Workday Inc., a provider of enterprise cloud applications for finance and human resources, announced Workday Data-as-a-Service, a cloud offering that provides data to organizations to enable more informed decision-making.

The first service delivered on the DaaS offering, Workday Benchmarking, provides key metrics to companies looking to gain a better understanding of their performance in comparison with peers, to help achieve optimal performance in their markets.

Traditional benchmarking services and reports typically provide outdated data delivered out of context, Workday said. These services are costly and difficult to manage due to their lack of flexibility around rules and calculations.

Workday Benchmarking is designed to address these challenges by enabling companies to better understand their relative performance using current data. Once they opt to participate in the Workday Benchmarking service and select what data to contribute, their data is de-identified and added to a secure, aggregated dataset.

In return, they get access to benchmarks representative of Workday’s participating customer community, and can see how they compare against peers with similar demographics such as industry or company size.

“To gain an edge over competitors, organizations need to see how they measure up against others,” said Dan Beck, senior vice president of platform technology at Workday. “Data is today’s best currency for businesses looking to unlock the best insights within their business and compare themselves industry wide.”

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