The details of an intelligent EPM reporting strategy are complex, but the concept is quite simple: Intelligent reporting differentiates itself from other types by putting the emphasis on the application of the reports rather than the creation.
Previously, the process of reporting involved the systematic collection, integration, and analysis of data, which required the finance team to repeat the same inefficient routines anytime reports were required. Now that the process is “intelligent,” automation instantly conducts the same work that used to take accountants hours to accomplish.
The appeal of intelligent EPM reporting is obvious, especially for Oracle PBCS or Oracle Hyperion users who may be frustrated by their current reporting capabilities. The benefits run even deeper than most people realize.
Imagine a scenario where reporting is effortless. Members of the finance team, executives in the C-suite, or stakeholders across the enterprise can access customized reports at will that are filled with insight into every aspect of performance.
In practice, users save significant time, effort, frustration, and uncertainty with intelligent reporting. Even more significantly, decision-making becomes an informed, empirical process with far less risk involved. In disruptive times, intelligent EPM reporting keeps companies ahead of the pace of change.
The question is, how does one build an intelligent reporting strategy? The answer is by eliminating the obstacles that make reporting inefficient and not insightful. Start building a strategy for the future with these steps:
- Create a Single Source of Truth. Even with a comprehensive ERP solution in place, data may be siloed across sources that all contain insights relevant for reporting. Integrating as much data as possible in one place makes the retrieval effort easy. It also ensures that everyone has access to the same data, creating a common understanding of enterprise performance.
- Minimize Reliance on IT. Reporting tools built into Oracle PBCS and Oracle Hyperion are so technical that users frequently have to rely on IT to build out reports. Relying on more intuitive and accessible tools does not diminish the quality of reports. All it does is liberate IT from the reporting process while accelerating it at the same time.
- Enable Self-Service Reporting. For reports to be true assets they need to be customizable, digestible, and actionable. Ideally, individual users can create those kinds of reports entirely on their own regardless of their technical skill level. When reports are accessible to all, every decision is improved by having a clearer and more complete understanding of enterprise performance.
- Build Interactive Reports. Static reports are another obstacle to decision making. When reports exist as facts and figures arranged in a grid, they reveal little about a company’s successes and failures. However, when that same data is made dynamic through real-time updating and deep drill-down capabilities, users can get the context and detail they need to act in the best interests of the company.
- Focus on Strategic Reporting. Intelligent EPM reporting is really a philosophy, one that aims to turn reporting into a valuable process instead of a routine obligation. As you refine your approach, focus on making reporting a strategic asset. Too often, companies become overwhelmed with checking all the boxes, leading to less informative reports across the board. Thinking about reporting from a decision-maker’s perspective helps reveal what the most useful reports would look like.
The most important step in executing this strategy is finding the right reporting tool and implementation partner. Superior reporting processes depend on having the right technology in place, as well as a vendor who can help you optimize that technology. You can find both today by contacting insightsoftware.