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Total Economic Impact
Cost Savings And Business Benefits Enabled By Workiva
A FORRESTER TOTAL ECONOMIC IMPACT STUDY COMMISSIONED BY WOrkiva, August 2025
Total Economic Impact
A FORRESTER TOTAL ECONOMIC IMPACT STUDY COMMISSIONED BY WOrkiva, August 2025
Organizations are under mounting pressure to streamline complex financial; sustainability; and governance, risk, and compliance (GRC) reporting processes while maintaining accuracy, transparency, and audit readiness. Workiva offers a unified cloud platform that automates workflows, connects and centralizes data, and supports real-time collaboration. Its flexibility, scalability, and integrated AI tools help teams quickly respond to regulatory changes and business growth.
Workiva is a cloud-based platform that unifies financial reporting, sustainability management, and GRC processes into a single, collaborative environment. It solves key challenges such as version control, manual data entry, and fragmented workflows by enabling real-time collaboration, automated data linking, and audit-ready documentation. The platform supports regulatory compliance, operational efficiency, and internal decision-making across departments and geographies.
Workiva commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study and examine the potential return on investment (ROI) enterprises may realize by deploying Workiva.1 The purpose of this study is to provide readers with a framework to evaluate the potential financial impact of Workiva on their organizations.
To better understand the benefits, costs, and risks associated with this investment, Forrester interviewed four decision-makers with experience using Workiva. For the purposes of this study, Forrester aggregated the experiences of the interviewees and combined the results into a single composite organization, which is a financial services organization with 22,000 employees and revenue of $9 billion per year.
Interviewees said that prior to using Workiva, their organizations typically relied on highly manual, fragmented processes using spreadsheets, documents, email, and disconnected systems. This led to inefficiencies, version control issues, limited collaboration, and increased risk of errors in financial, sustainability, and GRC reporting.
After the investment in Workiva, the interviewees operated in a centralized, cloud-based environment enabling real-time collaboration, automated data linking, streamlined reporting/auditing, and audit-ready documentation — significantly improving efficiency, accuracy, and compliance across financial, sustainability management, and GRC functions.
Quantified benefits. Three-year, risk-adjusted present value (PV) quantified benefits for the composite organization include:
Reduction in costs related to reviewing and reporting (financial and sustainability). With Workiva’s SEC and sustainability solutions, teams streamline their reporting and review processes through centralized collaboration, improved version control, and easier identification of data discrepancies. The platform enables real-time updates and automated data linking, reducing manual effort and accelerating turnaround times. As a result, the composite organization consistently saves time while improving the accuracy and consistency of its reporting. This reduction saves the composite organization $868,000 over three years.
Reduction in legacy software costs. By adopting Workiva, the composite reduces its reliance on outdated legacy financial reporting and GRC systems, eliminating the need for disconnected tools like spreadsheets, documents, and legacy reporting software. This shift not only lowers software and maintenance costs but also simplifies the technology stack, enabling teams to work more efficiently within a single, integrated platform. By replacing its legacy software, the composite saves $392,000 over three years.
Cost reduction related to time saved on auditing tasks. Workiva enables organizations to significantly reduce the time spent on audit-related tasks by streamlining control testing, risk assessments, and project management. The composite experiences time savings both in preparation for audits and during auditor interactions, driven by improved version control, centralized documentation, and enhanced collaboration. These efficiencies lead to faster audit cycles and reduced manual effort across teams. This reduction in time saves the composite $342,000 over three years.
Reduction in third-party consulting fees. Workiva helps the composite organization reduce reliance on external consultants by empowering internal teams to take ownership of reporting and compliance tasks. With streamlined workflows, automated data validation, and centralized collaboration, team members spend less time on manual tasks like data checking and more time delivering strategic insights. This shift enables the composite to maximize internal expertise while lowering third-party service costs. The composite saves $671,000 over three years by not relying on outside consultants.
Unquantified benefits. Benefits that provide value for the composite organization but are not quantified for this study include:
Generative AI. Workiva’s current AI capabilities enhance efficiency by streamlining research and reducing time spent searching for guidance or navigating the platform. The composite uses AI to quickly access accounting frameworks, generate content templates, and answer platform-specific questions.
Cross-functional collaboration. Workiva enables seamless cross-functional collaboration by bringing together the composite’s finance, GRC, and sustainability management teams on a single, cloud-based platform. Real-time access to shared documents, automated data linking, and centralized workflows eliminate silos and reduce communication delays. This integrated environment ensures consistency, accelerates review cycles, and improves alignment across departments.
Higher confidence in data and reporting accuracy. The composite gains significantly higher confidence and peace of mind in the accuracy and consistency of its data and reporting. Automated data linking, centralized documentation, and real-time collaboration reduce the risk of manual errors and ensure a single source of truth across teams. This reliability enables faster decision-making, smoother audits, and greater confidence and trust in both internal and external disclosures.
