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Workday Inc WDAY and Nayya have teamed up to bring AI-driven health and wealth benefits experiences for employees. Established in 2019, Nayya, a Workday Ventures portfolio company, specializes in connecting people's information through its AI-powered platform to help them maximize their health and wealth.
Nayya will be integrating its advanced data integration and analytics capabilities on the Built on Workday platform to create apps that provide improved outcomes and healthier return on investments (“ROI”) for employees and employers. Built on Workday is a program that aids its partners to create, manage and deploy apps on the Workday platform. Nayya will be able to utilize the vast amount data on the platform to improve recommendations for health and wealth decisions for employees.
Following the integration, Nayya can build various apps focusing on several use cases like personalized benefits selection (Choose), year-long benefits support and engagement (Use), streamlined claims management (Claims), and tailored retirement and leave planning (Retirement and Leave).
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Nayya highlighted that more than $3 trillion is spent on employee health and wealth each year and this has not been streamlined yet. By integrating of its guidance platform and Built on Workday, the companies will be able to match millions of employees with tailored solutions that foster success, driving engagement at key moments to deliver the best possible outcomes and maximize ROI. This collaboration opens up a huge revenue generating opportunity for WDAY by enhancing its exposure to the lucrative employee benefits market.
All its partners and clients can access the Built on Workday applications through the Workday Marketplace.
Higher Demand for Solutions Bodes Well for WDAY
Headquartered in Pleasanton, CA, Workday is a provider of enterprise-level software solutions for financial management and human resource domains. The company’s cloud-based platform combines finance and HR in a single system that makes it easier for organizations to provide analytical insights and decision support.
Workday’s revenue growth continues to be driven by high demand for its human capital and financial management solutions. A strong focus on AI integration across the portfolio is a tailwind. Collaboration with Alight to deliver an integrated payroll experience to customers across several regions of Europe will expand its global footprint.
However, WDAY’s margin continues to be affected by higher operating expenses, primarily due to an increase in headcount and marketing spending. While Workday offers a range of applications, the process of customizing and seamlessly integrating its software with an enterprise's existing systems can be a challenging and time-consuming endeavor. Increasing competition in the human capital management market is another concern.