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Product Management Analytics Question: Workday service success measurement framework with key performance indicators

how would you measure the success of workday's workday service?

Product Success Metrics Medium Member-only
Metric Definition Data Analysis Strategic Thinking Enterprise Software Human Resources Financial Services
Product Analytics Performance Measurement User Adoption Cloud Software ERP Metrics

Introduction

Measuring the success of Workday's Workday service requires a comprehensive approach that considers multiple stakeholders and various aspects of the product. To effectively evaluate this enterprise resource planning (ERP) solution, I'll follow a structured framework covering core metrics, supporting indicators, and risk factors while considering all key stakeholders.

Framework Overview

I'll follow a simple success metrics framework covering product context, success metrics hierarchy, and strategic initiatives.

Step 1

Product Context

Workday's Workday service is a cloud-based ERP system that integrates human capital management (HCM), financial management, and planning into a single platform. It's designed for medium to large enterprises, offering a unified solution for managing core business processes.

Key stakeholders include:

  1. Enterprise customers (HR, Finance, and IT departments)
  2. End-users (employees and managers)
  3. Workday's leadership and shareholders
  4. Implementation partners and third-party integrators

The user flow typically involves:

  1. System administrators setting up and configuring the platform
  2. Employees accessing self-service features for HR and finance tasks
  3. Managers using analytics and reporting tools for decision-making
  4. Finance teams leveraging the system for budgeting, forecasting, and financial reporting

Workday's service aligns with the company's strategy of providing cloud-based enterprise solutions that are flexible, user-friendly, and continuously updated. It competes with traditional ERP providers like SAP and Oracle, as well as newer cloud-native solutions like NetSuite and Microsoft Dynamics 365.

In terms of product lifecycle, Workday's service is in the growth/maturity stage, with a significant market presence but still expanding its customer base and feature set.

Software-specific context:

  • Cloud-based SaaS deployment model
  • Regular updates and feature releases (typically twice a year)
  • Extensive API ecosystem for integrations with other enterprise systems

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