How Workiva is Breaking into the Financial Reporting Software Market
The specialist started the conversation by discussing recent trends in the regulatory filing services sector. There has been a “significant uptick” in the regulatory market, particularly for investment firms and within Europe. The past couple of years have also seen a lot of organisations going public, which creates another market for Workiva. And when looking at future revenue, he thinks that it will continue to be based off regulatory reporting: “The more regulation that we see across the world, across the globe, that’s going to give them the opportunity to continue to drive their business.”
The changing price structure for Wdesk was also explored. At first, pricing was based on a specific price per seat. However, the company has now moved to working out the cost depending on use cases. This has resulted in increased business, as it has attracted companies that were previously unable to justify the cost of a licence. This approach has also resulted in greater adoption, with more people using their application once buying a licence.
When it comes to Workiva’s competitors, two stand out. The “number one” is Microsoft’s Office suite, which isn’t going away any time soon. In terms of external reporting, Donnelley Financial Solutions is the largest competitor. After Donnelley raised its prices, Workiva took market share from them “because it was a better product, it brought efficiencies and it was a reasonable investment”. However, the situation could reverse in future if Workiva raises its prices too much. Moreover, Donnelley is stronger on the investment side, with a “much broader and stronger product”, as well as a deeper understanding of what its customers need in this segment.
To access all the human insights from Third Bridge’s Workiva & the Financial Reporting Software Interview, click below to view the full transcript.
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