Reporting-Driven Finance Transformation

Reporting as a function is ex post facto in nature, but its impact is far reaching and wide. The prime factor giving importance to reporting function is its ability to influence and impact decisions.

So, what would drive success for the ‘best in class’ reporting function?

The points mentioned below can cover many of the problem statements, in my view:

• Data should speak the same language — across the organization
• Collaboration and sharing at the ‘Next level’
• Improvement in speed of execution

We observe that in many BFSI organizations, similar reports are used by different divisions. This results in process inefficiencies. To address this, transformation initiatives are taken to consolidate reports that use the same databases in the back end.

Many organizations in the BFSI industry grow through mergers and acquisitions. As a result, they tend to have a constellation of systems and applications for a single chain of transactions, resulting in fragmented systems for master data and transaction data.

This challenge can be addressed by using FDM (Finance Data Modelling) platforms to harmonize data structures. FDM platforms can make data speak the same language across the organization.

Lean Sigma-led projects to harmonize KPIs for performance measurement and tracking can…