FP&A teams are often overwhelmed by operational dashboards and KPIs they must deliver, in addition to the official reporting. But what if… they suddenly stopped sending them? Just stopped, without notifying anyone… This exercise could be extremely interesting!
If the information you regularly share is essential, there is no doubt that you will soon receive a call or message from the people involved. As for other dashboards, you may not receive any comments at all. Why? Probably because your colleagues don’t read them… they haven’t even noticed!
Dashboards are designed for specific reasons, at specific times, to achieve targets. Once the target has been reached, we can stop tracking it and move on to another one.
However, that decision is not always made. We end up producing dashboards and reports not used by the operational teams. How frustrating!
In today’s digital age, tools like Power BI or Tableau have transformed how we create and share reports. They allow FP&A teams to automate report generation and distribution, making the process more efficient: you can easily connect data, choose captivating displays, and schedule reports to ensure the right people receive the information they need at the right time. The danger here is to have too many reports: too much information kills Information!
Whether or not your reports are automated, you must keep them relevant and avoid them being ignored, outdated, or overwhelming. It’s essential to review and fine-tune these reports periodically.
So, let’s take action:
- Conduct a thorough review of existing dashboards, ensuring they align with recipients’ needs.
- Implement automated reports with Business Intelligence tools, maximizing efficiency.
- Periodically seek feedback from recipients to ensure the reports deliver the insights they require.
By embracing these steps, you can optimize your reporting practices and create a more efficient and impactful FP&A function. Need Help? Let’s discuss together how Penon Partners consultants can help you.