Novo Nordisk A/S Adds Agility to Reporting Process

In 2017, Novo Nordisk A/S explored Workiva while searching for a software solution for XBRL tagging and filing reports to the U.S. Securities and Exchange Commission. They ultimately chose the Workiva platform because of several built-in conveniences, including:

Linking: Shared data or disclosures appearing in multiple instances can be linked, which means changing the source data updates the information in all other instances.

Content management: Documents live in a shared space in the cloud, with control over data integrity and who can access, review, and edit specific sections of work.

Directed comments: Comments and questions can be directed to a specific user, who then receives an email alert with a link to the area of the document in question. 

"The Workiva platform is not a cost for our company. It's an investment," said Anne Gadegaard, Associate Director, Senior Advisor, Corporate Sustainability.

Novo Nordisk has started using Workiva not only for SEC reporting but also its integrated annual report, which includes the full financial, social, and environmental performance. With so much shared data between the SEC Form 20-F and the annual report, Novo Nordisk uses Workiva to link data to create a single source of truth for both reports.

Blacklines and the robust audit trail in the platform give Novo Nordisk the ability to easily see who has changed what and when, and then share that information with the company's audit committee. Because Workiva provides a single draft of the integrated annual report that updates itself as soon as users share changes, no one must worry whether he or she has the right version of the document.

Having a single point of entry into a document gives the reporting team control over the data and their process, minimising the risk of reporting inaccurate information.

Workiva houses reviewers' comments and users' responses within the document, saving the hassle of tracking down who has reviewed a section. The transparency gives Novo Nordisk's users confidence in the accuracy of their documents and data.

"Our process is so much more agile now," Anne said. "We saved time and made a number of steps redundant. There is such an efficiency gain, and we can’t wait to explore more opportunities.” 

"With Workiva, we are able to turn around the presentation of data and text in our annual report faster to management," she said. 

After finalising the Novo Nordisk Annual Report 2017, the team onboarded investor relations to use Workiva for quarterly company announcements. Next, the company plans to explore using it for more management reporting as well as having a look at affiliate reporting to its headquarters.

"You don't understand what the Workiva platform can do for your organisation until you get your hands into it," Anne said.

See what Workiva can do for you. Request a demo

XBRL® is a trademark of XBRL International, Inc. All rights reserved. The XBRL®/TM standards are open and freely licensed by way of the XBRL International License Agreement.

"The Workiva platform is not a cost for our company. It's an investment," said Anne Gadegaard, Associate Director, Senior Advisor, Corporate Sustainability.

Novo Nordisk has started using Workiva not only for SEC reporting but also its integrated annual report, which includes the full financial, social, and environmental performance. With so much shared data between the SEC Form 20-F and the annual report, Novo Nordisk uses Workiva to link data to create a single source of truth for both reports.

Blacklines and the robust audit trail in the platform give Novo Nordisk the ability to easily see who has changed what and when, and then share that information with the company's audit committee. Because Workiva provides a single draft of the integrated annual report that updates itself as soon as users share changes, no one must worry whether he or she has the right version of the document.

Having a single point of entry into a document gives the reporting team control over the data and their process, minimising the risk of reporting inaccurate information.

Workiva houses reviewers' comments and users' responses within the document, saving the hassle of tracking down who has reviewed a section. The transparency gives Novo Nordisk's users confidence in the accuracy of their documents and data.

"Our process is so much more agile now," Anne said. "We saved time and made a number of steps redundant. There is such an efficiency gain, and we can’t wait to explore more opportunities.” 

"With Workiva, we are able to turn around the presentation of data and text in our annual report faster to management," she said. 

After finalising the Novo Nordisk Annual Report 2017, the team onboarded investor relations to use Workiva for quarterly company announcements. Next, the company plans to explore using it for more management reporting as well as having a look at affiliate reporting to its headquarters.

"You don't understand what the Workiva platform can do for your organisation until you get your hands into it," Anne said.

See what Workiva can do for you. Request a demo

XBRL® is a trademark of XBRL International, Inc. All rights reserved. The XBRL®/TM standards are open and freely licensed by way of the XBRL International License Agreement.

Read More