Webinar: How Automation is Revolutionising Reporting
Automation is revolutionising the final stages of reporting, transforming how organisations manage data and generate insights and driving efficiency.
The "last mile" of reporting, often the most time-consuming and error-prone phase, involves translating raw data into actionable information. Traditionally, this process required manual intervention, which not only slowed down the delivery of reports but also increased the risk of inaccuracies.
With automation, these challenges are being addressed head-on. Automated systems can now handle data extraction, processing and visualisation with remarkable speed and precision.
This technology streamlines the reporting process, reducing the time from data collection to report generation and ensuring that decision-makers receive timely, accurate insights. Automation also enhances consistency by minimising human error, ensuring that reports are not only faster but also more reliable.
Moreover, automation allows for greater scalability. As businesses grow and their data needs expand, automated systems can easily adapt to handle larger volumes of data without a corresponding increase in manual effort. This scalability ensures that reporting remains efficient and effective, regardless of the organisation's size.
As companies in the sustainability space in particular battle with ever-developing regulations that require increasingly specific reporting, concerns arise that organisations are spending more time reporting than innovating.
The bottom line? Automation is driving efficiency in the last mile of reporting by making the process faster, more accurate and scalable, ultimately empowering organisations to make informed decisions with confidence. Going digital is no longer a choice – it is a necessity.
How is AI revolutionising reporting?
The last mile of reporting is a crucial frontier for innovation and efficiency gains. This shift is not merely a trend, but a necessity driven by evolving regulatory landscapes, stakeholder expectations and the ever-increasing pace of business.
Technology is at the epicentre of this revolution, grappling with a myriad of challenges that demand swift and accurate responses. From real-time financial insights to comprehensive ESG reporting, the demands on reliable reports have never been more diverse or complex.
It is within this context that automation is proving to be a game-changer, offering solutions that promise to streamline processes, enhance accuracy and free up valuable human resources for more strategic endeavours.
Jamie Eagan, Vice President of Product Management at insightsoftware, emphasises the critical role of automation in reporting.
“Automated financial reporting with embedded xbrl capabilities saves you money and eliminates that final step of sending reports to an external agency prior to publication,” he says in the webinar How Automation is Driving Efficiency Through the Last Mile of Reporting. “As you pull through the narrative with numbers being able to effectively tag that data for your specific statutory filing requirements – be it CSRD, ESRS, filming requirements related to ESG – is also really critical.”
Why is automation essential?
The push towards automation is also being driven by heightened expectations around transparency and disclosure as regulators and investors alike are demanding more detailed and frequent reporting from companies. Automated disclosure management systems can help organisations meet these demands by ensuring consistency across various reporting documents and facilitating the rapid incorporation of last-minute changes.
However, the journey towards full automation is not without its challenges. Many organisations still rely on legacy systems and processes that are deeply entrenched in their operations. Overcoming this inertia requires not just technological solutions, but also a shift in organisational culture and mindset.
Jamie concludes the webinar: “The key thing is technology can get you away from late night reporting if it is done effectively.”
Reserve your spot for the webinar here.
******
Make sure you check out the latest edition of Sustainability Magazine and also sign up to our global conference series - Sustainability LIVE 2024
******
Sustainability Magazine is a BizClik brand
******