Standardized reporting is an intricate type of reporting process that aims to produce consistent, reliable, actionable information from disparate systems or sources. A reporting process is standardized if it can be applied across different business units or sub-units in an organization. The processes that generate and collect the data to be reported on must remain the same across all the business units.
For an organization to understand the status of conditions in real time, and make decisions quickly, standardized reporting is required. A universal understanding of information enables clarity and transparency. Clarity supports effective communication based on trust. And studies show that effective communication leads to enhanced productivity and deeper customer relationships (Source).
It’s not a stretch to say that data consistency creates a competitive advantage over other organizations that do not have standardized reporting processes.(more…) Read More