Without real-time, or near real-time reporting, Australian business leaders are making misguided critical business decisions. A problem facing traditional financial and general business reporting is the batch nature of the process. The data is collected, stored and then reports are run on that data at set intervals, such as “end of month reporting”.
IT can dramatically improve an organisation’s reporting processes with the deployment of business intelligence (BI) and data integration, which will result in more considered business decisions. Here are some ideas to improve your internal reporting processes and how IT can help:
- SSD-based systems. A good place to start is to make sure you have the capability to run reports efficiently. Newer, SSD-based, server and storage systems are available with more processing and I/O performance.
- Real-time data feeds. Instead of relying on batch reporting, you should trial reports which use real-time data feeds. This can usually be achieved with APIs and other integration components. This will give you a better idea of the capabilities of real-time reporting.
- Leverage cloud. With so many on-premises and cloud-based application databases in use, looking at what reporting can be offloaded to third-parties can be a quick win on the path to better reporting productivity. If security concerns around financial reporting are too high, considered partnering with a managed service provider to keep a closer eye on the data.
- Big data. The rise of big data processing has paved the way for real-time business intelligence and predictive analytics. The productivity implications of big data are profound, as more timely information can reduce unnecessary manual processes, and uncover new market opportunities.
With more timely and accurate reporting your organisation can free up more time to drive your business forward with conversations and decisions built on accurate and real-time information.