Numerous acquisitions are continuously characterizing current times. Companies are buying others in a move to take advantage of certain levels of expertise, experience, and knowledge in specific fields.
This process is aiding the buying entities in boosting their operations, keeping up with the ever-changing technology, gaining the upper hand against their competitors as well as securing a promising future. In a similar case, Workday recently announced the acquisition of Stories.bi, which is a well-known innovative company in the analytics field.
Workday has been investing significantly in boosting the depth and breadth of its analytics potential through delivering robust solutions. The addition of Workday Prism Analytics represents such solutions, which equip customers with much intelligent and faster ways of uncovering true businesses insights not only from the burgeoning volume but also from the variety of data in their organizations. Acquiring Stories.bi marks an essential step for Workday as far as progressing its analytics journey is concerned.
Stories.bi focuses on augmented analytics, which is a powerful technique that applies both artificial intelligence and machine learning technologies in automating analysis and delivering insights into what is taking place in an enterprise.
The company takes this fundamental step a notch higher by recognizing top line opportunities, trends, and issues in the organization. In turn, it provides personalized insights to an enterprise user, particularly to an enterprise user in a conversational, headline form like Actual shipments amounted to $238,000 behind plan in the previous quarter, 62 percent of which are sourced from Singapore.
After Stories.bi has done its work, a user can then go deeper understand easily the factors propelling the headline. For instance, how the actual shipments compare to earlier quarters or the reasons behind the change. Doing so allows a user to know kind of actions to take next.
The approach used by Stories.bi will allow Workday’s analytics products to be extra intelligent while making the company’s UX to be more conversational. What this means is that customers can now find additional opportunities to enhance their enterprise even without having to go through vast amounts of data or even wait on comprehensive reports. Despite the acquisition not being formally completed, it is not clear how it would interact with the imminent addition of Adaptive Insights business planning software, mainly into Workday‘s product portfolio.
Even with the incomplete acquisition of Stories.bi, the announcement of the purchase by Schlampp is a hint by itself. This is because he is in charge of the big data analytics platform, which is based on Workday’s purchase of Platfora two years back. Currently referred to as Prism Analytics, the platform was well-positioned as the company’s most thrilling projects ever since it unveiled its first product.
According to Workday’s chief executive officer Aneel Bhusri, the acquisition complements the company’s pursuit of what it refers to as natural workspace technique, which involves interacting with business analytics and applications. He also insisted that the acquisition strengthens the message. Bhusri said this briefly after the Adaptive Insights acquisition, which Workday still invests in Prism Analytics as its strategic focus.