Integrated financial and performance reporting is about getting the right information, to the right people, at the right time! The imperative for improved access to integrated performance information leads to faster and better decisions. That being said, nearly every organization can benefit from a sophisticated integrated financial and performance reporting system.
icorp.ca specializes in the design of targeted strategic management information reporting. Our experience has taught us that the three most important questions for better performance reporting are: Where is the information? Can it be integrated and accessible in a useable format? and What integrated information is required to support strategic and operational decisions? The matrix below is a useful tool in assessing these key questions.
Previous attempts at performance reporting systems have been focused on using internally generated data from core transaction processing systems (ERP's), such as purchase order entry, service delivery logistics, finance, and accounting. Very often performance reporting systems were stand-alone entities or data warehouses constructed separately to not impede the availability of the transaction processing systems. Changes in organizational structures and information technology have transformed the technical nature of performance reporting systems, but the need to get the right information to the right individual at the right time remains as strong as ever.
Large stand-alone data warehouses have given way to smaller data marts (or knowledge stores) serving decentralized organizational units and decision-makers. Yet, these knowledge stores are being developed with a common goal: to enable organizations to leverage the power of integrated information to make well-informed decisions, fuel new ideas, enhance client relationship management, formulate strategies, and enable electronic service delivery through better performance management reporting.
From a purely business perspective, knowledge management is the ability to create and retain greater value from core business information and competencies. That's why most knowledge management applications, which frequently rely on content and collaboration technologies, are designed to address a particular business problem. Often this problem is directly related to the organization's core competencies - whether it is creating and delivering innovative programs; delivering customized electronic services; managing and enhancing relationships with clients, stakeholders, and suppliers; or executing and administering business processes, methodologies, and practices.
Yet, to achieve a sound knowledge management competency, an organization must be able to harness critical information in a manner that is ubiquitous, integrated, and accessible by all.
A knowledge store converts data / information from all sources to a common format, and manipulates and presents it in the form most useful to managers and other users. Many organizations choose to combine performance reporting systems with a knowledge store, which extends the information base by extracting and enhancing data / information from existing processing systems - commonly referred to as integrated information 'cubes'.
Consolidating ubiquitous access to all information in an organization becomes a strategic imperative! To achieve this goal, you will need to develop a strategic management reporting structure that embodies your business rules and incorporates current standards for open architectures.
Thus, knowledge management describes the standardized information services designed to support business decisions and processes to access ubiquitous integrated information demands, and describes the interaction and interdependencies of the organization's informational applications.
So who is supporting your integrated knowledge and information management needs? GO THERE!™
For more information about icorp.ca's Performance Reporting expertise, contact us.