Better employee experience and reduced burnout. Workiva improves the composite’s employee experience by reducing manual, repetitive tasks and streamlining complex reporting workflows, which helps alleviate stress and prevent burnout. Teams spend less time chasing down errors or managing disconnected documents. This allows the composite’s employees to focus on higher-value work, contributing to greater job satisfaction and a more sustainable workload.
Faster onboarding and training. The composite organization can onboard and train new hires and interns faster due to the platform’s intuitive interface, built-in guidance, and AI-powered support. Teams spend less time walking new employees through complex processes, allowing them to become productive more quickly. This streamlined experience reduces ramp-up time and ensures consistency in reporting and compliance.
Retention of institutional knowledge through centralized documentation. Workiva helps the composite retain institutional knowledge by centralizing documentation, processes, and reporting in a single, accessible, permission-based platform. This reduces reliance on individual employees and ensures continuity when team members transition or leave. As a result, the composite maintains consistency in reporting and controls, even as teams evolve.
Greater transparency for leadership and board-level review processes. Workiva enhances transparency for the composite’s leadership and board-level review processes by enabling real-time access to shared documents, centralized commenting, and visibility into feedback from all stakeholders. Executives and board members can review, collaborate, and build on one another’s input directly within the platform, eliminating version confusion and improving alignment. This streamlined approach fosters more informed decision-making and efficient governance oversight.
Customer service. The composite appreciates Workiva’s responsive customer service and collaborative approach to product development. The organization benefits from a support team that not only helps tailor the platform to its specific needs but also actively incorporates its feedback into future feature enhancements. This partnership-driven model ensures that the platform evolves alongside composite requirements, delivering long-term value and adaptability.
Costs. Three-year, risk-adjusted PV costs for the composite organization include:
Workiva license fees. Workiva charges a fee for its platform. For the composite organization, this amounts to $607,000 over three years.
Initial and ongoing management costs. The composite organization incurs a one-time setup fee as well as an implementation fee. In addition, the composite spends time receiving training and meeting with the Workiva team. This initial and time investment costs $132,000 over three years.
The financial analysis that is based on the interviews found that a composite organization experiences benefits of $2.3 million over three years versus costs of $739,000, adding up to a net present value (NPV) of $1.5 million and an ROI of 208%.
Return on investment (ROI)
Benefits PV
Net present value (NPV)
Payback
| Role | Industry | Region | Revenue |
|---|---|---|---|
| Senior director of accounting | Healthcare | US | $13 billion |
| SVP and director of corporate sustainability | Finance | US | $3 billion |
| SVP of global accounting and financial control | Transportation | Global | $5 billion |
| Internal audit manager | Automotive | US | $36 billion |
Interviewees noted how their organizations struggled with common challenges, including:
Manual and time-consuming. Interviewees described their reporting and compliance processes as heavily manual and operationally inefficient. Critical filings like 10-Ks and SOX documentation were managed through spreadsheets, Word files, and long email threads — often requiring thousands of pages to be printed and edited by hand. This led to bottlenecks, burnout, and delays, especially during high-pressure reporting cycles. Fragmented collaboration and last-minute changes frequently triggered rework, limiting teams’ ability to focus on higher-value, strategic initiatives. A senior director of accounting for a healthcare company shared: “Back in 2014, our financial reporting process felt overwhelmingly manual and exhausting. One admin managed the entire 10-K/10-Q, printing nearly 1,000 pages daily and hand-delivering them to reviewers, who marked edits by hand—resulting in up to 3,000 pages printed each day. It was tedious, inefficient, and frustrating. We tried another software before Workiva, but it only added to the frustration with frequent data loss and time-consuming workflows. Audit prep was equally painful, with spreadsheets and email chains causing scattered updates and manual sign-offs. Transitioning to Workiva was a turning point—it streamlined collaboration, centralized data, and brought much-needed relief and efficiency to our entire process.”
Disjointed and error-prone. Interviewees struggled with the structural fragmentation of data sources and inconsistent reporting. Shared spreadsheets and disconnected systems led to version control issues, conflicting updates, and difficulty tracing the origin of data. Some teams experienced data loss using legacy tools, forcing them to redo hours of work. Without a centralized platform, it was nearly impossible to maintain a single source of truth, validate inputs, or ensure audit readiness. These data integrity issues increased the risk of reporting errors. A senior director of accounting at a healthcare company noted: “When somebody changed a number on our earnings release we would always have to question where and how the number changed? When we were reviewing what came back from the printer we often noticed that some of the numbers were not what we had sent to the printer and wondered how the number got changed. When a team member made an edit to a number and if our admin couldn't find the page with the original number, we ran the risk of reporting the wrong number.”
