How can reporting catch up with an accelerating world?
Going beyond reporting the data: why sophisticated data analytics is key to driving reporting insight
The expectations on corporate reporting are changing as the volume and velocity of data increases and stakeholders increasingly expect higher levels of technology sophistication from business functions.
The impact of fast-changing technology is echoed in our research. When we asked respondents to identify the major external challenge to corporate reporting — ranging from “the pace of regulatory change” to “satisfying differences in reporting standards” — they actually identified “changes to technology” as the number one challenge they faced.
When we look deeper at the specific technology challenges that organizations face, we find teams struggling with systems that do not talk to each other, lack of automation, and reporting systems proliferation.
To address this gap between the tools that reporting teams have at their disposal, and the innovative technology they need, three areas are key:
- Investing in more agile technologies, such as cloud-based enterprise resource planning (ERP), which can help increase integration and automation without the need for complex rationalization of on-premise systems
- Finding and building the technology and data analytics skills necessary to exploit the potential of innovative IT
- Exploring the future of reporting technology, including blockchain, robotic process automation and AI, exploiting the ability of new technologies to pull data from disparate systems
For a detailed analysis of the gaps, download the full report here.
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