Measure Financial and Compliance Reporting Accuracy
Imagine you’re board of director of very large company, and you want to know the latest status of your product distribution. Currently your product is distributed in 45 country with more than 1 million product released every month. Will you believe the report generated by your reporting division? Have you ever been thinking that the report will not be accurate? That’s ok, you’re not alone.
Reporting accuracy is the biggest issue every large company has. Imagine a company who has different application processing with different module and different reporting application. For example a car manufacturing company in Thailand would use SAP FICO module for its GL application, would use Oracle HR for payroll and for final consolidation would use Hyperion Reporting. Do you believe that the Board of Director will have the accurate report generate by machine? Of course not, there is some part that will be edited by Microsoft Excel, some correction by financial controller and so on.
In the current situation, the company also would like to apply another approach using data warehouse management for reporting accuracy. So it’s a lot of homework for very complex IT environment company.
This problem getting more complex, especially in very complicated based on business nature IT environment. Banking application for example, the Core Banking System (CBS), the AP module, the Loan module would be using different application. And of course in other industry. Telco for example or other high technology dependent company.
So what is the solution?
There is no shortcut for measuring the reporting accuracy. Every company should perform an assessment for its application and then perform gap analysis to know which Financial or Compliance reporting would be missed.
This measuring process should be performed as part of IT strategy. Since the data integrity of a reporting would be affected by many business application. Considering using IT blue print as basic guidance for measuring this accuracy is really recommended. Gap analysis for reporting accuracy also would be useful to measure to IT maturity in the company.
Popularity: 46% [?]