An SVP of global accounting and financial control at a transportation company mentioned: “Our system was spreadsheet based and disjointed in how it was set up. When multiple people were trying to work on something, it was hard in a non-cloud-based platform. The preparation of the quarterly and annual reports was all done in spreadsheets and Word with some dubious links between, so it took a lot of time and version control was a nightmare. If you had one late change, it would change everything and it would take you days on end to fix it. This resulted in a high risk of making error and not meeting deadlines.”
Poor data integrity. Interviewees reported serious data integrity issues— specifically trustworthiness and traceability—before adopting Workiva, stemming from fragmented systems and manual workflows. Critical documents were stored in disconnected drives, shared spreadsheets, and email threads, making it difficult to trace the origin of data or ensure it was the final, approved version. In some cases, legacy tools failed to save updates, causing complete data loss and forcing teams to redo hours of work—undermining confidence in the accuracy of financial and compliance reporting. “Our validation process was very broken. When producing a financial statement, our financial reporting team couldn't validate where information was coming from and what the source of the information was. There were a lot of emails and a lot of frustration with the process because we couldn't understand where the data came from and we couldn't validate the data,” noted a senior director of accounting, healthcare.
Lack of collaboration. Interviewees highlighted a lack of collaboration as a major challenge prior to adopting Workiva. Their teams were unable to work simultaneously in shared documents, relying instead on printed binders, email threads, and disconnected drives—resulting in fragmented communication and limited visibility. This siloed approach not only slowed review cycles but also introduced risks, such as unauthorized edits and missing support documentation, undermining confidence in the accuracy and integrity of final reports. A senior director accounting, healthcare shared: “We were not able to collaborate in one document, so we didn’t have support for our numbers in our financial statements and our sustainability reports. Historically, we used to have paper binders filled with reports. If something happened or somebody took out a piece of paper from the binder and then somebody asked where the support came from, we had no clue. We had a backup on our financial drive, but it wasn't the most updated and it wasn't the version that was completely signed off on."
Staff burnout. Interviewees shared staff burnout as a significant challenge stemming from the intense manual effort required for quarterly and annual reporting cycles. Their small teams were stretched thin, often working long hours under pressure to meet deadlines, with little room for error or unexpected absences. “Staff burnout was definitely a factor—we were spending a lot of time on the quarterly report every single quarter. With such a small team handling reporting, the workload became overwhelming,” shared an SVP global accounting and financial control, transportation.
The interviewees searched for a solution that could:
Streamline and automate processes.
Provide reliable data and version control.
Enable stronger collaboration and permissions.
Scale without adding headcount.
Deliver robust, auditable, and regulatory-compliant reporting.
Serve as a centralized source of truth.
Support sustainability management and detailed financials.
Based on the interviews, Forrester constructed a TEI framework, a composite company, and an ROI analysis that illustrates the areas financially affected. The composite organization is representative of the interviewees’ organizations, and it is used to present the aggregate financial analysis in the next section. The composite organization has the following characteristics:
Description of composite. The global, multibillion-dollar financial services organization is headquartered in the United States. It has $9 billion in annual revenue and 22,000 employees.
Deployment characteristics. The composite organization begins using the solution in Year 1, following a four-month proof-of-concept and implementation period.
$9 billion revenue
22,000 employees
Financial services company
US headquarters/global operations
| Ref. | Benefit | Year 1 | Year 2 | Year 3 | Total | Present Value |
|---|---|---|---|---|---|---|
| Atr | Reduction in costs related to reviewing and reporting (SEC and ESG) | $349,059 | $349,059 | $349,059 | $1,047,177 | $868,058 |
| Btr | Reduction in legacy software costs | $157,500 | $157,500 | $157,500 | $472,500 | $391,679 |
| Ctr | Cost reduction related to time saved on auditing tasks | $137,552 | $137,552 | $137,552 | $412,656 | $342,071 |
| Dtr | Reduction in third-party consulting fees | $270,000 | $270,000 | $270,000 | $810,000 | $671,450 |
| Total benefits (risk-adjusted) | $914,111 | $914,111 | $914,111 | $2,742,333 | $2,273,258 |
Evidence and data. Leveraging Workiva’s financial and sustainability management capabilities, interviewees transformed their reporting workflows through unified collaboration, seamless data connectivity, and enhanced oversight. Interviewees replaced manual, paper-based editing with real-time, multi-user collaboration and version control via email or shared drives, with everyone working in a single, live document.
