Case Study: Telefónica transforms reporting and speeds filings with Workiva

Telefonica files with Workiva a month earlier and streamlines 160,000+ linked instances

Telefonica, a major global telecommunications company based in Spain, faced a challenge when mandated by the SEC to comply with new XBRL electronic reporting requirements. They sought a solution to meet these requirements and used it as an opportunity to improve their entire reporting process. They chose the Workiva platform for its financial and SEC reporting solutions to address these disconnected challenges.

Workiva provided a cloud-based platform that enabled real-time collaboration for over 100 team members and managed both SEC and European Single Electronic Format (ESEF) filings in one place. The solution created a single source of truth for data, automatically linking over 160,000 instances to eliminate manual work and ensure consistency. As a result, Telefonica filed its SEC report more than a month earlier than in previous years, saving significant time and reducing duplicate effort across its reporting cycle.

Telefonica