Internal and external reporting of quality is essential for all organizations. High quality reports promote a better internal decision-making process, and high-quality information are also an integral part in the success of any organization management.
It is therefore clearly in the interest of any stakeholder organizations to provide high-quality business reports, both for internal decisions and management issues and needs of the external stakeholder parties. The most effective way to achieve this is to implement effective reporting processes throughout the organization. When performed correctly, efficient reporting processes ensure that all external and internal stakeholders receive appropriate high quality reports on time.
Core principles for effective business reporting processes
These principles do not prescribe a specific approach, but highlight several aspects to be taken into account when implementing or improving business reporting processes.
- The senior management must assume leadership for high quality reports by using means of effective reporting processes. Governing body must demonstrate commitment to high-quality reports and provide strategic input and oversight of the reporting processes of the organization.
- The organization must determine the different roles, responsibilities and capabilities in the reporting process, to designate appropriate personnel and coordinate collaboration between people involved in the process. Using collaborative document management software like VENDOM makes it much easier for the employers designated to create reports to have access to all the necessary information.
- The organization should develop and implement an efficient cycle of planning and control of its reporting processes in the context of its broader cycle planning and control by aligning it with the rest of the business processes.
- To ensure the provision of high quality information, the organization should communicate regularly with its internal and external stakeholders, to understand their needs related to previous activities and results, as well as current and future needs of the organization.
- Based on the results, communication with the stakeholders and taking into account considerations relating to costs and benefits, the organization must define the content to be included in its reports and decide the audience, structure and timing of its reports. This is why it’s important to use a document management software what provides various types of reports, depending on company project or department.
- The organization must have a process to ensure selecting the most appropriate general and reporting standards and align the provisions of those frameworks and standards with the stakeholders’ needs for information.
- The organization must determine what information should be retrieved, processed, analyzed and reported; what way must be organized the information processes and the related systems for an efficient reporting.
- The organization must identify, analyze and select appropriate media as well as decide how to optimize the distribution of information through various reporting channels used by the organization.
- The organization must ensure that the information reported are analyzed and interpreted sufficiently before it is provided to internal and external stakeholders.
- The organization must periodically assess the processes and reporting systems to identify and achieve further improvements needed to maintain the effectiveness of the reporting process.
As it’s easy to recognize, the reporting process plays an important part in the overall activity of any company, regardless how big or small. Therefore, especially when working with a large number of documents, it’s vital to use a proper document management system like VENDOM, because it offers various useful features for the reporting process.