An SVP and director of corporate sustainability at a finance organization shared: “I’ve been in my role for about 12 years, and in the early years, we passed documents back and forth. Versioning was a nightmare, and the process was slow and linear. Someone would review, send it back, I’d make edits, and pass it on to the next person. Now, we can have multiple people editing the report simultaneously, which has significantly reduced the time spent on reviews and version control.” The SVP continued: “When we see discrepancies, we’re able to go to the source person or department almost instantly to see exactly where something came from. That has greatly reduced the amount of time needed when those sorts of things occur.”
The platform’s dynamic linking and real-time updates eliminated redundant tasks and reduced the risk of inconsistencies. The reduction in reporting errors and quickly being able to compare versions not only accelerated reporting timelines but also elevated the precision and reliability of disclosures across the interviewee’s organization. An internal audit manager, automotive said: “Going from a spreadsheet-based platform previously to a cloud-based environment just in one spot is nice. You can click on one spot in the database, and your entire queue is right there with everything ready for review. You can easily fix errors by providing comments directly to testers and process control owners. You can communicate pretty easily just through comments on various forms.”
Modeling and assumptions. Based on the interviews, Forrester assumes the following about the composite organization:
The composite saves 3,565 hours per year due to the reduction in time spent reviewing and reporting.
The fully burdened hourly rate for a financial reporting or sustainability management team member is $72.
The composite saves $110,750 a year on printing and design-related expenses.
Risks. The expected financial impact is subject to risks and variation based on several factors:
The total time spent reviewing and reporting.
The fully burdened hourly rate for a financial reporting or sustainability management team member.
The total amount saved on printing and design.
Results. To account for these risks, Forrester adjusted this benefit downward by 5%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $868,000.
| Ref. | Metric | Source | Year 1 | Year 2 | Year 3 | |
|---|---|---|---|---|---|---|
| A1 | Reduction in time spent reviewing and reporting (hours) | Interviews | 3,565 | 3,565 | 3,565 | |
| A2 | Fully burdened hourly rate for a financial reporting or sustainability management team member | Composite | $72 | $72 | $72 | |
| A3 | Reduction in costs related to time spent reviewing and reporting | A1*A2 | $256,680 | $256,680 | $256,680 | |
| A4 | Reduction in printing and design related expenses | Interviews | $110,750 | $110,750 | $110,750 | |
| At | Reduction in costs related to reviewing and reporting (SEC and ESG) | A3+A4 | $367,430 | $367,430 | $367,430 | |
| Risk adjustment | ↓5% | |||||
| Atr | Reduction in costs related to reviewing and reporting (SEC and ESG) (risk-adjusted) | $349,059 | $349,059 | $349,059 | ||
| Three-year total: $1,047,177 | Three-year present value: $868,058 | |||||
Evidence and data. Workiva’s streamlined collaboration, real-time version control, and centralized auditability enabled the interviewees’ organizations to eliminate legacy software that resulted in manual workflows and fragmented reporting systems. The move to a dynamic, cloud-based environment promoted faster review cycles, reduced rework, and enabled seamless auditor access. Interviewees saved on the annual costs of the legacy software.
The internal audit manager at an automotive organization shared: “We were coming to the tail end of that contract with our legacy software provider. Their services were a bit outdated. They didn’t have any plans to update the software for a few of the things that we were looking at to make it more efficient.” The manager continued: “The software was heavily [spreadsheet] based, so there were a lot of spreadsheets. It was more like a file repository than a true GRC platform.”
Modeling and assumptions. Based on the interviews, Forrester assumes the following about the composite organization:
The composite saves $175,000 in annual fees from legacy software.
Risks. The expected financial impact is subject to risks and variation based on:
The total legacy software annual fees saved.
Results. To account for these risks, Forrester adjusted this benefit downward by 10%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $392,000.
Annual legacy software fees saved
| Ref. | Metric | Source | Year 1 | Year 2 | Year 3 | |
|---|---|---|---|---|---|---|
| B1 | Reduction in legacy software costs | Interviews | $175,000 | $175,000 | $175,000 | |
| Bt | Reduction in legacy software costs | B1 | $175,000 | $175,000 | $175,000 | |
| Risk adjustment | ↓10% | |||||
| Btr | Reduction in legacy software costs (risk-adjusted) | $157,500 | $157,500 | $157,500 | ||
| Three-year total: $472,500 | Three-year present value: $391,679 | |||||
Evidence and data. Interviewees noted that Workiva significantly reduced the time spent on auditing tasks. By replacing manual processes and legacy systems with a centralized, cloud-based platform, they streamlined control testing, risk assessments, project management, and versioning. The platform’s collaborative features and permissioned auditor access eliminated redundant file transfers and simplified review cycles, resulting in faster audit preparation and reduced time spent with auditors. These efficiencies elevated audit quality while freeing up teams to focus on strategic initiatives.
