Skip to main content
Home
The Online Resource for Modern FP&A Professionals
Please register to receive the latest FP&A news, updates and tips Login

Main menu

  • Home
  • FP&A Insights
    • FP&A Trends Digest
    • FP&A Trends Research
    • FP&A Trends Insight Paper
    • FP&A Trends Survey
    • Short Videos
    • Our Contributors
  • FP&A Events
    • International FP&A Board
    • FP&A Trends Webinars
    • Digital FP&A Circles
  • AI/ML Committee
    • Introduction
    • Members
    • Resources
    • Meetings
  • FP&A Tools
    • FP&A Trends Maturity Model
  • About Us
    • Company Policy
    • Privacy Policy
    • Editorial Guidelines
    • Our Ambassadors
    • Our Sponsors & Partners
    • Contact Us
image
Reporting Factory as FP&A Optimisation Factor
May 14, 2024

By Diana Groschupp, Vice President FP&A Europe at TD Synnex

FP&A Tags
Data-Driven FP&A
FP&A KPI
FP&A Dashboards

Are these remarks during executive reviews familiar to you?

  • The numbers you are showing are different to my report…
  • Explain the layout of the data in the slide, as it is not clear to me
  • Why are you adding these non-standard Key Performance Indicators (KPIs)?

Such situations take meeting time, often move discussions out of focus and bring confusion. I am not mentioning here the extensive amount of hours the teams spend to run the reports and prepare the slides.

What if all the points above are solved? What if the meetings are constructive, well-structured, smooth and efficient? What if the business and finance teams constantly focus on data analytics and understanding? This sounds like a dream, but it is not. It is possible through optimisation and centralisation of reporting in an organisational Reporting Factory.

The Reporting Factory enables the management to have a timely, accurate, clear and consistent view of the financial performance, risks and opportunities across the organisation. It also facilitates communication with stakeholders, therefore supporting strategic decision-making based on data-driven insights.

The mission of the Reporting Factory is:

  • To optimise and streamline the processes of data preparation and analysis
  • To set standards for reports and dashboards
  • To ensure data consistency and accuracy
  • To implement innovative ideas and optimisation possibilities into data analytics
  • To use new technologies in the reporting landscape
  • To be flexible for changes and new norms
  • To allow quick and timely access to data in the company
  • To foster a culture of continuous improvement based on the needs, feedback and input from the different stakeholders

The Reporting Factory design should consider specific profiles needed for success. These are data scientists with financial backgrounds and creative mindsets. Such profiles are capable of validating the data availability within the organisation, optimising data flows and designing the possibility of accurate information availability in one reliable source. New technologies help support the dashboard creation and reports set up per needs. The communication factor should not be underestimated. The Reporting Factory team members should have an open mindset and should be able to build strong visibility and accessibility for feedback.

The next step is to understand the needs of local data granularity versus executive discussion level. Standard review decks can contain core parts with high-level summaries for executive reviews followed by deeper analytics for local discussions. The decks are prepared by the Reporting Factory and become available as soon as the data are submitted.

The decks have standard layouts, aligned locally and centrally, and contain all the main information needed for data understanding.

It brings consistency into the processes and discussions. The teams know what will be reviewed and in which order, and what is important to understand if this information is visible. The source of information is clear and is the same for the whole organisation. The data is reliable and quickly available.

The departments work just to prepare comments, understand the trends and discuss the business risks and opportunities with the executive teams, focusing on strategic actions.

What happens when the focus changes and new KPIs start playing a role? Or if the new accounts are added? If the business hierarchy updates are coming? Or M&As are in place? The Reporting Factory specialists can quickly make the needed changes and integrate the new information into the databases, ensuring that the updates are quickly and well-integrated into related reports and dashboards.

The creation of the Reporting Factory can bring many advantages. However, to make it work, Change Management and training should also be in place.

Communication about the targets and roles of the new department within a company is highly important. The Reporting Factory team members should have a strong connection to the local organisations and management to understand clearly the needs of the data analytics specifics.

Another important element is the cross-department training provided by the Reporting Factory in cooperation with the other members of the FP&A team.

The target of training should be:

  • To speak the same language inside the organisation (KPIs, metrics, key factors of performance understanding, etc.)
  • To ensure the efficient self-service of data usage
  • To help with the new analytics and reporting technologies usage
  • To share the formats and scope of data availability (“what”/“where”/“when”)

The above will help us leverage the financial reporting systems and the analysis framework and adopt a data-driven and analytical mindset.


Conclusions

In conclusion, optimising the organisation by establishing the Reporting Factory can bring multiple advantages, such as:

  • Improving the accuracy, timeliness, and reliability of the financial information
  • Setting standards for reviews and discussions
  • Reducing the costs, errors, and redundancies of data utilisation
  • Enhancing the efficiency, productivity, and collaboration of the finance teams and other functions
  • Supporting the strategic decision-making
  • Increasing the transparency, accountability, and trust among different stakeholders.
     
The full text is available for registered users. Please register to view the rest of the article.
  • Log In
  • or
  • Register

Related articles

Michael-Coveney-Data-Driven-Planning-Architecture-Main
Dynamic FP&A: How to Design Data-Driven Planning Architecture
October 26, 2023

This article outlines how an organisation could create a data-driven planning architecture and practical steps to...

