Workday is a cloud-based software company that offers human capital management, financial management, and other enterprise services. Founded in 2005, Workday has grown to become one of the leaders in the cloud ERP space. However, some may still question if Workday is a legitimate company and wonder if their services and software can be trusted. In this article, we will examine Workday’s history, products, financials, customer base, and market position to determine if it is indeed a legitimate company.
Workday’s History
Workday was founded in 2005 by Dave Duffield and Aneel Bhusri, who were also the founders of PeopleSoft. After Oracle acquired PeopleSoft in 2004, Duffield and Bhusri decided to start a new company aimed at providing enterprise cloud applications.
They launched Workday in 2006 with their first product Workday Human Capital Management. This provided human resources, payroll, talent management, and other HR functions as a software-as-a-service (SaaS) application.
Over the next few years, Workday continued to innovate and expand its product offerings:
Major Product Launches
2007 | Launched financial management applications |
2010 | Released new platform with advanced development tools |
2012 | Released Workday Recruiting application |
2014 | Launched Workday Payroll |
2015 | Released Workday Learning platform |
This illustrates Workday’s steady growth and expansion into new enterprise software categories beyond just human capital management. The company was innovating and delivering new applications to meet evolving customer needs.
Workday’s Financials
As Workday expanded its product portfolio, its revenue and customer base also grew quickly:
Key Financial Results
Fiscal Year | Revenue | Customers |
2014 | $733 million | 839 |
2015 | $468 million | 1,100 |
2016 | $1.2 billion | 1,500 |
2017 | $2.1 billion | 1,800 |
2018 | $2.8 billion | 2,300 |
This rapid revenue growth from hundreds of millions to billions, along with the growing customer base, demonstrates that Workday was selling products that customers wanted and were willing to pay for. The financial track record makes it clear that Workday was building a real, thriving business.
As of 2022, Workday has annual revenue of over $5 billion with over 55 million users globally. It has achieved consistent profitability with billions in cash reserves. This level of financial performance further validates Workday as a legitimate industry leader.
Workday’s Products
Workday now offers a variety of enterprise software products across human capital management, financial management, planning, spend management, and more. Some of Workday’s major products include:
Key Product Offerings
Workday HCM | Global human resources, talent, payroll, and workforce management |
Workday Financial Management | Accounting, revenue management, expenses, procurement, and projects |
Workday Strategic Planning | Financial, workforce, and sales planning |
Workday Analytics and Reporting | Analytics, data visualization, and reporting |
Workday Prism Analytics | Machine learning-driven analytics |
The breadth of applications illustrates Workday’s expansion into a full-suite cloud ERP provider. The products have advanced capabilities powered by machine learning and analytics. The wide adoption of these products by customers further validates Workday as a legitimate player.
Workday’s Customers
Workday has accumulated an impressive customer roster with leading global enterprises:
Major Customers
Amazon | Hitachi |
Netflix | BP |
IBM | Walmart |
Salesforce | McDonald’s |
Adobe | Unilever |
With over 3,700 customers across healthcare, financial services, technology, government, education, and other sectors, Workday has gained wide adoption. The fact that large, reputable multinational organizations rely on Workday for mission-critical applications demonstrates its legitimacy.
Notable customers include:
- 9 of the Fortune 10
- 19 of the Fortune 20
- 53% of Fortune 500
- 60% of Fortune 100 Best Companies to Work For
The trust from top global enterprises further cements Workday’s reputation as a legitimate industry leader.
Workday’s Market Position
In the highly competitive market for enterprise cloud applications, Workday has emerged as a major player:
- Leader in Gartner’s 2022 Magic Quadrant for Cloud HCM Suites
- Leader in 2022 Gartner Magic Quadrant for Cloud ERP
- Leader in Forrester Wave for cloud ERP and cloud financial management
- Leader in IDC MarketScape for cloud HCM and finance/ERP
By displacing legacy on-premise ERP vendors to become a leader in next-gen cloud solutions, Workday has proven itself as a force in the enterprise technology market. Its position as a leader in analyst reports further points to its legitimacy.
Conclusion
Based on Workday’s long history, robust financial track record, extensive product portfolio, large enterprise customer base, and leadership position in the market, it is clear that Workday is very much a legitimate company. For any organization looking for a trusted partner for cloud-based ERP, human capital management, and financials, Workday checks all the boxes. With continuous innovation and growth, Workday has established itself as a reputable industry leader that is very much a legitimate business.