The internal audit manager at an automotive organization shared: “From a control standpoint, being able to review the test work and type a comment into the test form itself that automatically communicates to whoever the tester was rather than having to send emails or [instant] messages is pretty huge. Also, it is so efficient to be able to assign remediation tasks to different people if a control fails or if we’re trying to fix a control. Having our process control owners in the database helps create assignments and requests for remediation support right then and there.”
The internal audit manager also commented: “We do a lot of work with our external auditors. With Workiva, they have [permissioned] access to our workspace, so we are able to grant them access instead of having to pull out the files from our old place, save them, download them, and then email them.”
Modeling and assumptions. Based on the interviews, Forrester assumes the following about the composite organization:
The composite saves 2,011 hours annually on audit-related tasks.
The fully burdened hourly rate for an audit team member is $72.
Risks. The expected financial impact is subject to risks and variation based on several factors:
The total number of hours saved on audit-related tasks.
The fully burdened hourly rate for audit-related tasks.
Results. To account for these risks, Forrester adjusted this benefit downward by 5%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $342,000.
| Ref. | Metric | Source | Year 1 | Year 2 | Year 3 | |
|---|---|---|---|---|---|---|
| C1 | Reduction in time spent on tasks associated with auditing (hours) | Interviews | 2,011 | 2,011 | 2,011 | |
| C2 | Fully burdened hourly rate for an audit team member | Composite | $72 | $72 | $72 | |
| Ct | Cost reduction related to time saved on auditing tasks | C1*C2 | $144,792 | $144,792 | $144,792 | |
| Risk adjustment | ↓5% | |||||
| Ctr | Cost reduction related to time saved on auditing tasks (risk-adjusted) | $137,552 | $137,552 | $137,552 | ||
| Three-year total: $412,656 | Three-year present value: $342,071 | |||||
Evidence and data. Interviewees saw clear benefits from reducing their reliance on external consultants after adopting Workiva. By centralizing data, automating workflows, and enabling direct auditor access, internal teams were able to take full ownership of reporting and compliance processes — eliminating the need for third-party support in areas like audit prep, report formatting, and system configuration. Workiva’s platform allowed internal staff to focus on high-value insights rather than manual tasks like data validation and formatting.
The senior VP of global accounting and financial control for a transportation organization said: “We have a very small sustainability team that has managed to make do with the systems that we have, including Workiva. Without Workiva, we would have had to add either consultants or hire more people. From my perspective, that is a cost saving.”
Modeling and assumptions. Based on the interviews, Forrester assumes the following about the composite organization:
The composite saves $300,000 annually on third party consulting fees.
Risks. The expected financial impact is subject to risks and variation based on:
The total third party consulting fees saved.
Results. To account for these risks, Forrester adjusted this benefit downward by 10%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $671,000.
Annual savings on third-party consulting fees
| Ref. | Metric | Source | Year 1 | Year 2 | Year 3 | |
|---|---|---|---|---|---|---|
| D1 | Reduction in third-party consulting fees | Interviews | $300,000 | $300,000 | $300,000 | |
| Dt | Reduction in third-party consulting fees | D1 | $300,000 | $300,000 | $300,000 | |
| Risk adjustment | ↓10% | |||||
| Dtr | Reduction in third-party consulting fees (risk-adjusted) | $270,000 | $270,000 | $270,000 | ||
| Three-year total: $810,000 | Three-year present value: $671,450 | |||||
Interviewees mentioned the following additional benefits that their organizations experienced but were not able to quantify:
Generative AI. Workiva’s generative AI capabilities delivered tangible benefits to interviewed customers by accelerating research and simplifying platform navigation. Instead of relying on external searches or documentation, users could quickly retrieve platform-specific guidance, troubleshoot tasks like data linking, and generate content templates — all within the Workiva environment. This embedded support reduced context switching and helped teams resolve issues faster, especially for less frequently used features. As a result, internal teams spent less time on repetitive tasks and more time delivering strategic insights. The internal audit manager at an automotive organization shared: “Instead of having to dig, do a search, and ask around regarding how to do something within the Workiva system or about information on various accounting frameworks, we can just type it into the generative AI capabilities and get a response. If it’s just a quick reference, we don’t have to go to the SEC or PCAOB [Public Company Accounting Oversight Board] sites to find things anymore. The AI allows us to gut-check what we’re already thinking, frame our ideas, and generate bullet points for a slideshow presentation.”
Cross-functional collaboration. Workiva broke down departmental silos by enabling real-time collaboration across finance, audit, and sustainability teams within a single cloud-based environment. Instead of relying on fragmented tools and email chains, teams could coauthor documents, share data dynamically, and maintain alignment throughout complex reporting cycles. This unified approach not only improved consistency and speed but also preserved institutional knowledge and reduced the risk of miscommunication. The SVP of global accounting and financial control at a transportation organization said: “It was really nice when members of the board mentioned that it was a good experience reviewing the annual report in Workiva. They thought it was very helpful that they could see the comments that all the other board members had made and were able to build on that rather than writing the same comment without knowing what the others had said.”
