This partnership provides real-time data-driven insights and recommendations for the C-suite to solve challenges in finance and human resources. Examples include a real-time dashboard that identifies sources of attrition at the individual level to help retain critical talent. McKinsey is also building a team of in-house experts to develop solutions directly within the Workday platform.
The two companies also claim to have found success in their initial phase of work, including enhancing Workday Strategic Sourcing by building a negotiation analytics engine to evaluate procurement bids. Within the first sixteen months of implementation, McKinsey and Workday deployed the technology with more than 30 clients, and captured $2bn in savings according to McKinsey’s measurements.
Chano Fernandez, co-CEO of Workday, said: “Companies today are navigating an increasingly dynamic environment, which requires new and innovative ways to solve business problems. By working with McKinsey, we look forward to delivering the next generation of analytics and insights to the C-suite so that our joint clients can address key business needs in finance and HR and maximize their investment in Workday.”
Bob Sternfels, McKinsey global managing partner, said: “Leaders are looking for the technology and expertise that will help them make the best decisions possible in this challenging moment. There is perhaps no better time than now for an alliance between McKinsey and Workday, which will help leaders build thriving and resilient organizations.”