Joe Schmidt

And there's a bunch of really complex stuff that happens there.

But the actual experience of that, like, you know, that an actual employee or, you know, an HR administrator or someone in IT experiences,

is fundamentally the same, you know, today as it was in 2005.

And so if you come in and you say, hey, I'm going to rebuild Workday, and you tell, you know, CHRO that, or you tell, you know, the CIO that, they're going to be like, okay, but like, what does it actually do differently than what Workday has done previously?

And you're going to say, you know, until now, it would have been very hard to say it was going to do something different.

And so what many companies have been doing over the past 15, 20 years, and this has been basically all of enterprise software, has been building little point solutions on top of that.

So you'll be seeing a bunch of things in recruiting, a bunch of things in finance, and so on and so forth.

And Workday has become the home for a lot of those businesses over time.

Obviously, we talked about some of their acquisitions.

And so what's really interesting about this moment in time and why we're writing so many obituaries, which I hate calling them that, it's like these are opportunity pieces, right?

and it's an opportunity for Workday, just the same as it is for startups, is that for the first time you can actually go to a CHRO or you can go to a CIO and say, the way that this core system works for you today can be so fundamentally different and we can change the actual way that the work is being done by your team

and the way that these platforms are actually interacted with by your employees or your customers.

That's the opportunity.

I see that in HR.

We're seeing that in ITSM.

We're seeing that in CRM.

We're seeing that in the biggest and most defensible categories, historically defensible categories.

And I think we're going to see a re-platforming.

And that's why you see obviously what's happening in the stock markets happening today because a lot of investors are talking about that and are worried about that.

And a lot of incumbents are too.