The scoop on EFCA technologies from Gartner
Gartner recognizes Workiva as best-of-breed vendor.
A report released by Gartner explores the category of enhanced finance controls and automation (EFCA) technologies. Innovations in EFCA technologies provide opportunities to improve financial reporting and compliance processes beyond the capabilities of general ERP and CPM systems, which have historically been riddled with gaps.
In the market for financial governance, ERP and CPM technologies have long ruled supreme. Until recently, these solutions primarily covered the financial close, nicknamed The Last Mile of Finance. As the market has evolved and solution capabilities have expanded, Gartner has renamed this class of solutions EFCA technologies.
EFCA solutions are taking the cloud by storm. In this report, Gartner notes,"EFCA solutions are emerging rapidly and will continue to expand in functional scope." Companies are taking advantage of EFCA functionalities to improve enterprise-wide collaboration.
Besides collaboration, another large component of EFCA technologies is reducing the time it takes to perform month-end close. Improved efficiency during the entire accounting period and the production of statutory and regulatory filings betters financial controls and supports new reporting requirements.
The defining attributes of EFCA systems are changing the way people work and impacting business decisions from the bottom up—resulting in competitive advantages.
We are honored to be recognized by Gartner as one of the best-of-breed vendors. Our goal is to develop, launch, and support technology for the very specific and intricate world of business data that touches all parts of a company—and collaboration is at the core. We strive to exceed our customers' expectations and design our platform functionality around their direct feedback.
Enhanced Finance Controls and Automation Fills the Gaps in ERP and CPM Processes, John E. Van Decker, Christopher Iervolino, 13 October 2014.
About the Author
Mike Rost is a key contributor to product strategy at Workiva and works with business leaders in the areas of financial reporting and compliance. With more than 25 years of experience assisting organizations using technology to optimize business processes, Mike has an extensive background in finance and accounting, corporate performance management, and GRC technology. Mike was a founding member of XBRL International with involvement in the XBRL initiative dating back to 1999. He has also been active in industry associations, including the Open Compliance and Ethics Group (OCEG) and the Institute of Internal Auditors (IIA). Mike has a bachelor's degree in economics and an MBA in marketing and finance from the University of Minnesota.