Read more
Lawrence-Maisel-Analytics-Scorecard-Main-Cropped
Analytics Scorecard for the Right KPIs to Increase Performance
August 15, 2023

In this article, we discuss how using Strategy Maps with AI-enabled analytics becomes an excellent technique...

Read more
Garrett-Dennie-Are-You-Data-Driven-Main-cropped
How Do You Make Decisions? Are You Data-Driven?
May 30, 2023

In this article, the author outlines why any company can make data-driven decisions and explains the...

Read more
Michael-Coveney-CPM-Evaluation-Main
Evaluating CPM/FP&A System: Nine Key Areas for Consideration
February 28, 2023

There are many software products that claim to support CPM, but often they only support some...

Read more
fp&a
Global Dashboard that Meets Local Needs
August 2, 2022

Data is becoming a key asset of today’s world. Most valuable companies claim to be data-driven...

Read more
Notation Rules for Effective Dashboard Implementation. CFOs Don't Like it Colorful
Notation Rules for Effective Dashboard Implementation. CFOs Don't Like it Colorful
June 1, 2022

Dashboards can be an incredibly useful tool for organisations, but only if they are presented effectively...

Read more
+

Subscribe to
FP&A Trends Digest

We will regularly update you on the latest trends and developments in FP&A. Take the opportunity to have articles written by finance thought leaders delivered directly to your inbox; watch compelling webinars; connect with like-minded professionals; and become a part of our global community.

Create new account

image

Event Calendar

Pagination

  • Previous
  • May 2025
  • Next
Su Mo Tu We Th Fr Sa
27
28
29
30
1
2
3
 
 
 
 
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Transforming FP&A Together: Human & AI Synergy
 
18
19
20
21
22
23
24
Moving from FP&A to Extended Planning and Analysis (xP&A)
 
Five Critical Roles for Building a World-Class FP&A Team
 
25
26
27
28
29
30
31
FP&A Business Partnering and AI: A New Era
 
All events for the year

Future Meetings

The Face-to-Face Milan FP&A Board
The Face-to-Face Milan FP&A Board Moving from FP&A to Extended Planning and Analysis (xP&A)

May 20, 2025

The Face-to-Face Frankfurt FP&A Board
The Face-to-Face Frankfurt FP&A Board Five Critical Roles for Building a World-Class FP&A Team

May 22, 2025

BPAI
The FP&A Trends Webinar FP&A Business Partnering and AI: A New Era

May 28, 2025

The Face-to-Face London FP&A Board: Data Management & Analytics: Unlocking FP&A Value
The Face-to-Face London FP&A Board Mastering Data in FP&A: Smarter Analytics, Better Decisions

June 5, 2025

FP&A Trends Webinar The Evolving Role of FP&A: From Number Cruncher to Strategic Advisor
The FP&A Trends Webinar Making FP&A Teams Fit for the Future

June 11, 2025

The Face-to-Face New York FP&A Board
The Face-to-Face New York FP&A Board From Insight to Impact: FP&A Business Partnering in Action

June 17, 2025

FP&A Trends Webinar Practical Steps for FP&A Analytical Transformation.
The FP&A Trends Webinar Unlocking FP&A Analytical Transformation

June 18, 2025

The FP&A Trends Webinar How AI is shaping the future of Financial Planning & Analysis (FP&A)
The FP&A Trends Webinar Transforming FP&A with AI: Maturity, Impact, and Future Roles

June 25, 2025

The Face-to-Face Sydney FP&A Board
The Face-to-Face Sydney FP&A Board Modern Financial Planning and Analysis (FP&A): Latest Trends and Developments

June 26, 2025

The Face-to-Face Singapore FP&A Board: Modern Financial Planning and Analysis (FP&A): Latest Trends and Developments
The Face-to-Face Singapore FP&A Board Modern Financial Planning and Analysis (FP&A): Latest Trends and Developments

July 8, 2025

AI/ML FP&A
AI/ML FP&A
Data and Analytics
Data & Analytics
FP&A Case Studies
FP&A Case Studies
FP&A Research
FP&A Research
General
General
Integrated FP&A
Integrated FP&A
People and Culture
People and Culture
Process
Process
Technology
Technology

Please register to receive the latest FP&A news, updates and tips.

info@fpa-trends.com​

              

Foot menu

  • FP&A Insights
  • FP&A Board
  • FP&A Videos

Footer countries

  • Amsterdam
  • Austin
  • Boston
  • Brisbane
  • Brussels
  • Chicago
  • Copenhagen
  • Dubai
  • Frankfurt
  • Geneva
  • Helsinki
  • Hong Kong
  • Houston
  • Kuala Lumpur
  • London Board
  • London (Circle)
  • Melbourne
  • Miami
  • Milan
  • Munich
  • New York
  • Paris
  • Perth
  • Riyadh
  • San Francisco
  • Seattle
  • Shanghai
  • Singapore
  • Stockholm
  • Sydney
  • Tokyo
  • Toronto
  • Washington D.C.
  • Zurich

Copyright © 2025 fpa-trends.com. All rights reserved.

0