Many organizations are slow to change their reporting, even knowing it’s not as beneficial as it could be. This BPM Partners white paper on How to Avoid the Top 3 Costly Reporting Mistakes analyzes why it is a necessity to have a good reporting system–it is essential to becoming a profitable business. There should be no reason to be at a competitive disadvantage, so address the challenge.
The Top 3 Costly Reporting Mistakes:
1. Excessive Resource Requirements
– “More important, and often more complex, than the act of writing the report itself is finding the source and format of the appropriate data. This is a multi-resource task: the business user, an IT resource a business expert on the source system…Even if some of these roles can be combined into fewer individuals, the tasks are still many. All of these steps to get the right data are an opportunity for errors to enter the process.”
2. Decision Making without Adequate or Trusted Information
– Making a decision by a certain deadline with all of the information related to supporting that decision would enable you to make the best choice for your organization as possible. But this requires a management reporting system. If you don’t have all of the tools necessary, you will quickly move down a path of educated guesses instead of informed, confidently-made decisions.
3. Missed Opportunities
– “Without a solid performance management reporting capability it is more difficult to spot opportunities as well as rapidly adapt to market forces. This is not just about having ready access to reliable reports, but how these reports can help you intuitively focus on what matters. For these types of reports, the more visual cues the better…Highly visual and analytics-based reporting can help you identify opportunities that may be buried in the numbers.”
Many companies put improving their reporting system on the backburner, but here are three mistakes that are detrimental to your organization when you make that decision. There is no reason for any of the decisions you make to improve your organization to actually cost you time and revenue–instead, avoid them by enhancing your reporting system