Workiva Releases Independent Study That Shows Wdesk ROI of 266 Percent
Global Agri-Business is Reaping More Than $677,000 in Benefits and Cost Savings for Management Reporting
AMES, Iowa - June 29, 2017 - Workiva (NYSE: WK), a leading provider of solutions for enterprise productivity, announced today the findings of an independent study showing that a multinational agri-business is achieving a return on investment (ROI) of 266 percent by using the Wdesk platform to streamline its management reporting. Workiva commissioned Forrester Consulting to conduct the study “The Total Economic Impact™ of Workiva Wdesk.”
The agri-business, which is a wholly owned subsidiary operating 12 separate legal entities in various regions around the world, is recognizing more than $677,000 in total benefits and cost savings over a three-year period, according to Forrester. Prior to Wdesk, the agri-business was juggling disparate P&L spreadsheets throughout its regions, leading to inconsistencies and errors when the information rolled up to the parent company.
Forrester reports that Wdesk:
“Timeliness and accuracy – those are the two words I’d use to describe what Wdesk has brought,” said the company’s Director of Accounting.
Forrester reports the following total benefits and cost savings at the agri-business:
$210,000 in benefits by using Wdesk to aggregate and roll-up data from regions and business units
$175,000 in benefits by using Wdesk to reduce errors and streamline reviews at the parent company
$292,000 in benefits by using Wdesk to consolidate and link data and compile reports
Although the research focuses solely on a subsidiary, the study concedes many unquantified benefits to the parent company, which uses Wdesk for regulatory and financial reporting and financial planning and analysis (FP&A). “As the layers of business units grow complex and the need to report to a greater number of regulatory bodies increases, the value of Wdesk increases significantly,” writes Forrester, which predicts that future mergers and acquisition activity will be easily folded into Wdesk workflows.
“There are multiple scenarios in which a customer might choose to implement Wdesk and later realize additional uses and business opportunities,” writes Forrester. The study explains how the flexibility and scalability of Wdesk enables the company to leverage data in the platform for other internal and external reports as well as continue to reap similar ROI as the regions expand.
Workiva commissioned Forrester Consulting to evaluate the benefits of Wdesk to enterprises. In addition to interviewing the agri-business, Forrester’s research approach included conducting due diligence with Workiva stakeholders and Forrester analysts and constructing a risk-adjusted financial model to measure benefits, costs, flexibility and risks. This is the fourth in a series of studies that Workiva has commissioned with Forrester.
The full study can be found here: www.workiva.com/cpmroi
Workiva (NYSE:WK) delivers Wdesk, an intuitive cloud platform that modernizes how people work within thousands of organizations, including over 70 percent of the FORTUNE 500®. Wdesk is built upon a data management engine, offering controlled collaboration, data integration, granular permissions and a full audit trail. Wdesk helps mitigate risk, improves productivity and gives users confidence in their data-driven decisions. Workiva employs more than 1,200 people with offices in 16 cities. The company is headquartered in Ames, Iowa.
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