Good reporting is based on a consolidated, correctly dimensioned, and accurate data set. If you do not have a BI solution, then data must first be exported out of the systems and into Excel. Then they must be validated so that the data is complete and does not lack information about dimensions such as company, account, department, etc. Thereafter, the data is processed, and calculations and transformation processes are performed via formulas such as VLOOKUP, INDEX, IF, etc. Only then there will be a complete base of data that reports can be built upon.
Business-critical processes, including the work of management reporting, are too important for many organizations to be based on an Excel model. That is why we at Kapacity work daily to digitize such solutions and replace them with automated data models, which are processed as part of a data platform or a Performance Management system. Such systems help break down data silos and establish the basis for “one truth” in reporting through a common platform.
Read more about what a Data Platform and a Performance Management system are.