One problem that costs businesses millions through lost productivity is inefficient reporting systems.
The time needed each month to prepare and distribute reports is astronomical.
A true story of lost productivity
One of our clients reported that it took 3 of their employees 2 weeks per month to prepare the reports for the regular board meetings.
This translates to 1.5 FTEs dedicated only to reporting annually.
On further investigation, it was clear that the monthly reports were an enormous burden and took a toll on those involved.
Because they were ‘critical’ and so important for the board, everything else took a back seat to be able to do the reports.
Despite this massive effort every month, we found many of the reports not viewed. Of those examined, some of the C-Suite did not trust them and even had their staff build their own version!
It’s an epidemic, not an isolated incident
My observations have been that this company is not alone.
An antiquated and inefficient reporting system burdens too many businesses. This costs them in lost productivity, thousands of hours a year.
In terms of lost productivity, it’s ridiculously expensive.
A data driven approach to reporting
Once the decision to become data driven has been made, the results will be realised within a few months.
Reports are delivered with very little effort and always ahead of deadlines.
This unburdens staff with the need to extract data and then blend the results to create PDFs.
Thousands of companies are benefiting from automated reporting
Research indicates that an increasing number of organisations are realising this.
Cost savings of between 20% and 30% are commonplace, and an increase in net profit within 6 months of implementing a set of live dashboards has also been reported.
Not only were companies saving time, but they were also more profitable as well.
When was the last time you reviewed your reporting system?