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Why should CFOs Care about Digital Self-service Reporting?

 

 

Technological development has brought many benefits to the office of finance.

 

Thanks to technology a complex data collection, consolidation, planning or reporting process can be effectively managed by a limited group of people. There is one area however where technology still has not reached its full potential: management disclosure and reporting. Clear evidence is that many corporations are still holding on to the traditional reporting booklet in PDF, Excel or even hardcopy.

 Tagetik for digital self-service reporting

 

One of our clients recently implemented Tagetik as Corporate Performance Management solution on top of its SAP ERP landscape. This client is specifically keen on utilizing digital self-service reporting for its CEO, CFO and other senior management. They have found in CXO-Cockpit their preferred solution. CXO-Cockpit is the sole source of truth for any discussion taking place at C-level. Static or ad-hoc reports are non-existent at this client as they are not accepted by the CEO and CFO.

 

The CFO commented that digital self-service reporting has brought him and the CEO a number of crucial benefits. The traditional reporting booklet generally raised more questions than providing answers, as each page would display only a limited set of data in a predefined format.

 

CXO-Cockpit provides the opportunity to immediately zoom in on key topics by slicing and dicing through the information, while retaining the structure of the report through its storyboard functionality.

 

In addition, while in the middle of business reviews, the CEO and CFO can navigate through CXO-Cockpit on their handheld devices, allowing them to validate business unit commentaries in real time.

 

At this client, technology stimulates a deeper and more intense debate, allowing for immediate feedback rather than having to wait for yet another ad-hoc analysis to be delivered.

 

There are 2 important prerequisites for this to work.

  1. Data must be reliable and must flow through the different information systems without the need for additional enrichment (our client calls this the hygiene factor). This requires an agile information architecture and a seamless integration between CPM and ERP technologies. It furthermore requires strict procedures and instructions how information is captured in the transactional systems in order to fit exactly to the needs of the reporting. 
  2. Anything remotely looking like a static or ad-hoc report should no longer be tolerated, and the CEO and CFO are responsible for upholding this principle. It is the tone at the top that makes the difference.

 

Think about how management disclosure and reporting is delivered within your own organization. What could digital self-service reporting bring to you?

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