The CEO needs a report showing the most profitable products by geography. Operations wants to compare the cost of inventory with overtime costs for running production lines on weekends. The board of directors is asking for information on total shareholder return.
Finance spends an inordinate amount of time crunching numbers and creating reports to provide essential input into day-to-day and strategic business decisions as well as for tax and regulatory compliance. The problem is that many companies don’t have integrated sources of data or automated reporting. Financial analysts are left to manually consolidate, calculate, and validate figures using any number of methods from Excel to coding reports using complex software.
But that’s not good enough anymore. Here are four reasons why it’s imperative to rethink how your company approaches enterprise reporting:
1. The Need for Speed
Business cycles are faster than ever. Constant change is a given. Near real-time insight has become a matter of strategic importance to many companies. But when it takes a week or longer to gather data, massage it, and provide input or insight, businesses lose the ability to course correct before it’s too late or jump on a market opportunity ahead of competitors. Enterprise reporting must be fast and powerful to enable your business to be more agile and responsive.
2. Data Accuracy and Transparency
When you’re chasing data from across the enterprise, how do you know when you have it all? If your staff creates complex calculations in Excel, how do you know they’re correct? For many companies, the potential for errors in reporting is not trivial. Spreadsheets often lack security and don’t offer audit trails. Manual efforts can lead to human error.
Data accuracy and transparency is essential not only because your company is basing important decisions on it, but to mitigate operational and reputational risk of filing public documents with incorrect information.
3. One View of the Company
Today’s companies can be complex, with global supply chains, far-flung subsidiaries, processes to comply with industry regulations, and constantly evolving product lines. You need one single source of truth, one consolidated view of the company on which to base strategic decisions. This requires a single data source for your reporting, with both financial and operational data in one place. While this need goes beyond having an enterprise reporting capability, it’s essential for accurate and fast reporting.
4. The Rise of Data-Driven Organizations
To become a data-driven company, you need to democratize information. Simply put, you need to be able to share data across the organization with the people who need it. Can you do that easily today? No, you can’t if everyone has to track down the right version of the right spreadsheet and then email it around to various people. Enterprise reporting should provide decision makers with access to the business information they need, when they need it.
When It’s Time to Look for a New Enterprise Reporting Package
Does your company currently have the ability to provide fast, easy, and accurate reporting, with one view of the company, to everyone who needs information to improve decision making? If not, it’s time to make a change.
With the availability of cloud-based enterprise financial software, it’s never been easier to quickly deploy new capabilities without breaking the bank. You get all the advantages of the latest software without the cost and effort of installing and maintaining it.
Financial and Enterprise Reporting Webcast
Let Brittenford help you select, deploy, and quickly get up to speed on financial and enterprise reporting software. Join us for a free webcast on Wednesday, June 18 at 1:00 ET titled “Financial and Enterprise Reporting” and learn more about the reasons above and why you should reevaluate how your company approaches enterprise reporting. A live demonstration of Host Analytics, the only cloud-based enterprise perfomance management (EPM) software, will also be presented.
CLICK HERE to register.