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Practice desciption
How to stop wasting valuable time on reports? Due to the current era of big data, artificial intelligence, robotizing and advanced algorithms we all know how important good management reports and dashboards are. The Future of Work is at your doorstep. Data is the key element to add value to the customer. However, a lot of companies have an abundance of reports that are unused or outdated. We all know those reports that we don't use or reports that are build from other reports, put together in Excel and used as the final report. It is time-consuming. Sensitive to manual errors. This article from EY found out that 74% among their respondents agree that they should improve the information they provide to external stakeholders. So it's time to change!
The best way to assess what reports are needed is to implement new IT/reporting systems. This forces everyone to really look into debt to what reports they really need. What is the Minimum Viable Product (MVP)? What is missing? However, new systems implementations are not an option in most circumstances. Therefore start prototyping to stop wasting valuable time on reports!
What steps to take for the practice
Ways to effectively assess your reports
- Walk the line to where the report is used and asses with the stakeholders of its still adding value for the customer vs time spend building, making and discussing the report. Make sure to ask the question: What is the added value for the customer of this report?
- Involve your client to see what dashboards they like to receive.
- Make the internal costs of a report visible. When visible, people will think twice if they will spend money.
- Automate building, making and analyzing the reports. Often it takes little effort to automate (parts of) reports. So always automate as much as possible. Even when you do it yourself and it only takes 10 minutes a month and you think automation is a waste of resources. Just automate it!
- Stop sending the report and if nobody asked for it after a few months then you already saved time!
- Take it to a disruptive level and stop all internal reports for a month. Then asses what information is missing to add value to the customer.
- Implement general reporting software that can connect to multiple databases and is easy for end-users. There are already a lot of standard reports available based on software companies' experience with multiple companies.
Expected results
- A higher number of value-adding reports.
- More time to add real value to your customer.
- Less manual errors in reports.
- More insights due to automated reports
- New opportunities to transform reports to predict the future (predictive analysis)
Also, take a look at this related practice to measure employee engagement.
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