1 The Components of Corporate Performance Management Part II: Management and performance reporting by PA Consulting Group A PA Consulting Group guide in association with AccountingWEB.co.uk accountingweb.co.uk
2 Part II: Management and performance reporting 1 Management reporting - the heart of CPM Introduction Ask any manager to consider the mistakes they have made and you are likely to discover a common root cause: the information they needed to make an informed decision was not available at the time they had to choose a course of action. Even after more than 50 years of management information systems, technology is still failing to deliver the data required to steer businesses effectively. The latest generation of business intelligence tools were said to have finally cured this problem, but as PA Consulting Group demonstrates in this guide, the task of defining and delivering relevant business-critical information is just as difficult to achieve as ever. This guide, the second in AccountingWEB's collaboration with PA Consulting, strips management reporting down to the nuts and bolts and gives practical suggestions about the best way of putting your systems together to achieve your aims. As the guide clearly illustrates, good management reporting is the bedrock of corporate performance management. If you are able to create a suitable strategic information framework and align your key performance indicators with your corporate goals, you can go alongway towards identifying the right systems to deliver the information you need. The theoretical elements of the guide are useful, but what makes it particularly relevant are the episodes and ideas derived from the consultants' front-line experiences with clients. As you encounter examples in the pages that follow of duplicated effort, low confidence in management information signalled by a proliferation of ad hoc spreadsheets, and wrong decisions made on the basis of bad information, I suspect you might recognise similarities with some of the problems you've experienced. John Stokdyk Technology editor, AccountingWEB.co.uk
3 Part II: Management and performance reporting 2 Management and performance management reporting overview Management reporting is an area that has been neglected by business process re-engineering and other improvement projects in terms of process automation, moving from reactive to proactive reporting and introducing self-service. These kinds of exercises were conducted for other parts of the business such as Accounts Payable or Payroll, which are often highly automated. One of the main reasons for this neglect is that the financial systems often do not have the right level of reporting functionality or reports are required in numerous formats, many of which are not supported by the finance system. Another reason is that the underlying data requires a great deal of manipulation or it has to be extracted from more than one finance system and consolidated first before it can be released in a report. Management reporting efforts have been struggling to keep up with this changing environment, and while some of the tools have moved in the right direction providing increased breadth of performance management functionality and more flexibility in analysing data, the perception of what management reporting can achieve is still not aligned with what it should achieve. In addition, the mindset of managers is still skewed toward management reporting playing in the internal or financial field and not really considering the external and non-financial dimensions (Figure 1). External With the advent of business intelligence tools (often also called performance management tools) many organisations believed that all their reporting problems had been solved. However, most found that the task was harder than they first thought. Financial Non-financial In this paper we look at how an organisation can strategically build their performance management framework and select the right systems to deliver management reports and information in a focused way to facilitate the overall management of the business. We start with an overview of the main management reporting issues and challenges and provide some guidance on how to overcome these. One of the key challenges for a business is defining the management reporting framework that will support its strategy. The next challenge is how to ensure that the reports produced are useful to management. In addition, we briefly look at how to integrate reporting and performance management systems after a merger or acquisition. We conclude by looking at the tools and systems options that organisations have to support their management reporting and the key considerations that need to be taken in account when selecting a reporting solution. Issues and challenges in management reporting Today s business leaders, driven by a better understanding of the management process and advanced information technology, have learned to rely strongly on reporting tools as part of their performance management framework to enable them to reach the right management decision. However, the objectives of the performance management framework have been evolving rapidly driven by three main forces: The need to better align the business to corporate strategy The desire for rapid responsiveness to market changes through real-time information The appreciation of intangible assets in the business delivery. Internal Figure 1: Management reporting is perceived as primarily inward looking The question now is to understand how management reporting can focus on the right measures to cascade actionable and measurable objectives down to individual level to align to the enterprise-wide strategy through: Balancing historical and prospective performance Balancing internal as well as external perspectives Balancing financial and non-financial returns Balancing quantitative and qualitative information Using the right system support. Despite differing reporting requirements (see figure 2) existing across an organisation, high-quality and consistent reporting can be achieved through the setting of an appropriate and balanced reporting framework delivering the right level of decision support. At the corporate level, reports will be required to support strategic decision-making. These reports tend to contain consolidated financial data, key performance indicators of the whole business, trends and future outlook. They are usually produced on a quarterly basis. In contrast, reports for operational levels must support the day-to-day running of the business and will contain transactional exceptions and daily, weekly or monthly detailed figures depending on the type of business.
