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Workday's HCM Solutions to Aid Wells Fargo With HR Overhaul

The company’s HCM solutions have recently been adopted by Wells Fargo & Company WFC in a bid to enhance HR capabilities and improve employee experience.Workday’s Adaptive Insights Business Planning Cloud, Prism Analytics, Payroll, Time Tracking and Recruiting, are other solutions, which have been selected by Wells Fargo.Wells Fargo seeks to utilize Workday’s cloud-based solutions to efficiently analyze, interpret and undertake machine learning-driven business decisions.Evolution of work practices call for an efficient HCM system with sturdy capabilities to enhance workforce productivity, manage diverse employee base, and comply with complexity in HR regulations.This is bolstering the demand for Workday’s HCM and financial management solutions, which bodes well for the company’s top line, going ahead.Expanding Clientele Holds PromiseWorkday is benefiting from robust adoption of its enterprise-level software solutions across financial management and human resource domains. The company’s cloud-based platform combines finance and HR in a single system that makes it easier for organizations to provide analytical insights and decision support. Workday’s HCM suite of applications exhibits strong growth momentum driven by the transition of organizations to the cloud. The company added 16 Global 2000 and 11 Fortune 500 companies in the fiscal fourth quarter.Notably, organizations ranging from medium-sized businesses to Fortune 50 enterprises have opted for Workday solutions.An expanding clientele is expected to provide the company a competitive edge in the HCM market, which per research firm MarketsandMarkets, is anticipated to hit $26.5 billion by 2024 from $16.7 billion in 2019 at a CAGR of 9.7%.Moreover, Gartner predicts spending on enterprise software to hit $560 billion in 2021, indicating year-over-year growth of 10.5% over $507 billion estimated in 2020.Workday is leaving no stone unturned to capitalize on the aforementioned growth opportunities, by strengthening portfolio with product enhancements and acquisitions.

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