Higher confidence in data and reporting accuracy. Workiva elevated data confidence and reporting integrity by replacing fragmented, manual processes with a unified, audit-ready platform. Interviewees highlighted the platform’s ability to centralize documentation, automate data linking, and maintain a single source of truth — dramatically reducing the risk of inconsistencies and versioning errors. This heightened reliability not only improved auditability and regulatory readiness but also empowered faster, more confident decision-making. An SVP and director of corporate sustainability at a finance organization commented: “Workiva helps our controller sleep at night when it comes to the confidence that they have in our nonfinancial data, which is very much outside of their traditional role. Our controller knows that with Workiva, we’re following the same kinds of processes and controls that we use for financial reporting.”
Better employee experience and reduced burnout. Workiva helped improve the employee experience by reducing burnout and making workloads more sustainable. By automating repetitive tasks and streamlining complex reporting processes, interviewees’ teams were able to shift away from manual, time-consuming work and focus on more strategic, fulfilling responsibilities. Interviewees noted that this not only enhanced job satisfaction but also made their organizations more attractive to new talent, signaling a modern, forward-thinking work environment. The SVP and director of corporate sustainability at a finance organization said, “A reduction in staff burnout is definitely an ancillary benefit that that we get in using Workiva on the sustainability side.”
Faster onboarding and training. Workiva accelerated onboarding and training by offering a user-friendly interface, embedded guidance, and AI-powered support that minimized the need for hands-on instruction. New hires and interns were able to navigate workflows, access documentation, and resolve platform-specific tasks independently, reducing ramp-up time and ensuring consistency. The internal audit manager at an automotive organization noted: “Workiva is so easy just to pick up and use. We don’t have to have as much hands-on training on how to navigate the system. We can just create a quick file with information on the different areas that we use and how to use them. We also are starting to reply on genAI more. If new hires have any questions, they can easily query it there and at least get a starting point.”
Retention of institutional knowledge through centralized documentation. Workiva helped organizations safeguard institutional knowledge by consolidating documentation, processes, and reporting into a single, structured platform. This centralization reduced the risk of knowledge loss due to employee turnover and ensured continuity across reporting cycles. Instead of relying on individual memory or scattered files, teams could access a consistent, well-documented system that preserved historical context and operational clarity. The result was a more resilient and self-sustaining reporting environment, capable of maintaining accuracy and consistency even as teams evolved. The SVP and director of corporate sustainability at a finance firm said, “We have reduced the risk of turnover and loss of institutional knowledge by being able to document things within Workiva, so that’s certainly a nice advantage.”
Greater transparency for leadership and board-level review processes. Workiva elevated executive and board-level visibility by enabling real-time collaboration and centralized access to reporting materials. Instead of relying on static documents and fragmented feedback loops, leaders could engage directly within the platform — reviewing, commenting, and aligning on disclosures with full transparency. This level of visibility not only improved governance oversight but also fostered more confident, informed decision-making at the highest levels. The senior director of accounting at a healthcare organization said: “We are able to produce more financial statements and more documents due to Workiva. For example, we have a CFO package for earnings release that is 150 slides. It wouldn’t have been feasible for us to produce that, but with Workiva and its linking functionality, that allowed us to do it. Prior to Workiva, it would have taken somebody an entire week to put this together. Now, it just gets updated every single time we push over the financials.”
Customer service. Workiva’s customer support stood out to interviewees as both highly responsive and deeply collaborative. Rather than offering one-size-fits-all assistance, the support team actively engaged with customers to understand their unique processes and helped tailor solutions accordingly — even co-developing features based on real-world feedback. This hands-on partnership extended beyond troubleshooting, with customers invited to preview and influence upcoming innovations. The internal audit manager at an automotive company shared: “Workiva has been a great partner for us. They’re always quick to answer. They’re always super supportive of us. They have been really good to work with. The [customer success reps] that we have are super helpful when we do have questions or things that we aren’t sure how to do or where to look. That’s been a very nice benefit of working with Workiva.”
The value of flexibility is unique to each customer. There are multiple scenarios in which a customer might implement Workiva and later realize additional uses and business opportunities, including:
ESG investment funding. Workiva supports better ESG investment by enabling organizations to produce robust, auditable, and investor-grade sustainability reporting. The SVP and director of corporate sustainability at a finance organization commented: “The ability to attract investment from ESG funds is an interesting element. I certainly think that could be relevant for a lot of companies that may not be doing a whole lot of reporting today, and moving to Workiva would enable them to do the kinds of things that they would need to do to attract those investors.”
