Published: 22 May 2023
Renewing a Workday contract can be a complex endeavor; success depends on preparation, effective communication, demand planning and current relationship state. Sourcing, procurement and vendor management leaders should use this five-phase approach to negotiate and optimize Workday contract renewals.
Workday’s sales approach and common bypass of procurement can make renewal negotiations complex and prolonged. Customers that leave too little time to prepare often miss opportunities to create leverage and risk paying more than necessary.
Customers with Workday’s standard renewal price caps or with renewals left for good faith negotiations are exposed to significant unbudgeted increases at renewal, especially in high-inflation scenarios.
Customers that do not plan their future business needs or are unfamiliar with Workday’s growth focus areas and contracting changes find themselves at a significant disadvantage during renewals.
Sourcing, procurement and vendor management (SPVM) leaders negotiating Workday renewal contracts
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