Workiva Wdata Explained

tl;dr

Workiva’s Wdata is a database-like product that provides customers an approachable mechanism to centralize data for use across the Workiva platform.  Wdata is available to Workiva customers with a Connected reporting solution.  Wdata is built so that users require little or no additional technical skills in order to use the application to its fullest.  

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Background

In our post The Value of the Workiva Data Management Suite (DMS) we explored integrating, transforming, and using data across the Workiva platform.  If you remember, DMS comprises three applications - Wdata, Chains, and Data Prep.  In this post we are focused on Wdata.  

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What is Wdata

Wdata is an application in the Workiva Data Management Suite that provides centralized storage of data that can be used across multiple Workiva processes and reporting periods.  By storing data in Wdata, an organization is able to create a “single version of the truth” and eliminate the need to risk associated with having multiple copies of data across dozens or hundreds of spreadsheets.  Data stored in Wdata is connected to spreadsheets, documents, and presentations.  As data is updated in Wdata, a connection is simply refreshed and the reporting is instantly updated.  

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Borrowing on data warehousing concepts, Wdata can be thought of like a datamart for Workiva reporting purposes.  Data that has been curated to support financial, GRC, and ESG processes can all be centralized in Wdata and utilized across each solution.

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If you want to understand the underpinnings of Wdata more, we explore Wdata’s technical components in this<link> post.

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Accessing Wdata

Wdata is a licensed component of the Workiva platform.  Connected solutions entitle an organization to use Wdata.  

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A common question is: can we use Wdata with one of our solutions that isn’t connected since we have access to it with one of the connected solutions that we have licensed?  

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The non-official answer is no; each solution that leverages Wdata must be connected or license an add-on such as Financial Statement Automation.  The official answer is an organization should work with their Workiva sales representative to ensure compliance with Workiva’s licensing policies. 

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Like so many of the capabilities on the Workiva platform, Wdata is a securable component that enables granular access control.  Once security access is granted, a user simply selects Wdata in the left hand panel within the Workiva Workspace to open the application.       

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Using Wdata

Wdata users can be classified into two primary categories - data curators and data consumers.  A data curator is a person that within Wdata prepares data for use.  Common activities include adding or refreshing data in Wdata and building queries that create datasets that are used to support reporting needs.  

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One of the key value propositions of Wdata is that it is able to be managed by a person within the business and requires little or no support from the IT organization.  There are certainly core technical concepts that a data curator needs to understand; however, the application is built with an intuitive drag and drop interface that eliminates the need to have deep technical knowledge making Wdata far more approachable. 

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Once a data curator finishes preparing the data, the data consumer is able to use the data across different reports in the Workiva platform.  Data curated by Wdata is delivered in a table format (rows and columns) and is easily utilized in Workiva Spreadsheets, Documents, or Presentations.  The data consumer simply creates a connection, selects the data that has been curated, and now the data is linked to Wdata.  As data is updated in Wdata, the data consumer simply refreshes the connection and the reporting that utilizes the data is updated.  The data consumer doesn’t need any technical skills to realize the value of Wdata.  

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Wrapping Up

Wdata is a critical component of the Workiva Data Management Suite (DMS) but it is just one component. In our Workiva’s Data Management Suite article, we also highlighted Chains and Data Prep. These are equally important components and should be explored further to understand how DMS can improve the return on investment for Workiva solutions, reduce risk, and improve efficiency.