New ventures. Workiva enables companies to pursue new ventures by removing operational bottlenecks, especially in compliance and reporting processes. The internal audit manager at an automotive company said: “Workiva keeps our SOX team from being any kind of a bottleneck for growth and speed. We know our executives are always looking to expand and grow and get into new ventures, so as much as we can, we stay out of their way while keeping our pulse on the risk and keeping things in check.”
Flexibility would also be quantified when evaluated as part of a specific project (described in more detail in Total Economic Impact Approach).
| Ref. | Cost | Initial | Year 1 | Year 2 | Year 3 | Total | Present Value |
|---|---|---|---|---|---|---|---|
| Etr | Workiva license fees | $0 | $244,000 | $244,000 | $244,000 | $732,000 | $606,792 |
| Ftr | Initial and ongoing management costs | $127,596 | $1,814 | $1,814 | $1,814 | $133,038 | $132,107 |
| Total costs (risk-adjusted) | $127,596 | $245,814 | $245,814 | $245,814 | $865,038 | $738,899 |
Evidence and data. Workiva license fees are generally determined based on the number of workspaces, the modules used (e.g., SEC, sustainability management, GRC), and the scale of implementation.
Pricing may vary. Contact Workiva for additional details
Modeling and assumptions. Based on the interviews, Forrester assumes that the composite has $9 billion in annual revenue and pays $244,000 annually in license fees to Workiva.
Risks. Forrester recognizes that these results may not be representative of all experiences. The total license fees charged by Workiva may impact this cost.
Results. To account for these risks, Forrester adjusted this cost upward by 0%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $607,000.
| Ref. | Metric | Source | Initial | Year 1 | Year 2 | Year 3 |
|---|---|---|---|---|---|---|
| E1 | Total license fees | Workiva | $0 | $244,000 | $244,000 | $244,000 |
| Et | Workiva license fees | E1 | $0 | $244,000 | $244,000 | $244,000 |
| Risk adjustment | 0% | $0 | ||||
| Etr | Workiva license fees (risk-adjusted) | $0 | $244,000 | $244,000 | $244,000 | |
| Three-year total: $732,000 | Three-year present value: $606,792 | |||||
Evidence and data. According to interviewees, they incurred a one-time setup fee and an implementation fee. In addition, they spent time on training as well as meeting with the Workiva team regularly. The internal audit manager at an automotive organization shared, “I have standing meetings with our customer success manager to talk through any significant updates or things they have in the pipeline that we could make use of or could potentially benefit our group.”
Modeling and assumptions. Based on the interviews, Forrester assumes the following about the composite organization:
The composite spends $110,000 on setup and implementation fees.
The composite spends 160 hours on training.
The composite spends 24 hours annually meeting with Workiva.
The fully burdened hourly rate for a team member is $72.
Risks. The expected financial impact is subject to risks and variation based on several factors:
The total spend on setup and implementation fees.
The number of hours spent training.
The number of hours spent meeting with Workiva.
The average fully burdened hourly rate of employees being trained on Workiva.
Results. To account for these risks, Forrester adjusted this cost upward by 5%, yielding a three-year, risk-adjusted total PV (discounted at 10%) of $132,000.
| Ref. | Metric | Source | Initial | Year 1 | Year 2 | Year 3 |
|---|---|---|---|---|---|---|
| F1 | Initial setup costs | Composite | $110,000 | $0 | $0 | $0 |
| F2 | Initial training hours | Composite | 160 | 0 | 0 | 0 |
| F3 | Ongoing management hours | Composite | 0 | 24 | 24 | 24 |
| F4 | Fully burdened hourly wage for a financial reporting or sustainability management team member | A2 | $72 | $72 | $72 | $72 |
| Ft | Initial and ongoing management costs | F1+(F2+F3)*F4 | $121,520 | $1,728 | $1,728 | $1,728 |
| Risk adjustment | ↑5% | |||||
| Ftr | Initial and ongoing management costs (risk-adjusted) | $127,596 | $1,814 | $1,814 | $1,814 | |
| Three-year total: $133,038 | Three-year present value: $132,107 | |||||
| Initial | Year 1 | Year 2 | Year 3 | Total | Present Value | |
|---|---|---|---|---|---|---|
| Total costs | ($127,596) | ($245,814) | ($245,814) | ($245,814) | ($865,038) | ($738,899) |
| Total benefits | $0 | $914,111 | $914,111 | $914,111 | $2,742,333 | $2,273,258 |
| Net benefits | ($127,596) | $668,297 | $668,297 | $668,297 | $1,877,295 | $1,534,359 |
| ROI | 208% | |||||
| Payback | <6 months |
The financial results calculated in the Benefits and Costs sections can be used to determine the ROI, NPV, and payback period for the composite organization’s investment. Forrester assumes a yearly discount rate of 10% for this analysis.
