Workiva Empowers Teams Through Innovation
Company: Workiva Inc., Ames, IA
Company Description: Workiva created Wdesk, a collaborative work management platform for enterprises to collect, link, report and analyze business data with control and accountability. The platform’s proprietary word processing, spreadsheet and presentation applications are built upon a data management engine, offering synchronized data, controlled collaboration, granular permissions and a full audit trail.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Most Innovative Company of the Year - Up to 2,500 Employees
Nomination Title: Workiva Empowers Teams Through Innovation
Tell the story about what this nominated organization has achieved since January 1, 2016 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms.
Workiva is dedicated to helping people do more, see more, and know more about the business data they use every day. They accomplish this with their collaborative work management platform, Wdesk. Wdesk empowers enterprises to collect, link, report and analyze business data with control and accountability better than ever before. The technology features people have come to expect as consumers – speed, access and sharing – are available at work with Wdesk, and it’s so innovative and scalable that in just six years, Wdesk is being used by more than 2,700 organizations around the globe, including more than 70 percent of the Fortune 100 and Fortune 500 companies.
What makes Wdesk different is all of the data inside the platform – in spreadsheets, documents and presentation – is linked together. Wdesk records every change by every user, which means it has a complete audit trail.
In the last year, Workiva has made several investments that will allow the company to deliver disruptive innovations across multiple industries.
In 2016 Workiva made significant enhancements to its Wdesk Data Platform, which powers one of the largest and fastest spreadsheet applications in the cloud and improves data relationships for Sarbanes-Oxley and internal control teams. The Data Platform improves data transparency, accountability, and management; offers dynamic dashboards; automates reporting; and allows for advanced testing workflow. Wdesk enables users to collaborate in real time, with universal access from anywhere with an internet connection. With these tools, Workiva customers better focus on evaluating and mitigating risk and advising management on strategic business decisions -- instead of on manual and non-value added steps in their risk, audit, controls and compliance work.
In 2016, Workiva also reported there more than 2 billion data values are linked among Wdesk documents. This creates a single source of truth for Workiva’s customers, which results in significant time and financial savings.
With Wdesk, people collaborate seamlessly in the same intuitive platform, and they save a lot of time. Because Wdesk users can trust their data from beginning to end, they reduce risk and they make better decisions.
A 2016 Forrester Total Economic Impact study revealed that a multinational auto-parts retailer recognized more than $411,000 in total benefits and cost savings over a three-year period with Wdesk. The company used Wdesk to increase efficiency and reduce errors in creating, documenting, and assessing internal controls over financial reporting as required by the Sarbanes-Oxley Act. Wdesk enabled this customer, and more, to focus on evaluating and mitigating risk and making strategic business decisions— instead of performing manual and repetitive steps in their day-to-day risk, audit, and internal controls work.
Workiva customers are also taking advantage of the enhanced Data Platform. The Financial Planning and Analysis team at one of the world’s largest options exchange organization is faced with collecting revenue, capital expenditure, and headcount data across 65 departments, 22 divisions and 10 entities. Departments are also required to submit expense requests, which are consolidated into income statements and other financial and operational reports that touch every level of the organization. By automatically aggregating this data in Wdesk, the massive, time consuming and costly orchestration can now be managed in a matter of hours.
Workiva’s innovation is driven by a focus on learning from their customers, building quick prototypes that allow them to get a sense of direction, and then iterating on designs until the company is able to deliver a product that customers love. They can also point to customer satisfaction scores above 95 percent and customer revenue retention rates exceeding 95 percent, which confirms that the company is a trusted partner for its clients.
In bullet-list form, briefly summarize up to ten (10) of the chief accomplishments of this organization since the beginning of 2016 (up to 150 words).
-Workiva enhanced its Wdesk Data Platform, which powers one of the largest, spreadsheets in the cloud and improves data relationships for SOX and internal control teams.
-Wdesk is now being used by more than 2,700 organizations.
-Workiva retained more than 97% of its customers and a 95% customer satisfaction score.
-Over 2 billion data values linked among Wdesk documents.
-A large auto-parts retailer achieved ROI of 238% by using Wdesk for SOX - saw $411,000 in total benefits and cost saving.
-Bel Fuse Inc. saved over $500,000 by using Wdesk to manage internal controls over financial reporting.
-Wdesk provided a large, global manufacturer ROI of 108 percent - saw $640,000 in total benefits and cost savings.
-Wdesk helped The State University System of Florida post their tuition and fees schedule one month early.
-A Major Airline spent $140,980 on Wdesk but recognized $404,391 in total benefits and cost savings.
Of the following types of innovation, which ONE do you want the judges to most appreciate about your organization's story of achievement since the beginning of 2016?