4 Part II: Management and performance reporting 3 Figure 2: Reporting requirements are different for every level in the organisation In addition, reporting needs to fulfil legal and statutory accounting requirements, which differ from country to country. This side of financial reporting is well defined and understood. All the existing accounting tools and systems today contain relevant templates and rules to be able to produce the reports required for legal and statutory accounting. Therefore we focus on management reporting which provides reports for internal consumption only. There are no binding rules or consistent practice across organisations or countries. And often management reports differ considerably from the statutory and legal financial reports prepared. Structuring a reporting framework Within the business cycle, reporting uses different components to support decision-making (see figure 3) needs. Figure 3: The reporting framework
5 Part II: Management and performance reporting 4 Each of these components fulfils a different purpose: At the budgetary and operational decision level, reporting s main objective is to monitor and control the delivery of the supply chain and the various transactions that take place within the organisation, for example exception reporting in the invoice matching process. This will ensure the efficient management of the overall value chain by allowing a detailed understanding of performance or under-performance. The efficiency of the reporting itself will be very dependent on strong analysis tools such as Activity Based Costing. This type of reporting uses lagging indicators only, based on purely historical data, for example utilisation of assets or customer profitability. The finance department typically controls and produces this reporting. The investment decision level is again predominantly in the domain of the finance function. Reporting s main objectives start to justify any investment (or divestment) decision. In order to do so it will rely strongly on tools such as activity based management but also on forward-looking leading measures. Better business intelligence tools are necessary here to support the strong analysis necessary to create meaningful and forward-looking reporting. The strategic decision level will use Shareholder Value Management (SVM) techniques to determine what the content of the reporting should be. Here, reporting will have strong components looking at the external market forces. Reporting challenges exist at each level Some of the reporting challenges are going to be common for all the reporting levels described above, for example: Is there common data and a data platform within your organisation? Will your IT be able to deliver the right information in real time? Some will be level specific: Do you have the right granularity in transactional information for activity-based costing? What is the right way of measuring product costs to align with the corporate strategy? How do you capture relationship information? Reports become unreliable without high quality data One of the most common reporting issues organisations complain about is the lack of quality and reliability of their information and data framework. In order to have an effective reporting framework, you need to have a sound and reliable data structure that is shared, at best, by your entire organisation but at least by each part of the organisation needing to make integrated decision as per the model above. ERPs have gone some way in integrating an organisation s processes and sharing a common data set. However, it is still quite common to see large, complex and global organisations that either have an information systems landscape with a large bespoke or best of breed layout or a mix of different ERPs by business and/or countries. The result, of course, is incompatible data that need to be either analysed in great depth or reported at a higher level. More analysis leads to an inefficient level of effort. I recently saw a Dutch electronic manufacturer using 2.5 people a year just to capture a picture of their global spend data on one of their procurement family (IT). Reporting at a higher level loses the possibility of root cause analysis and drill down which is often what creates the reporting value. A strong and structured IT strategy is therefore required to take into account the needs of the reporting and tools existing within ERPs or through bolt-on systems to address the data dimension. Getting the reporting framework right The level specific issues go back to ensuring you align your reporting framework with your strategic needs. The difficulties will typically be defining the clear link between the business strategy and the performance measures and agreeing a common definition of KPIs. The links between the business strategy and the reports the various levels of management want created need to be clearly defined. Making this link is one of the most overlooked tasks of the management team. The difficulty itself lies in creating a tangible link between a high level vision or strategy and some clearly defined Key Performance Indicators (KPIs) and their associated targets. This link is sometimes tenuous or plain inexistent. The key here is to first define the capabilities needed to deliver the strategy in terms of process, organisation, skills, technology, etc. Then each capability will have Critical Success Factors (CSFs) associated with it and each CSF will then have a KPI and a target. This allows the direct link of performance reporting with the business strategy. How will you measure the delivery of customer value? Do you have a common enterprise structure for a value-based approach?