These risk-adjusted ROI, NPV, and payback period values are determined by applying risk-adjustment factors to the unadjusted results in each Benefit and Cost section.
The initial investment column contains costs incurred at “time 0” or at the beginning of Year 1 that are not discounted. All other cash flows are discounted using the discount rate at the end of the year. PV calculations are calculated for each total cost and benefit estimate. NPV calculations in the summary tables are the sum of the initial investment and the discounted cash flows in each year. Sums and present value calculations of the Total Benefits, Total Costs, and Cash Flow tables may not exactly add up, as some rounding may occur.
From the information provided in the interviews, Forrester constructed a Total Economic Impact™ framework for those organizations considering an investment in Workiva.
The objective of the framework is to identify the cost, benefit, flexibility, and risk factors that affect the investment decision. Forrester took a multistep approach to evaluate the impact that Workiva can have on an organization.
Interviewed multiple stakeholders and Forrester analysts to gather data relative to Workiva.
Interviewed four decision-makers at organizations using Workiva to obtain data about costs, benefits, and risks.
Designed a composite organization based on characteristics of the interviewees’ organizations.
Constructed a financial model representative of the interviews using the TEI methodology and risk-adjusted the financial model based on issues and concerns of the interviewees.
Employed four fundamental elements of TEI in modeling the investment impact: benefits, costs, flexibility, and risks. Given the increasing sophistication of ROI analyses related to IT investments, Forrester’s TEI methodology provides a complete picture of the total economic impact of purchase decisions. Please see Appendix A for additional information on the TEI methodology.
Benefits represent the value the solution delivers to the business. The TEI methodology places equal weight on the measure of benefits and costs, allowing for a full examination of the solution’s effect on the entire organization.
Costs comprise all expenses necessary to deliver the proposed value, or benefits, of the solution. The methodology captures implementation and ongoing costs associated with the solution.
Flexibility represents the strategic value that can be obtained for some future additional investment building on top of the initial investment already made. The ability to capture that benefit has a PV that can be estimated.
Risks measure the uncertainty of benefit and cost estimates given: 1) the likelihood that estimates will meet original projections and 2) the likelihood that estimates will be tracked over time. TEI risk factors are based on “triangular distribution.”
The present or current value of (discounted) cost and benefit estimates given at an interest rate (the discount rate). The PV of costs and benefits feed into the total NPV of cash flows.
The present or current value of (discounted) future net cash flows given an interest rate (the discount rate). A positive project NPV normally indicates that the investment should be made unless other projects have higher NPVs.
A project’s expected return in percentage terms. ROI is calculated by dividing net benefits (benefits less costs) by costs.
The interest rate used in cash flow analysis to take into account the time value of money. Organizations typically use discount rates between 8% and 16%.
The breakeven point for an investment. This is the point in time at which net benefits (benefits minus costs) equal initial investment or cost.
Total Economic Impact is a methodology developed by Forrester Research that enhances a company’s technology decision-making processes and assists solution providers in communicating their value proposition to clients. The TEI methodology helps companies demonstrate, justify, and realize the tangible value of business and technology initiatives to both senior management and other key stakeholders.
1 Total Economic Impact is a methodology developed by Forrester Research that enhances a company’s technology decision-making processes and assists solution providers in communicating their value proposition to clients. The TEI methodology helps companies demonstrate, justify, and realize the tangible value of business and technology initiatives to both senior management and other key stakeholders.
Readers should be aware of the following:
This study is commissioned by Workiva and delivered by Forrester Consulting. It is not meant to be used as a competitive analysis.
Forrester makes no assumptions as to the potential ROI that other organizations will receive. Forrester strongly advises that readers use their own estimates within the framework provided in the study to determine the appropriateness of an investment in Workiva. For any interactive functionality, the intent is for the questions to solicit inputs specific to a prospect's business. Forrester believes that this analysis is representative of what companies may achieve with Workiva based on the inputs provided and any assumptions made. Forrester does not endorse Workiva or its offerings. Although great care has been taken to ensure the accuracy and completeness of this model, Workiva and Forrester Research are unable to accept any legal responsibility for any actions taken on the basis of the information contained herein. The interactive tool is provided ‘AS IS,’ and Forrester and Workiva make no warranties of any kind.
Workiva reviewed and provided feedback to Forrester, but Forrester maintains editorial control over the study and its findings and does not accept changes to the study that contradict Forrester’s findings or obscure the meaning of the study.
Workiva provided the customer names for the interviews but did not participate in the interviews.
Rachna Agarwalla
Rachel Ballard
January 2025
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