Implement effective management reporting processes to improve data quality
TECHNOLOGY BULLETIN |
In a growing global economy, organizations are striving to develop a competitive advantage through timely, actionable data. Technology allows smaller companies to communicate and expand globally, but employees must be able to access relevant data for continued profitable growth. Implementing effective management reporting provides deeper and higher-quality information to increase efficiency and make better business decisions.
Many organizations already have systems and reporting processes in place, but they are not efficient or optimized to yield meaningful and timely information. Inefficient processes that produce dated or inaccurate data often cause more harm than good. Fortunately, adjustments to existing processes can result in more complete analytics to run and grow your business.
Strong management reporting is a necessity to gather timely, reliable information, allowing for deeper analysis to understand issues, provide comparisons against peers and implement controls. Unfortunately, organizations often face several challenges when developing reporting processes, including:
- Selecting and correctly using the right system to develop and deliver reports
- Manipulating data to display the best metrics to make better decisions and understand the company’s position
- Implementing an inefficient accounting close process, not allowing for timely report delivery to stakeholders
- Ensuring data integrity
- Adopting management reporting processes at the incorrect stakeholder levels throughout the organization
Every organization has the need for greater depth of reporting and more actionable data. To learn more about how to develop a successful management reporting program, read our recent article “Management reporting: Implementing effective organizational data processes."