6 Part II: Management and performance reporting 5 Figure 4: Business measures must be linked to the business strategy We always tend to think of reporting as numerical reports linked more or less to finance. For some of the reporting needs at these levels the required data and information will have to be redefined. Some of these definitions can be difficult, as not everybody in an organisation will agree on what constitutes value added or what the definition of client profitability is. At least in those examples, part of the data can be expressed in financial terms. It becomes much more complex when trying to understand, measure and report the effectiveness of concepts such as Customer Relationship Management or Customer Satisfaction where financial links are not necessarily relevant or even desirable. Reporting has moved on strongly from the purely financial or accounting domain that it once was. This has brought about a wealth of new issues but it has also offered a number of opportunities for finance to support the business in a new ways and to increase the flexibility and the responsiveness of the business leaders. Dos and don ts when setting up your reporting framework: Do Align your reporting framework to your strategy Limit yourselves to financial measures Understand fully how your reporting will support the future Leave the reporting to be the sole responsibility of the finance business decisions you need to make department Spend the time analysing your detailed needs at each level of decision making Equip yourselves with the right tools Invest in developing the right level of analytical skills of your reporting team Work at integrating your data as much as possible Don t
7 Part II: Management and performance reporting 6 Creating useful reports For many years organisations have faced the problems of poor or missing information and the mantra facing organisations has been simple You can t manage what you can t measure. Organisations in the public and private sector have responded by investing in ERP and operational systems. Information is there to be mined but a series of different problems have emerged: the collection of data has improved enormously but the investment in reporting tools has lagged significantly, with many organisation using a mix of simple report writers and MS Excel/Access for analysis the number of reports required across the organisation has grown significantly, increasing the amount of time-consuming manual work for finance departments in particular targets have proliferated and become so complex that operational staff become confused and even the organisation is unaware of the full effects of its targets on employee motivation and performance the demand for information has grown organically from the lower levels of the organisation without a strategic view of what information is actually useful in managing the business. There is now a significant risk of information overload without necessarily improving the management of the business. The new mantra should really be Only measure what you need to manage focusing your business s effort on what can deliver business benefit. Expend your finance department s time on reporting these key measures to the business. As well as limiting what measures you use, it is particularly important that your performance measures are aligned to your business objectives so that reporting is focused, economical and effective. Non value-add reporting Any organisational process that does not add net value to the organisation whether that is shareholder value for a private organisation or meeting service targets in the public sector is value-destroying process as it wastes the organisation s valuable resources. This applies to reporting and performance management activity as much as it does to any other activity poor reporting processes can be value destroying. Managers must be aware that asking for information also has a cost attached and each request needs to be a valuable one. The public sector has some unique characteristics, its revenue is actually a spending budget that has a high level of certainty in any year compared to a private sector organisation but its ability to influence its budget over time is limited and it cannot borrow money on the market to match revenue to expenditure. The focus for the public sector should therefore be on tight and immediate cash management tied to activity based costing that focuses on delivering the maximum value for money from services against its constrained budget. The finance cycle in one organisation that PA encountered was completely focused on the month-end accounting statements and very manually intensive processes to understand their accruals processes. The month-end reports were signed off six weeks after the month end, well past the time that they could be used effectively to make management decisions. The organisation s finance staff spent a considerable amount of time performing formal accounting reports that had limited value. They had no mechanism to provide fast spending statements to their budget holders or to help use the information to adjust the forward workloads to their business the information could not be used to maximise value, in particular over or under spends were adjusted by simply adjusting the forecast budget. Lessons learned from inefficient reporting in the