The company also says its product offers built-in business intelligence capabilities to help executives make better business decisions, and internal audit features to aid with regulatory compliance.
Workday claims to be the first to offer an on-demand ERP solution, but it's not true. NetSuite, a competitor that targets the small and medium enterprise market, has had a SaaS ERP product for several years.
Both Workday and NetSuite are targeting ERP giants such as SAP and Oracle. They contend that service-based solutions are easier to deploy and can get up and running more quickly than premises-based software.
Workday was launched by former PeopleSoft founder Dave Duffield.