Four Steps to More Efficient Reporting

Have you ever watched a movie where there was a “war room”? Typically, people are pictured huddled around computers, satellite images, and monitors, and someone is barking orders. But, what is so special about “war rooms”?

The resources in a “war room” represent continuously monitored data silos. The team can take what they know about their target and develop a strategy based on data and collaboration. The result is a very efficient team.

“War rooms,” as we see them in movies, represent what we can achieve when business intelligence and data are in our grasp.

However, the word “grasp” also describes the current state of business. We are grasping for data, answers, and intelligent business decisions.

Develop a Strategy Based on Data & Collaboration

Many companies are still piecing data together through emails, spreadsheets, and reports. Without a single source of data truth, companies can be crippled by inefficient processes, particularly when it comes to budgeting.

When management requests a company budget, each department head typically prepares the budget in Excel. Then, the template is sent to the Finance team to integrate with the company budget. Depending on the number of departments, it could take a considerable amount of time to compile, integrate, and complete multiple Excel workbooks. The problem is not merely the inefficient manner in which companies prepare the budget but also where they obtain the data.

Without the efficiency and clarity provided by ERP (ERP), Business Intelligence (BI), and Corporate Performance Management (CPM) software, budgeting is not only cumbersome but is more than likely inaccurate.

Budgeting isn’t the only business process that suffers because of a lack of automation. You can also improve the accuracy of general business reporting, business trends, and company productivity with ERP, BI, and CPM software.

To become more efficient and effective at reporting, you must:

1. Automate Workflows – Utilize the consolidation capabilities and workflows in CPM software to reduce the time you spend on reporting.
2. Provide Easy Access to Data – Creating a centralized location for data eases communication difficulties. A single source of data truth also gives decision-makers access to the most up-to-date data.
3. Enable Data Sharing – Sharing site data allows for improved collaboration efforts and better decision-making.
4. Compliance – Not monitoring your regulatory efforts can negatively impact your resource availability.

Life is good when you no longer have to grasp for the information you need!

Ready for efficient and effective reporting? Watch our free CPM demo here.