Single source of truth reporting is exactly what it sounds like: reporting based on a shared repository of facts that includes all information relevant to every user. It’s the ideal approach to reporting, but it’s rarer than people realize.
PeopleSoft users are an excellent example. Despite the fact that massive amounts of information lives inside this solution, PeopleSoft reporting is a cumbersome process, mostly because the data are poorly integrated.
Members of the finance or IT teams have to go hunting through multiple data sources, identifying and integrating the metrics they need to build reports. Since so much of the process is manual, there’s a high risk of human error. Just as troubling, every user can end up working with different figures and coming away with a different understanding of enterprise performance as a result.
Single source of truth reporting is designed to get everyone on the same page. Instead of drawing from disparate sources and letting accidents and biases distort the facts, all users work out of the same database. This approach to reporting eliminates a lot of unnecessary confusion and conflict while also streamlining how companies create and capitalize on their reports.
The built-in PeopleSoft reporting features make it impractical to construct a single source of truth, which is why savvy users look outside the system. The team at insightsoftware has created solutions that interface directly with PeopleSoft (and over a hundred other ERPs) to instantly establish a single source of truth and revolutionize reporting in the process. Here’s how.
Automated Data Collection
Trying to create a single source of truth by hand is a losing battle. Humans don’t have the time or focus to deal with the endless updates and revisions it would take, but automation is perfectly suited to the task. When data are automatically pulled out of PeopleSoft and integrated into a reporting tool, that tool becomes the most important informational asset within the company. It contains the most complete, accurate, and up-to-date insights available in a format that is intuitive and accessible to all.
Incorporation of All Data
PeopleSoft reporting suffers in part because it can’t easily integrate with data from outside the system, meaning that the resulting reports are unavoidably incomplete. Reporting tools from insightsoftware integrate with PeopleSoft as well as more than 140 other ERP systems, linking every source of data within a company. Information from multiple teams, departments, and administrative levels coexists creating a single resource that all users can rely on for all the information they need.
Addition of Detail and Context
Single source of truth reporting is more valuable because nothing is omitted, but it’s also more actionable. Once an information repository is established, reporting tools from insightsoftware give users new ways to explore and analyze that information.
Users can drill down into the facts and figures that make up key metrics to understand the forces having the biggest impact on enterprise performance. Alternately, they can condense data into sophisticated visualizations that give important context and expose truth from different angles. Even though the information is the same for all users, they have the freedom and flexibility to explore it according to their own needs.
What does your PeopleSoft reporting process currently look like? Does it involve more work than you’d like and create more uncertainty than you can accept? If so, single source of truth reporting is the missing asset, and it’s a lot more accessible than you expect. How accessible? Contact us to learn more.