past Statutory financial reports were historically the focus of finance departments but they have since become embedded into the performance language of businesses. This was inevitable as information reporting has always been a labour-intensive process, statutory reports needed to be filed and were leveraged to provide financial and performance data for the business. This evolution has brought about management and performance reporting. However, unfortunately many of the reporting processes currently in place provide little value and would not be what the business management team or decision makers actually wanted if they had time to start again with a clean slate and truly analyse their business and determine their information needs. This analysis process is the key to developing powerful reports. How reporting measures can affect behaviour We have set up a very simple scenario below to demonstrate how behaviour is affected by what you report on and how important it is that the measures you report on are aligned to your strategic goals. An example Investment decisions Organisations with significant investments in plant, machinery and other long term fixed assets have to trade off the cost of maintenance with maximising profits in different periods, so it is important that plant managers are given the correct incentives to balance exploitation of assets with investment in maintenance. Organisations targeting their managers with maximising annual profits or minimising maintenance costs can suffer because managers can run down machinery in the short term to maximise profits without affecting output in the period of measure and perhaps for a few periods in the future.
8 Part II: Management and performance reporting 7 This behaviour is perhaps most apparent in public services and utilities where organisations simultaneously face cash constraints and demands to deliver greater volumes of services and investment suffers under this pressure. Neglecting maintenance in any one year is unlikely to damage the asset base but the company will suffer a gradual reduction in capability, which could eventually lead to a crisis point. For example, many would argue that the problems in the UK Rail Industry are exactly a result of continual under-investment and overuse. Perversely, there may be strategic situations where an organisation wants its managers to concentrate on extracting cash at all costs, so understanding your decisions is critical to be able to quantify the risks and costs of these decisions. Aligning Behaviour By aligning behaviour the plant manager focuses his targets on the basis of the strategic requirement and market situation as shown in the following scenarios. Scenario 1 The plant is producing a consumer product that is currently a cash cow but the belief is that the product will enter a gradual decline and cannot be improved to extend its life Scenario 2 The plant is producing a product that is currently unprofitable because the R&D has not been recovered but the growth and profit potential is perceived to be very high In Scenario 1 a profit target may work because the company is not really interested in the long term future of the product but setting specific cash generation targets profiled over the expected life of the product might be better; these should be balanced by targets in other areas of the business that consume cash to invest in the company s future. Targeting profit in Scenario 2 could be disastrous, the manager may not invest in production capacity to meet anticipated future needs and prevent the company from reaping its rewards when the market takes off. The organisation needs to set direct investment targets for the manager and reward the achievement of production capacity; this plant manager is investing in the company s future and should not be give profitability targets. An organisation cannot reasonably expect to give its managers annual profit targets, so tie their bonuses and rewards to achieving those targets and do not expect them to drive their organisations to those goals. As shown above it is vital that managers are measured and reported on the right factors. Relying on just management and financial accounts is not enough. You must report on the right things! Aligning reporting to strategic needs Businesses exist for a purpose; private businesses exist to deliver value to their shareholders and public organisations exist to deliver value to the citizen. Reporting and performance management need to be driven from the business strategy to deliver value. Figure 5: Driving value added reporting from strategy
