unveiled during the morning keynote. A live demonstration of the new capability showcased the ability for both finance and business planners to easily catch potential errors in budgets, forecasts, scenarios, and other models. Working with financial and operational data, the system detects when data is outside the historical norm, flagging it for the user. Innovative ML algorithms enable the system to then learn from user feedback—determining if the anomaly was in error—to continually improve the process and better predict where anomalies occur.
Anomaly detection on Business Planning Cloud is expected to be available next month to a select customer set with general availability later this year.
Enhancements Target Functional Planners as Planning Expands Beyond Finance
Himatsingka noted that the strong adoption of Adaptive Insights’ planning platform beyond finance continues with more organizations using Business Planning Cloud for workforce, sales, and other operational planning. Continued innovation for product enhancements focus on collaborative planning and company-wide modeling.
Among the upcoming features demonstrated were active dashboards that allow business planners to enter data and immediately see the impact on analytical dashboards for visual optimization. For functional planners across the organization, next-generation security features with very fine-grained data access control are expected to be added to Business Planning Cloud.
Deeper Integration with Workday
Business Planning Cloud continues to integrate more deeply with Workday through the Power of One, with joint customers now able to more easily access Business Planning Cloud through single sign-on. Built-in access to Workday data and metadata from within Adaptive Insights lets customers build and drive comprehensive planning models and analyses. Drill-through from Adaptive Insights to Workday Human Capital Management and Workday Financial Management allows customers to immediately access transactional data for deeper insights into business performance and plans.
Enhanced Integration with Oracle NetSuite
New two-factor authentication and enhanced metadata integration for Oracle NetSuite builds on the long-standing integration between Oracle NetSuite and Adaptive Insights and enhances the user experience for joint customers. Adaptive Insights will continue to invest in its proven interface with Oracle NetSuite, enriching the ability to use ERP data in planning, reporting, and analysis with Business Planning Cloud.
For more information about continued innovation with Business Planning Cloud, read the blog, “Innovation in overdrive.”
This press release contains forward-looking statements including, among other things, statements regarding the expected performance and benefits of Workday’s and Adaptive Insights’ offerings. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “seek,” “plan,” “project,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Risks include, but are not limited to, risks described in Workday’s filings with the Securities and Exchange Commission (SEC), including Workday’s Form 10-K for the fiscal year ended January 31, 2019 and future reports that may be filed with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.
Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday's and Adaptive Insights’ discretion and may not be delivered as planned or at all. Customers who purchase Workday and/or Adaptive Insights services should make their purchase decisions based upon services, features, and functions that are currently available.