Workday's moat can be analyzed through the following lenses:

1. Network Effect: Workday benefits from network effects to some extent, as its platform's value increases with more users and companies adopting its software. The more companies and employees using Workday, the more data and insights can be leveraged to improve the platform.

2. Switching Costs: The switching costs for Workday are substantial. Once a company has integrated Workday’s solutions into its core operations, the cost and effort to switch to another provider can be significant. This high switching cost helps retain customers and reduces churn.

3. Intangible Assets: Workday’s brand, proprietary technology, and customer relationships contribute to its intangible assets. The company is well-regarded for its innovation and comprehensive solutions in human capital management and financial management.

4. Cost Advantages: Workday does not have significant cost advantages. Its business model focuses more on delivering premium, feature-rich solutions rather than competing on price.

5. Efficient Scale: While Workday serves a substantial portion of the market, it operates in a highly competitive environment with several other large enterprise software providers, limiting its ability to achieve efficient scale advantages.