Sphera vs Workiva

Sphera and Workiva both develop enterprise SaaS software that helps companies generate environmental and social reports and manage risks in these areas. They include tools for sustainability/ESG/financial and non-financial reporting, integrate various sources of climate and environmental data. Both companies serve industries with high transparency and regulatory compliance requirements (manufacturing, chemicals, transportation, mining, energy, etc.).

But Sphera (founded in 2016) focuses more on EHS (Environment, Health and Safety) than financial reporting. It enables management of carbon emissions data (Scopes 1, 2 and 3) with automatic calculations, verification and data consolidation. Also it includes a "Targets & Actions" module for setting ESG targets, tracking measures and evaluating the ROI of impact mitigation projects. The company has an extensive database of environmental and sustainability indicators, which is its competitive advantage.

Workiva (2008) mostly specializes in financial and regulatory reporting, risk management and compliance. Its flagship system, Wdesk automates data collection from various sources, tracks changes in real-time and generates (for example) XBRL reports, SEC reports and the European ESEF form for public companies. It features very strong collaboration tools, audit trail and integration with financial systems. ESG is just one of the system's modules.