management reporting solution is essential to extending narrative reporting capabilities, enabling the entire organization to easily create and collaborate on analytical reports.
Inefficient reporting processes that yield inaccurate and dated information normally cause more harm than good. Strong management reporting is a necessity to produce timely, reliable information, in order to make high-quality business decisions about the future of your company. Insight gathered from reporting allows for deeper analysis to understand problems, provide accurate comparisons against competitors and implement controls to hold employees accountable for budgets.
A successful management reporting process contains several key elements. Your program should begin with accurate, healthy data and metrics to support core business strategies and initiatives to specific stakeholders. Data should support both the long- and short-term vision for the company, and should be trustworthy and from a reliable source. For example, failing to remove data for a discontinued product will negatively skew the remaining pool of data and your ultimate reporting information.
When communicating data, consider formatting, report priority and user-friendly interfaces. Information should be easy to digest and understand, as tight and compact as possible, in order to meet specific user needs.