Workday Procurement is designed to support the unique requirements for the acquisition of goods, services, and contingent labor for your organization—from the requisition process all the way through to payment.
With Workday Procurement, you can:
- Configure procurement business processes to meet your specific requirements, including requisitioning and ordering, receiving, invoicing, and payment
- More effectively collaborate with suppliers and manage supplier content
- Ensure adoption across your global workforce with a consumer-like user experience to support the creation, submission, and approval of purchase requisitions
- Gain real time visibility into spend with multi-dimensional reporting and analytics
Designed to address the unique requirements of both goods and services procurement, Workday Procurement does not require you to deploy a multitude of disparate systems to bring your spend under management. From the requisition process all the way through to payment, Workday supports and manages the information, policies, and processes relating to the acquisition of goods, services, and contingent labor for your organization.
- More effectively collaborate with and manage the suppliers you buy from.
- Easily set up and maintain your entire set of suppliers. Transact directly with independent contractors, precluding the need to setup redundant suppliers.
- Load supplier catalogs using common classification schemes.
- Transact with suppliers leveraging industry standards such as Punchout.
- Establish spend policies including thresholds, item pricing, expiration dates and contract documentation for both goods and services spend.
- Configure Procurement business processes to validate against item thresholds, protecting buying organizations from price increases that are not agreed upon.
- Configure recurring payments to model scenarios such as rental agreements and leases.
- Put purchase requests in the hands of your global workforce while still maintaining proper spend controls.
- Enable employees and managers to create, submit, and approve requisitions automating existing manual and paper intensive processes.
- Support purchase orders for goods, contingent workers and delivered services.
- Collaborate with suppliers through a portal as well as through XML/EDI.
- Configure business processes based on the context of each supplier and/or order.
- Track receipt activity against your Purchase Orders.
- Receipts encompass standard goods receiving (which can flow to business asset tracking), contingent worker timesheets and deliverables activity logs.
- Leverage a common business process that provides configurable receiving steps as well as support for Evaluated Receipt Settlements (ERS).
- Take advantage of paperless receipt of supplier invoices and electronic payments to maximize processing efficiency.
- Enable the system to receive invoices over the web directly from supplier systems or leverage Workday’s Supplier Collaboration portal that allows suppliers to “flip” a Purchase Order into an Invoice.
- Invoicing works seamlessly with procurement to support standard two and three way matching.
- Leverage a single settlement engine to manage all payments generated across the entire business for any purpose—such as payroll, supplier payments, employee expense reimbursements and customer refunds.
- Manage your regulatory filing of 1099 Misc for Independent Contingent Workers
Real Time Spend Analytics
- Leverage built-in spend analytics that allow full visibility into your organization’s spend drillable by valuable business dimensions such as supplier, spend type, and more.
- Deploy analytics to all levels of business leaders leveraging the power of Workday’s organizational security model.