What features could Workiva add to its SEC reporting solution to further simplify the XBRL tagging process?

Introduction

To improve Workiva's SEC reporting solution and simplify the XBRL tagging process, we need to focus on enhancing user experience, increasing automation, and leveraging advanced technologies. I'll outline a strategic approach to address this challenge, considering user needs, market trends, and potential innovations.

Step 1

Clarifying Questions

• Looking at the product context, I'm thinking about the primary user base for Workiva's SEC reporting solution. Could you provide more insight into who our main users are - are they primarily financial professionals in large corporations, or do we also cater to smaller businesses and individual filers?

Why it matters: This will help us tailor our features to the specific needs and pain points of our core user base. Expected answer: Primarily financial professionals in mid to large-sized corporations. Impact on approach: We'd focus on features that streamline complex reporting processes and integrate with enterprise systems.

• Considering user behavior, I'm curious about the current workflow for XBRL tagging. How much of the process is currently automated versus manual? What's the typical time investment for tagging a standard report?

Why it matters: This helps us identify where the most significant time-savings and error reduction opportunities lie. Expected answer: The process is semi-automated, with users spending several hours on manual tagging for a standard report. Impact on approach: We'd prioritize features that further automate repetitive tasks and reduce manual input.

• Thinking about product lifecycle and company alignment, where does Workiva see the biggest growth opportunity in the SEC reporting space? Are we looking to expand our user base, increase engagement with existing users, or both?

Why it matters: This will guide our feature prioritization to align with Workiva's strategic goals. Expected answer: Focus on increasing engagement and retention of existing users while gradually expanding to new market segments. Impact on approach: We'd balance new feature development with improvements to core functionality that drives user retention.