Even successful companies struggle to obtain information for decision making purposes. Companies are under pressure from sources such as:

  • changing competitive landscape
  • changing regulatory environment
  • emerging technologies
  • changing consumer demands.

This means corporate information needs are changing.

The search for consistency

Making reporting across an organisation aligned and consistent when there are disparate sources is an ongoing problem. The solution is to build a cohesive information and data governance framework across the organisation.

Win the relevance battle

Senior management set the overall strategy. The Finance team has a critical role in establishing transparent Performance Reporting to support this. The Finance team cascades Performance Reporting throughout the organisation to aid decision making at all levels.

In our survey 56% saw finance as principally gatekeepers of data or providers of basic financial analysis at best.

How the business perceives the Finance function is a challenge to Performance Reporting. Companies may be missing opportunities and slow to respond to threats.

Poor underlying data raised questions over the relevance of metrics. This could cause management to lose confidence in Performance Reporting. 

Over 55% of respondents believe there to be duplication of reporting between finance and the business. Over 55% of respondents believe there to be duplication of reporting between finance and the business.

Can Performance Reporting be outsourced?

While many organisations have outsourced transactional finance activity, only 4% of the survey said that they had outsourced Performance Reporting.

Financial professionals have concerns over:

  • data security
  • risk of loss of intellectual property
  • cultural change issues.

The sensitive market information contained in performance reports is still seen by some as too valuable to risk potential exposure as a result of transforming the delivery model. 

About Jamie Lyon, lead author, ACCA

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