CFOs are looking for confidence in their data more than automation, argues Workiva CEO Julie Iskow

With the so-called ‘SaaSpocalypse’ still taking up far too much of the fevered imaginings of the red braces brigade on Wall Street, a timely and useful intervention from Julie Iskow, CEO of Workiva.

Workiva produces a cloud-based SaaS platform for reporting solutions, pitched as enabling integrated, audit-ready reporting systems for ESG (Environmental, Social and Governance), financial, and GRC (Governance, Risk and Compliance) data, so it’s well-placed to pass comment on the idea that AI is coming to wipe out traditional SaaS players. Iskow says:

There's an emerging view that as AI changes how work gets done, traditional SaaS platforms become significantly less valuable and in some cases, obsolete. We understand that perspective. Many workflow tools that organize tasks, route information or summarize activity can increasingly be automated or agentized.

But she adds:

In an AI-driven world, what matters most to a CFO is not automation it's confidence in their data. And as reliance on AI increases, trust in that data becomes even more critical, not less. CFOs and finance leaders and risk teams don't just need answers faster, they need answers that they can stand behind with confidence. They need data accuracy, data consistency, data integrity and data traceability. They need to be able to explain and defend any number at any point in time.

That's where Workiva is fundamentally different, she argues:

We're not just a series of workflows that can be automated or AI-ed away. We're a trusted platform where data is controlled, connected, auditable and governed by design. Every number, every narrative and every change is traceable with full lineage and accountability.

And more importantly, AI doesn't replace this foundation; it depends on it. That's why, as AI adoption increases, we believe Workiva becomes even more relevant, not less. Customers in the office of the CFO are choosing Workiva's platform because we're not just another app in the stack. Over the past 1.5 decades, we've become not just a system of record, but an essential and trusted system of record, a system of truth. In an era of AI, our customers need intelligence that they can trust within a platform and in an environment where accuracy, accountability and assurance are non-negotiable. Workiva is just that, a platform of trust.

Customer wins

To back up her argument, Iskow cites a number of use cases, beginning with a global fintech and insurance brokerage firm running five solutions, including controls management, global statutory reporting, management reporting, policies and procedures and SEC reporting as part of a finance transformation project focused on eliminating manual workflows and addressing reporting inefficiencies.

Or there’s the large regional bank and mortgage originator in the US, a customer for 13 years which has bank reporting, controls management, management reporting, SEC and carbon and sustainability reporting to its stack.

Finally she points to a UK-based global pharmaceutical leader, a Workiva sustainability reporting customer since 2017, which has added controls management, ESEF (European Single Electronic Format) and SEC reporting. She explains:

This investment was made to significantly mitigate reporting risk and drive enterprise-wide efficiency. It included modernizing a manual reporting process involving over 200 collaborators.

It’s a broad church user base with common needs, she says:

Workiva operates where accuracy, defensibility and accountability are required, making our platform even more relevant in an AI-driven world. Our relevancy is critical, of course, but so is using AI to both build, innovate and execute with speed and to ensure our customers have high impact, differentiating AI in our platform to do their most important work.

Enhancements

Iskow argues that unlike other companies who are "simply bolting on AI", Workiva's AI capabilities are architected directly into the core of the platform. And there have been recent “high-impact enhancements” across the platform, she explains:

First, we launched an AI-powered capability that analyzes queries and manages data directly within the Workiva platform. Customers are now empowered to leverage AI across their data, queries and tables to accelerate data preparation and surface insights.

Second, we're embedding and scaling additional AI capabilities across our GRC solutions. Newly launched capabilities enable users to automatically ingest, analyze and validate supporting documentation or in GRC terms, evidence for audit, risk and compliance processes. This transforms manual document-intensive tasks into an automated insights-driven process within a secure, centralized environment.

And finally, we continue to expand AI capabilities across financial reporting. Since AI is already embedded into the Workiva platform, no add-ins or plug-ins are required. For financial reporting, newly launched AI capabilities can be used to generate narrative insights and summaries for reports, get explanations of data and formulas through natural language interactions and leverage strong conversational querying, explanation and reasoning over data context and logic. All of these platform capabilities have the potential to drive meaningful impact across all of our financial reporting solutions.

My take

The market is moving fast on AI, and so are we.

No signs of a ‘SaaSpocalypse’ here...