Why Customers Choose Workiva and the Cloud: Ad Hoc Reporting
Finance, accounting, risk, and compliance professionals have given us many reasons for choosing Wdesk. In this blog series, we are exploring each of the top 10 reasons organizations move their reporting and compliance to the cloud.
So much data, so little time.
Today's accounting, finance, risk, and compliance teams need tools that support continuous reporting, so they can offer insights that deliver a competitive edge. As organizations look to the cloud to handle increasing amounts of data, more than 3,000 have turned to Workiva to help them collect, manage, and effectively report on that data. In an age of continuous accounting, Workiva cloud solutions deliver timely, accurate data ready for reporting on demand.
Reason Number 5: Ad hoc reporting
Fifteen years ago, it might have been standard for management to review company performance for the previous quarter long after it had ended. Today, a new generation of leaders expects insights waiting in their inbox by the end of the week or even day to help them strategize for the future.
Continuous accounting, reporting, and testing spread out work that once stacked up at the end of the quarter, but a continuous reporting process also serves other purposes. Being able to respond quickly to ad hoc requests for a different cut of data or another iteration of a test can provide valuable insights sooner. A more agile reporting process leads to faster, more-informed decision-making.
The cloud makes continuous accounting and ad hoc reporting easier:
- Storing data in a shared space in the cloud gives analysts a single source of truth from which to pull information
- The cloud can provide more storage and computing power to process data than what is available on an individual machine
- Multiple team members can access documents in the cloud at once, which saves valuable time when colleagues do not have to wait their turn to work on their sections of a report
Workiva for faster reporting—and more time
Workiva makes compiling reports even faster. In fact Brown-Forman, whose brands include Jack Daniels and Finlandia, slashed the time it takes to compile the board of directors report from 15 hours a month to less than two hours.
"Wdesk let us implement a modern process for our internal reporting, allowing us to spend more time analyzing data rather than compiling it," said Andrew Campbell, a former analyst and now a manager in corporate development at Brown-Forman.
Workiva helps you gather and centralize structured and unstructured data from multiple systems and connect it for final reporting and analysis. Wdata, the data preparation tool from Workiva, can support billions of records to help you respond to ad hoc requests more efficiently. One customer is already using it to process 17 million records in seconds.
Workiva solutions were built to save you time collecting data and creating reports and presentations, so you can spend more time on analysis:
- You can link data so that updating a spreadsheet cell automatically updates the same information wherever it appears
- Robust audit trails show a complete revision history, so it is easy to quickly see what has changed.
- Users can add comments to document why changes were made, limiting the need for follow-up phone calls or emails
- Customizable style guides let you easily build reports with a consistent look and feel, so you can focus on what you do best, instead of what colors your pie chart should be
We will explore other top reasons organizations choose Workiva and the cloud as this blog series continues.
If you are ready to see more right away, you can request a demo to see our products up close.
About the Author
As executive vice president and chief customer officer, Mitz Banarjee is a key contributor to the growth of Workiva’s customer base ensuring satisfaction, experience and retention are best in class. Mitz is an expert in leading teams and brings years of experience working with customers and building Workiva's customer success and services organizations. He joined Workiva in 2010 and has served in various leadership roles ensuring the exponential growth of the global business.
Mitz also oversees the Europe, Middle East and Africa (EMEA) business growth and alignment to company goals that capitalize on the market opportunity. In addition to helping ensure the best customer experience and growth in EMEA, he also oversees the global administrative and facilities function for Workiva. Over the past 20 years, he has helped drive customer satisfaction and customer loyalty at an operational level for technology companies of all sizes.
Prior to Workiva, Mitz was director of client services at Yodle (acquired by web.com), one of the largest local ad networks in the United States. Mitz has a Bachelor of Arts in Information Systems from the University of Lincoln in Lincoln, England, United Kingdom.