When traditional reporting is counterproductive to performance
The client’s finance division monitors and evaluates key metrics periodically to assess performance across the board. These numbers were being captured through performance reports created monthly by individual business units (BU) for their respective products/services. Each BU, supported by the IT team, would manually extract and consolidate data across sources, crunch the required metrics, and transfer the processed information onto a separate document, sent to Finance for review.
The process was decentralized and the lack of consistency led to the collection of noisy data. It took various teams considerable time and manual effort to extract and process high volumes of data, stealing time away from high-priority tasks which required keen focus and attention.
The reporting was done using traditional tools like spreadsheets and text docs which did not provide much efficiency or depth to the data analysis. Due to these limitations, the final output was static, tabular reports, devoid of meaningful insights, and recommendations.
- Inefficient use of man-hours dedicated to traditional report generation
- IT dependency due to manual extraction and integration of voluminous data
- The significant time lag between report generated and performance evaluated
- Scope for data inaccuracies and misinterpretation due to human involvement
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