Many successful organizations have been transforming their processes to adapt to the changing environment. One of the most significant parts of this transition is the digitization of reports. Digitizing reports offers many benefits, such as the use of a single-window dashboard and access to reports through smartphones and tablets. One of the vital benefits from an audit perspective is receiving data from the source without manual intervention. However, the process of digitizing has many significant factors that are necessary to consider to have a successful final product. In what way can governance add value to the process and deployment of digital reporting?
Some key governance strategies that organizations should consider when optimizing their process include the following:
- Establishing a short list and prioritization of projects. These days, there is no dearth of reports that are required by executive management. However, because time and other resources are limited, prioritizing projects offers maximum value to the organization and is one of the most important first steps in the process.
- Defining data and process. Once the initial decision on what to develop is made, it is important to clearly define the data requirements and the process to source this data.
- Optimizing audience/user groups. It is not uncommon that multiple versions of similar reports are used by various people in different functions, such as finance, supply chain and operations, leading to duplication within the organization. Duplication can be avoided and still meet requirements using a single platform.
- Training and communicating. It is not uncommon that reports exist and users in separate functions are unaware. Communication and training are effective ways of bridging this gap.
- Testing. Reliability is a key factor when it comes to numbers, and it is imperative that extensive testing is performed before the deployment of any digital reporting.
One of the most significant actions that an organization needs to invest time in is defining the process of governance. Governance not only helps to define processes such as digitizing reports, but it also helps familiarize the stakeholders with their roles and responsibilities, and provides timelines within which those responsibilities are to be executed.
In transition and deployment projects, proactive steps to lay down the operating model for governance are the recipe not only for success but also for continuous improvement.
Editor’s note: For further insights on this topic, read Rajul Kambli’s recent Journal article, “The Role of Governance in Digital Reporting,” ISACA Journal, volume 5, 2020.