Corporate Performance Management

Painting a Picture with Performance Reporting

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In this article, Prophix’s Ron Massicotte defines Performance Reporting, outlines how it can be adopted within any finance team and discusses why it is a critical component of future-proofing your organisation.

What is Performance Reporting

We’ve all faced discrepancies in our cashflow forecasts due to factors outside of the area of finance such as maintenance downtime on plant machinery or a spike of new hires in HR due to a new project. Prophix Performance Reporting delivers automated, scheduled or ad-hoc reports that combine financial, operational, human resource or even marketing data that allows an unprecedented depth of insight into a company’s current position.  

Whilst traditional reporting remains essential in an organisation, as data is becoming increasingly accessible and detailed, the need for highly integrated reports is greater than ever.  Unlike traditional reporting, performance reporting creates a detailed, data-driven narrative of a company’s current position and provides the ‘why’ behind these results. When applied correctly, performance reporting combines financial and non-financial data including production run rates, client satisfaction or employee turnover. 

Painting a picture with performance management

Speed and timeliness

Adopting automated Performance Reporting can dramatically cut the time spent on report generation by days or weeks leaving you with more time for analysis

 

Trust between Departments

Discover a new level of trust between departments now that performance reporting delivers transparency and justification amongst more sensitive figures such as budget allocation. 

Flexibility

Prophix delivers flexibility second to none with a web client that allows you to build ad-hoc reports and access or share scheduled traditional reports from wherever you are at any time.  

Transparency

By integrating financial reports with other areas of the business, the rationale behind budget and cashflow predictions can be easily explained.

Prophix and Operations Management in Manufacturing

There will always be technological advancements in manufacturing and whilst keeping pace is a necessity, many manufacturing organisations are discovering another competitive advantage through the evolution of the finance role.

It’s surprising to observe that even highly developed manufacturing organisations are only beginning to exploit the competitive advantages that could be gained from their own data. The lack of a single, shared, true vision of operations can impair productivity, quality and profitability. It also relegates the finance function to a tactical existence as number collectors, rather than strategic storytellers. 

Typically finance teams spend more time gathering and accumulating data from multiple data sources than they do actually analysing it.  Making matters worse, the source systems usually fail to align with each other, making accurate, effective analysis a near impossible task.  

This is exactly where Prophix fits into the equation.  Prophix compiles all data inputs into a central system giving managers a single, consolidated view of operations and finance. By adopting Prophix automation capabilities, the finance team can now spend less time gathering data and more time analyzing it.  Consequently, finance has become more of a strategic business partner rather than just the people who close the books at the end of the quarter. 

 

Learn how Prophix can integrate finance and operations in your organisation.