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6 Tips When Considering A Monthly Reporting Package

June 2, 2011 Finance

Access to timely, accurate information is essential to making informed decisions and running an efficient business. Establishing a universal method for measuring success is key – here are a few things to consider when implementing a monthly reporting package or dashboard.

Get Financial and Organizational Commitment from Management
It’s important for all members of management to establish exactly what is going to be measured, how often, and at what level. Do you need a full-blown enterprise reporting package, or a tiered implementation that measures financial reporting, operational reporting, budgeting, HR and safety metrics, etc. If you like some elements of your current system, you can use a monthly reporting package to establish a central location for your business to get all pertinent information.

Establish What Information You Want Capture
To try to get all needed information out of many systems can bog your business down. You may need your own data cubes or warehouse, which is also dependent on your financial commitment, if there is a very large set of data to be captured. Make sure the data can be understood by everyone involved by creating a common language for what you’re measuring, including common data and metric definitions

Know the Limits of Your Current Architecture and IT department
Is the new system something that your current IT employees understand and can support, or will you need to bring in new skill sets? This can greatly affect the direction you wish to take, the tool you implement and the total cost of implementation and ownership

Decide Who Will Own the Process Once in Place
Know early who sets direction and monitors success going forward. Who owns the reporting package, the process, underlying data, etc.? Think about the end goal and ALL potential reporting parameters you’d like from the very beginning – this will make it easier for the owner of the report and everyone else involved

Measure the ROI
You can find tangible value by eliminating inefficiencies in current reporting methods. Reports come to you much quicker, so you can identify problem areas early, as well as see what is working for your business.

Each company’s needs are a little different (contact us for more on a custom monthly reporting package), but the adaptability of this model makes it perfect for any business looking to increase efficiency.

 

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