Why Teams Choose Workiva and the Cloud: Software Integration
Finance, accounting, risk and compliance professionals have given us many reasons for choosing Workiva. In this blog series, we are exploring each of 10 top reasons organisations are moving their reporting and compliance to the cloud.
When you can track the progress of your pizza delivery in real time, it seems unfair that collecting data for financial reporting is still a manual process for many organisations.
Today's reporting teams typically pull information in much the same way they did 20 years ago: by email, phone or in meetings. Of the 100+ people who attended our on the financial close process, nearly 7 in 10 said they collect data via these word-of-mouth methods.
Rather than run the risk of data entry errors or lost context, many organisations are looking for solutions that bridge the technology gap between data collection and reporting outputs. Software integrations that allow teams to connect data from different sources and streamline reporting are one of the top reasons customers choose Workiva and the cloud.
Reason Number 9: Software integration and data connections
Has your organisation invested in enterprise resource planning (ERP) tools like SAP® S/4HANA, Oracle® ERP Cloud or Workday®? If so, you are not alone. In fact, nearly 75% of enterprises rely on at least 6 different systems for their reporting—while 20% incorporate 15 or more.
Years ago, the financial data within those systems might have lived in a silo, inaccessible to colleagues in a different department or office location. Today, thanks to the proliferation of the cloud and secure connections, that information can be made available anytime, anywhere, to colleagues with the right permissions. The most powerful tools can combine data from disparate sources regardless of origin or format—on-premises or cloud-based, structured or unstructured, financial or nonfinancial.
A connected data platform for reporting and analysis
As technology stacks grow larger, Workiva solutions are increasing connectivity to integrate with today's most popular systems and software, including:
- General ledger (GL)
- Governance, risk and compliance (GRC)
- Enterprise performance management (EPM)
- Human resource management systems (HRMS) or human capital management (HCM) platforms
- Customer relationship management (CRM) platforms
External data can also be brought in via Wdesk Excel® Sync and a published open API. Our pre-built connectors enable application integration, so you can connect, manage, update and prepare data from your enterprise systems directly within Workiva applications. Overall, Workiva has integrations with more than 100 cloud, software as a service (SaaS) and on-premise applications. A few of our technology partners include Oracle, SAP, NetSuite®, Anaplan®, Workday, Sage Intacct and Planful®.
The real power of Workiva software integrations is the automation of data flow and centralisation of data streams used across multiple reports, delivering hands-free consistency in numbers and narrative. Instead of manually pulling a .csv file down only to re-upload a new one, you can use that time for value-added activities. And, rather than wondering if the numbers are right, you can start analysing what they mean.
Keep an eye on the blog in coming weeks for more on why teams choose Workiva and the cloud. If you want to learn more right away, request a demo for a one-on-one conversation.
SAP S/4HANA is a registered trademark of SAP SE in Germany and in several other countries. Oracle and ERP Cloud are registered trademarks of Oracle and/or its affiliates. Workday is a registered trademark of Workday, Inc, registered in the United States and elsewhere. NetSuite is a registered trademark of NetSuite Inc. in the United States and other countries. The Planful solution is the common law and/or registered trademark of Planful, Inc. in the United States and/or in other countries. Excel is a registered trademark of Microsoft Corporation in the United States and/or other countries.