A few things to know about Workday from a healthcare provider's perspective
Workday had their #wdayrising event that brought together their customers, prospective customers, partners, and industry analysts. In recent years, the healthcare provider industry has spent the majority of its technology budget on the electronic medical records. This has led to a neglect of back-office enterprise resource planning (ERP) software, and, as a result, almost every healthcare provider organization now is evaluating a cloud ERP solution. Healthcare providers are evaluating ERP platforms based on new sets of criteria in search of a solution to drive digital transformation. These criteria could be described as "postmodern ERP requirements."
I am impressive by growth in workday's healthcare position and the workday healthcare summit event attendance has grown every year showing a lot of new customers in the community.
The primary concern among healthcare providers with workday during the last few years was that it had a robust HCM and accounting component, but it lacked a supply chain module. Now the supply chain module is ready, and we have seen many new live clients along with the list of potential healthcare full cloud ERP clients growing. Here is a view of the live and upcoming live clients on the workday supply chain.
Top of mind for healthcare CxOs
Driving transformation and eliminating unnecessary expenses – The Workday supply chain module is designed for healthcare providers with inputs from many large healthcare provider organizations. Healthcare executives must utilize their ERP solutions as the platform to drive efficiency in supply chain. Areas of focus will be on optimizing their pricing structure with the manufactures, enhancing their charge capture capabilities, and creating a mobile-first experience for the front-line supply chain staff to streamline the stocking, par counting, and other areas of the operation.
Organization talent and insight – The cost of external recruitment in a tight labor market that currently has a talent shortage is very tough and expensive. HR leaders want insights into their employees to increase staff retention while promoting growth internally. Analytics and insight into the workforce will be key to driving an engaged organization workforce culture.
Grants management – One area that has always been tough for healthcare provider institutions with an extensive research operation is managing grants. The grants management feature in the financial management module will help capture the accurate information on tracking grants before it is awarded and post-grant for budgeting, staff utilization that is working clinically and on the research side, and reporting.
Data-Driven – Healthcare organizations strive to be a data-driven organization, and they are focusing on providing the highest quality of care at the lowest cost. Enhanced ERP analytics will help CxO and department manager gain insight with better tool.
Cloud ERP adoption will be just as hot as the electronic medical record (EMR) implementation wave as organizations focusing on their transformation journey.
Early adopters of the cloud ERP have workday HCM while utilizing another system for finance and supply chain. Will these organizations have the optimal data integration set up for driving operational efficiency, or will there be another wave of implementation to move towards an integrated platform?
Healthcare providers have a choice to make in selecting their enterprise analytics platform since they have many different analytics systems in the portfolio. Will they trust the cloud ERP analytics platform at the enterprise level or look at another solution?
Workday credentials using blockchain technology can be a game-changer not for just HR on validating skills and credentials, but also for the clinical staff. Workday credentials can be the source of truth for identity access management. Healthcare organizations traditionally rely on their HCM system as the source of truth for employee information. Now with the workday credentials, it is a prime opportunity to tie in roles and system access management, which is an immature area for healthcare providers.