Altera Breaks Through Barriers to Process Improvement

April 1, 2011
Process improvement has always been an important value of the financial reporting team at Altera, the leader in innovative custom logic solutions ever since they invented the world's first reprogrammable logic device back in 1984. Just when Altera team had done all it could to shave days off of their external reporting process, the new XBRL reporting mandate threatened the efficiencies the team had gained. As Altera began investigating XBRL solutions, they discovered the Wdesk External Reporting Solution. As Scott Allen, Controller at Altera stated, "We had started to see other products but wanted something more in the collaboration space. I quickly realized the capabilities (of WebFilings) were much greater than some of the competitive products that we had seen." Altera made the decision to adopt the Wdesk cloud-based solution. The change has enabled significant gains in process efficiency, control and savings for the company, including:
  • Roll-forward tasks reduced from 30 hours to a day
  • Reporting cycle reduced by 4 to 7 business days
  • $55k in annual cost savings
  • Enabling reporting team members to work on other projects
"The application more than pays for itself, just from a third-party cost perspective. On top of that, there is far more efficiency," said Allen. Want to learn more about how Wdesk can revolutionize your SEC reporting process? Read the full case study.
Mike Sellberg

About the author

Mike Sellberg is Executive Vice President and Chief Product Officer at Workiva. He is the former EVP and CTO at iMed Studios and the former Divisional General Manager at Engineering Animation, Inc.