WDAY: Notes From the Road; Embracing Change

研报英文原文证据摘录

WDAY: Notes From the Road; Embracing Change

dilutive at scale. We view this as

an underappreciated piece of the long-term margin story and expect it to become a bigger

part of the investor conversation as Flex Credit consumption increases over time. That said,

it’s easy to say “outcome based pricing” but we suspect that will not be easy to implement,

at least early in the development of this model.

Sana AI Summit Main Takeaways. The headline news from the summit was that Joel

Hellermark has been named Workday’s Chief AI Officer, a new role created specifically

for him, with a mandate to own the workflows, expand into new categories, and increase

agent autonomy over time across Workday's approximately 75M to 80M employee install

base. Mr. Hellermark used the keynote to declare the era of the copilot over, framing the

shift as moving from roughly ten copilots per employee to thousands of always on agents

per employee, with Sana as the unified interface that brings them together. He laid out a

roadmap built around five progressive levels of agent autonomy (by hand, copilots, human

in the loop agents, policy based general autonomy, and fully autonomous self-improving AI),

enabled by three capability levers Workday is building underneath: a multiplayer interface

that lets humans and agents collaborate against shared context, living memory that persists

across sessions and systems, and proactive agents that run 24/7. Mr. Bhusri added that

reasoning engines are powerful but not deterministic and SaaS is deterministic but not

reasoning, and that the opportunity with Sana is bringing the two together. Lastly, Mr.

Hellermark also reframed Workday’s TAM as not selling software but selling work,

and because the work market (that exists around software) is much larger than the