The current state of legacy reporting is beginning to show its age. If you look at the picture below, we try and summarize visually where they can be improved. Here are some key takeaways for you:
- Job hierarchy limits access for management level reporting based on the following:
- Lack of proper data integration
- Type of Report (i.e. user query, nVision, spreadsheet)
- The manual and opaque reporting process
- Reporting can lag real-time transaction data due to the following:
- Posting Job Schedule
- Data silo effect
- Manual reporting process
- Technical development limitations
- Financial Close Process concentrates effort on financial statement creation and reduces the value of analytics due to the timeliness of actionable data.
From our vantage point, we are experiencing interest from CEO’s office around cost-effective data and analytics, which is also missing in this visual. We will discuss more about how IQAccountant REACTR platform can deliver this for your organization in our next communication, so stay tuned.
