Why Workiva is a Leader in the Verdantix Green Quadrant: ESG Reporting and Data Management Software
Workiva has been named a leader in the Verdantix Green Quadrant: Environmental, Social, and Governance (ESG) and Data Management Software.
Independent research firm Verdantix recently released its first Green Quadrant for ESG Reporting and Data Management Software, acknowledging the increasingly critical need for organizations to report and derive value from trusted and transparent ESG information.
The release of the Green Quadrant marks a milestone in the evolution of ESG reporting. Organizations have been reporting on metrics like those associated with net-zero commitments or to demonstrate accountability for diversity, equity, and inclusion (DEI) initiatives, even before nascent ESG mandates were introduced across global markets. Now, market forces have created an inflection point. While the Green Quadrant acknowledges the historic role played by environmental health and safety (EHS) and other operational programs, it also emphasizes that the work needed to optimize these solutions wouldn’t go far enough to address the problems facing today’s ESG and sustainability leaders.
ESG is now a cross-departmental concern. This change has been accelerated by regulatory bodies and standards setters, including the Corporate Sustainability Reporting Directive (CSRD), the International Sustainability Standards Board (ISSB), and the U.S. Securities and Exchange Commission (SEC), who have made it clear that sustainability information and other ESG data should be treated with the same degree of suspicion as financial information. In some cases, this will involve rolling ESG reporting into existing financial statements and introducing additional layers of assurance. This has clear implications for finance, accounting, audit, risk, and legal teams. And it demands the use of dedicated software to help organizations maximize the value of their sustainability programs.
Jessica Pransky, Principal Analyst at Verdantix and lead analyst on the Green Quadrant, emphasizes this point: “With a widening scope of business functions engaged in ESG implementation and a continuously evolving regulatory landscape, agility and adaptability are paramount. To meet escalating demand, vendors must deliver fast-to-deploy, scalable solutions that address market trends and cater to the evolving needs of businesses. Executives seeking to maintain their competitive edge in the rapidly evolving ESG reporting and data management landscape must understand the market dynamics and trends that shape it.”
Workiva’s market-leading ESG reporting capabilities
As ESG information falls under greater scrutiny, sustainability leaders need confidence that their data is consistent and their reporting is audit-ready. They also need a solution with the demonstrated capability to scale with them as market conditions evolve. That’s what the Workiva platform offers.
In addition to providing market-leading ESG reporting capabilities, Workiva provides the ONLY solution that unites financial reporting, ESG, audit, and risk in a single platform. The platform enables reporting teams to deliver ESG, or integrated, reports in line with regulatory and stakeholder expectations.
The Verdantix report says that stand-out aspects of the Workiva platform include:
Data management—the software’s ability to monitor ESG data and metrics
Stakeholder management—how the software enables transparent communication to key stakeholders and fosters collaboration between reporting teams
Framework alignment—how the software successfully helps customers navigate a complex landscape of voluntary reporting frameworks
Regulatory readiness—the software’s ability to support compliance with upcoming ESG regulatory requirements
Integrated reporting—how well the software enables the integration of audit-ready sustainability information within financial statements
Why Workiva is a leader in the Verdantix Green Quadrant
The Verdantix report states that, “Workiva offers strong integrated reporting functionality, drawing on its financial reporting and GRC background.” For Verdantix’s full perspective, read the Green Quadrant for ESG Reporting and Data Management Software.
Here are some reasons why the Workiva platform is a leader in the Verdantix Green Quadrant for ESG Reporting and Data Management Software:
Strong framework alignment
The Workiva platform had the second-highest score in the voluntary reporting category. Features such as pre-built ESG frameworks and standards within Workiva’s ESG Explorer support framework alignment within the same, centralized reporting environment.
Top score for workflows and auditability
Workiva had the highest score in the workflows and auditability category. Workiva’s legacy as a leader within the governance, risk, and compliance (GRC) space is built on capabilities—including cellular permissioning, specified auditor access, digital time and date records, and linking that connects all data to the source—that underpin assurance requirements for integrated reporting.
Platform capabilities are already proven at scale
The Workiva platform is currently used by 5,700+ organizations globally, including over 85% of the 500 largest U.S. corporations by total revenue, to prepare financial statements and consider it an essential function of their reporting process. In the Green Quadrant, Verdantix affirms that, “firms looking to prepare integrated reports should include Workiva on their shortlist.” With a best-in-class customer retention rate of 98%, there are clear reasons why organizations don’t just choose the Workiva platform but stick with it.
Integrated design capabilities
The streamlining offered by having all work, from data collation to design, within the same centralized workspace is a strength of the platform—particularly considering growing demand for instant reports and incorporation of real-time data on customers’ websites.
Built for distributed teams
The Workiva platform is available in over 40 languages, and Workiva has offices with dedicated local teams in 11 different countries across North America, Europe, and Asia Pacific. In addition to platform capabilities allowing easy, real-time collaboration, Workiva has developed functionality to assist customers with region-specific needs. One example is its in-platform support of European frameworks, including the EU Taxonomy.
Transform your ESG reporting strategy with Workiva
According to a commissioned study conducted by Forrester Consulting on behalf of Workiva, a composite organization representative of interviewed customers saved $134,000 through ESG reporting efficiency improvements. The study also concluded that the platform delivered 204% ROI, and has a $2.88M net present value (NPV) over three years with payback in under six months.
Workiva is a leading ESG reporting and data management software provider. It’s also proven to deliver value for your business.
See how the Workiva platform can help you to achieve compliance, drive impact through sustainability and integrated reporting, and establish competitive advantage. Learn more about Workiva for ESG.