The matching counterpart
Experience shows that it is not always the same departments which are making the decisions regarding process optimization as well as the introduction of new software components.
Longer decision-making processes are normal due to the importance of corporate data, data protection and security issues.
Management of sensitive data, such as company figures that have not yet been published, requires high security standards as well as operational security. Cybercrime has increased significantly, and people are very cautious when handling data.
For this, many stakeholders are involved in the process, from procurement to communications, finance, sustainability, investor relations, senior management and more. All needs are to be considered and all involved give their input to the process and an implementation of a new reporting software.
From the company's point of view, all stakeholders should pursue the same goal. It is about digitizing manual processes by using a software. The right questions must be asked in the analyzing process and, of course, the product and service should be able to solve the company's challenges.
Seize the opportunity for change
The initial effort for the introduction of a new reporting software should not be underestimated, yet the effort is worthwhile. Additionally it provides an opportunity to question processes and drive automation and digitization.
Running costs can be reduced with the right software and existing resources can be used in an optimized way. Experience shows that even in the second year, this initial outlay can be recouped and up to 40% costs can be saved.
Does your reporting process have optimization potential?
7 questions you should ask yourself when analyzing your current reporting process:
1. is interdisciplinary collaboration possible within the reporting process?
2. is working in the familiar office environment possible?
3. are changes automatically applied to all documents?
4. are your reports translated into different languages with little effort?
5. can the data be automatically copied to the next period?
6. do you have the possibility of publishing in different output formats (PDF, digital and iXBRL) from one data source (multi-channel-reporting)?
7. can employee time be used more qualitatively, avoiding repetitive automatable work?
A corporate report is a company's business card and is therefore of great interest to employees, shareholders, customers, partners and the public.
Start digitizing your company reports now. We will be happy to support you.
