Is your artificial intelligence investment paying off yet? According to an EY survey, more organizations are seeing an increased return on AI investment, especially when they’re willing to allocate 5% of their total budgets on those assets. In fact, half of senior leaders in the survey said they planned on earmarking 25% or more of their total budget for AI in the coming year.
It’s a clear sign that competitive enterprises will be those that are willing to explore new uses of AI and harness the power of platforms that are AI-forward. In fact, a global research report published by Workday, Inc. asserts that “AI will be a catalyst for a skills revolution where uniquely human capabilities like empathy and ethical decision-making become the most valuable assets at work.”
During Workday Rising 2024, the enterprise cloud application provider affirmed its commitment to offering customers AI-powered tools at every turn. They’ve even highlighted new AI capabilities and partnerships since then.
Here’s what you need to know about Workday AI Innovations like:
HiredScore AI for Talent Mobility
Let’s start with Illuminate. This is the centerpiece of the Workday AI strategy. Illuminate uses the over 800 billion business transactions annually run on their modules as the foundation for turning data and contextual information into decision-making insights and next-gen automation.
Beyond streamlining workflows and maximizing productivity, Illuminate employs a large language model (LLM) to understand the “how” and “why” behind HR and financial processes. This deep learning allows the AI platform to offer real-time assistance that can identify manual tasks to automate, reduce inefficiencies and friction, and empower people to dive into more creative and meaningful human work. The hope is that these Workday AI innovations can facilitate human connections
What does that look like in practice?
There has been a growing buzz around AI agents, and Workday is on the forefront of adopters of this exciting technology. For those who haven’t been exposed to these intelligent systems yet, AI agents are programs designed to carry out a specific task autonomously. More than just completing tasks, these AI-powered tools can learn to acquire relevant knowledge to improve performance over time.
The current roster of Workday AI agents is composed of four essential programs (with more on the way):
What about growing internal candidates through artificial intelligence? Workday’s acquisition of HiredScore early in 2024 elevated the capabilities of HCM to cultivate and develop in-house leaders.
The key advantage is AI-powered talent orchestration. HiredScore AI for Talent Mobility uses internal data to personalize the growth opportunities of candidates based on their experience and interests as well as the business’s needs. Leaders and employees themselves are given real-time notifications and alerts, career guides, and tailored communications.
The initial results are promising. Organizations using the HiredScore AI for Talent Mobility have shown to experience the following:
All in all, employees receive the career support they want and leadership gets the help they need to proactively cultivate their workforce.
For those organizations that want to develop their own artificial intelligence tools, Workday AI Gateway can open the door to exciting new innovations. Though this feature was released last year, more companies have had a chance to experiment with this addition to Workday Extend.
In addition to allowing companies with Workday Extend talent to customize their own AI capabilities within the Workday platform, new AI services are being made available through the Workday AI Marketplace. These curated tools are built to address challenges and demands across HR, finance, planning, and specific industry needs.
With that in mind, it’s important for your customized Workday AI use cases to focus on tasks that are best suited for machines while leaving humans to handle tasks where their skills (see the following) are irreplaceable:
Unless you have a cadre of legal, accounting, or procurement experts at your disposal, it can feel like your organization is at the mercy of those crafting complex legal and business documents. Honestly, even experienced professionals can get lost in opaque language. The recent acquisition of Evisort by Workday allows users of their unified HR and finance platform to extract actionable business insights faster and more accurately than before.
Evisort is elevating data extraction and automation across the enterprise suite. Accounting teams can use this tool to quickly digest revenue contracts, supplier invoices, and asset agreements to navigate the most beneficial terms. Procurement teams can use Evisort to enhance their supplier contract negotiations and manage contract risks.
Better still, Evisort can help employees across your organization to quickly obtain accessible and comprehensible answers to questions about HR and finance policies. In general, this AI document solution integrates perfectly with the expanding AI features already under the Workday banner.
As organizations are trying to uncover low-hanging fruit, Workday is basically providing organizations with a massive fruit bowl right within reach. With their recently announced Workday AI Advisory Board, Workday shows their eagerness to push boundaries while learning about topics like these:
Workday’s willingness to think of the implications and repercussions of this technology not only increases their ability for ethical implementation, but to also provides the capabilities that workers and business leaders truly need.
These and other AI innovations have the potential to save customers time, money, and effort that can maximize AI investments in a relatively short period of time. All leaders need to do is connect with the right Workday implementation partner.
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