As businesses increasingly rely on data to make decisions, the need for accurate and timely reporting has never been greater. Managed reporting is a service that provides businesses with the tools and resources they need to create, deliver, and manage their reports. Keep reading to learn more about managed reporting and how it can benefit your business.
What is managed reporting?
So, what is managed reporting? Managed reporting services (MRS) is a process where an organization outsources its financial reporting needs to a third party. This third party, known as a managed service provider (MSP), is responsible for creating and delivering accurate and timely reports that meet the specific needs of the organization. The main advantage of managed reporting is that it can help organizations save time and money.
By outsourcing their reporting needs to an MSP, organizations can free up staff resources that would otherwise be needed to create and distribute reports. In addition, MSPs typically have more experience and expertise than in-house staff when it comes to financial reporting, which can lead to more accurate and timely reports.
Managed reporting services can be used by businesses of all sizes to help them make better decisions by providing insights into their data. MRS is a cloud-based solution, which means it can be accessed from any device with an internet connection. This makes it ideal for businesses that have employees working remotely or who need to access their data from multiple locations. MRS also offers a variety of pre-built reports and dashboards that can be customized to meet the needs of your business.
How are managed reporting services different from traditional reporting?
Managed reporting is an approach to data analysis and reporting that emphasizes repeatability, collaboration, and governance. In traditional reporting, analysts work independently to generate reports based on their own findings. This can lead to inconsistency and lack of clarity across reports. In managed reporting, analysts collaborate to define the report’s structure and content before generating it. This ensures that all reports are consistent in terms of structure and terminology, making them easier to interpret. Additionally, managed reporting features a rigorous quality control process that helps ensure accuracy and completeness.
How do you set up managed reporting?
There are a few things to consider when setting up managed reporting: what you want to report on, what you need to do to get the data ready for reporting, and how you will deliver the reports to your users. The first step is to determine what you want to report on. This will depend on your business needs and what data is available. You may want to report on financial data, product data, customer data, or other types of data.
Once you know what you want to report on, you need to gather the data. This data may be available in your accounting software, your product database, or your customer database. You may need to create reports from data that is currently in spreadsheets or other formats. Once you have the data, you need to get it ready for reporting. This may involve creating standardized fields or creating summary tables. You may also need to create pivot tables or other special reports to use in your reports.
The last step is to deliver the reports to your users. This may involve creating reports in a specific format, such as Excel or PDF. You may also need to create a website or other delivery mechanism to provide the reports to your users.
Overall, managed reporting is important because it allows businesses to track their progress and performance over time. This information can then be used to make strategic decisions that improve the company’s overall operations.