Workday tops $1 billion in financial services industry revenue
With Workday focusing more on industry-specific solutions and positioning, the company recently revealed that annual recurring revenue from financial services customers now exceeds $1 billion.
I want to emphasize that Workday is not claiming it has reached $1 billion in cloud revenue for financial services – the company’s comment instead refers to the total revenue it generates from financial services companies across Workday’s suite of applications for finance, HR, planning, analysis, etc.
So while this disclosure doesn’t correspond directly to industry clouds, it certainly underscores the growing emphasis on industry expertise and differentiation by each major cloud provider.
During the company’s fiscal second quarter earnings call late last month, co-CEO Chano Fernandez said the increased focus on vertical markets “is another area of opportunity. and significant investments, and I’m happy to share that financial services is our first industry to surpass $1 billion in annual recurring revenue.
Fernandez noted that financial services clients were among “some of our most strategic transactions and go-lives in the second quarter,” including new clients Raymond James and Apex Fund; expansion of transactions at Bank of Montreal and Cushman & Wakefield; and go-lives at United Overseas Bank and Comerica.
These comments from Fernandez underscore the cloud industry’s rapid and deep focus on providing not only industry-focused solutions, but also industry-specific applications and services, as companies in these areas have need new and more sophisticated tools that allow them to master new types of digital. the digital engagements and processes customers need.
Fernandez added that as Workday pursues billion-dollar opportunities in other industries, the company’s partner ecosystem “is becoming an increasingly important driver of our growth and success in the sector”. In particular, he cited strong advances in healthcare, education, government, retail, hospitality, technology and media.
Fernandez then took advantage of the high-profile earnings call to highlight some industry advancements with leading systems integrators “such as Accenture, Deloitte, KPMG and PwC” which he said “not only guarantee successful deployments, but also serve as drivers of innovation specific to our customers’ needs.
This aligns with what all of the Cloud Wars Top 10 companies are saying about the increasingly strategic role that partners are taking in cloud deployments from technology-driven transactions to strategic business transformation initiatives that take full advantage of these “drivers.” of innovation”.
Additionally, Fernandez said, big announcements about new industry-specific innovations — including “industrial accelerators with specific solutions and use cases” — will be coming at the company’s upcoming Rising customer event. in Orlando, September 12-15.
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