Using the Deloitte survey (as a case study), it is possible to realize how much management reporting has increasingly become essential and see different viewpoints on it. Business leaders are no longer interested in financial reports, which do not give them insights on important decisions to be made for the businesses to grow.
In as much as financial reports of a business are significant, the present flexible management report is more beneficial as it provides data to predict a trend as well as the reason behind such a trend. Such information can help the leaders to get to the root cause of a problem and make useful decisions.
According to the Deloitte survey, in as much as the managers are interested in taking on the reporting practices, just 24% of reporting time is utilized in analysis and strategy building. The majority of businesses are still using a huge amount of time in report formulation. In fact, half of the survey respondents are discontented with the time taken to deliver the reports and content of the report.
On the other hand, the appropriate management reporting systems for businesses today must have a good blend of both internal and external data that is in real time. This data makes it possible for the business to find insights and perspective into their performance. Management tools, for example, InetSoft, present business with a single management system that performs several functions, as it presents automated reports in business dashboards.
Managers need to adopt such technology so as to save more time that their team spends in collection and writing reports. The saved time can alternatively be used in monitoring and examining data in an interactive and proficient manner.