9 Part II: Management and performance reporting 8 The importance of managing for value is not just in the ability to calculate the benefit of actions but also in being able to manage your business by: determining your strategy in clear terms identifying the change that your strategy imposes on your business identifying the drivers that affect performance in your company and communicating those drivers to operational staff who can affect them. monitoring performance, adding value and amending your performance framework if it fails to meet your strategic requirements. So, improving returns to your shareholders or stakeholders means identifying what creates value in your company and managing those drivers to achieve the value potential in your business. Figure 5 shows that there are two interlinked cycles to determining what you report; a strategic cycle and operational monitoring cycle that are linked together by a single test Value Add, but what is value add? For each organisation it is the meeting of its fundamental purpose whether that is to deliver gains to shareholders, or improve a public service. Returning to our new mantra Only measure what you need to manage the conclusion is simple: measure the drivers that determine value and use these to ensure your entire organisation is motivated to achieve the same goals. Practically speaking, this process is quite difficult because it means that the organisation needs to understand its entire business process and be able to link its strategy to its employees behaviours and the factors that they can actually control. Reporting after mergers and acquisitions The setting of targets and measures has a significant effect on the behaviour of individuals: what you report determines how your employees behave. This is an important factor in managing mergers and acquisitions that is often overlooked in the rush to unify the organisations. The accounting needs of the lead party can also adversely affect overall behaviour. Figure 6: Performance management of acquisitions
10 Part II: Management and performance reporting 9 A major problem in taking over an organisation is that it is not easy to understand the behaviours of its employees, what motivates them (consciously and sub-consciously) and how it affects the way they work and where they focus their effort. Employees use reporting and measurement systems on a regular basis so a rush to consolidate these can lead to morale problems and resistance to change that could seriously affect the success of the acquisition. The solution to this problem is to ensure that your combined performance management process is built on an in-depth understanding of how your measures affect employee behaviour and to be very careful about merging performance management approaches or discarding the existing tools without thoroughly understanding their impact. Figure 6 shows that the first consolidation of corporate performance management should allow the different organisation to have their own measures This does not entail keeping these measures in the long run but long enough to understand their impact on performance and until the co-ordinated strategy for change can develop new measures that will create the right behaviours. Reporting Tools In this section we look at how spreadsheets are used as reporting tools and explore some of the alternative application options available to organisations. ERP and other finance systems are not providing adequate reporting functionality. We have already indicated that until recently the functionality of reporting tools has generally lagged behind expectations. Reporting functionality from many mid-tier systems is quite limited and organisations with major ERP products implemented a few years ago will find the reporting capabilities to be fairly basic compared to the operational depth of the systems. Therefore, many organisations have added bolt-on reporting tools such as Cognos, Business Objects and Hyperion to be able to slice and dice the data as required. Not only were organisations hampered by the lack of reporting functionality in their basic finance application but also by the way their systems landscape had become fragmented. Fragmented systems landscapes make management reporting a labour intensive task. During the late 1990s, efforts to cut costs and decentralize control in many large organisations meant that codification standards, process design and systems implementations were left to local business units. At the same time, there was a rush to implement new systems to overcome the fear of Y2K compliance. In many instances, this led to a fragmented systems landscape, diverse processes and a multitude of different approaches to codification and usage of data. To further complicate the situation, this was a period of increased mergers and acquisitions activity and many organisations did not fully integrate the new business components into their systems or standards. Instead, they linked them through manual reporting structures using systems such as Hyperion and little effort was made to harmonize the underlying account structures, business unit or cost centre design. Confidence in information is an extremely fickle thing. People find it difficult to articulate what it is but know when they have it. The symptoms of low levels of confidence, however, are simple to spot. It is reflected in the number of Excel spreadsheets and Access databases that hang off the side of the corporate system to reconcile budgets, develop forecasts and plans or to meet the non-documented requirements of the finance community. This lack of trust can be explained by the complexities of getting accurate information to the end user. The process often relies on a distant employee correctly following a procedure to enter a transaction into a system that then needs interfacing into a local finance system to consolidate these figures and process them before making them available for use. At any stage, poor process, bad training and inadequate technology can render the information inaccurate. A manufacturing client discovered that an entire warehouse had not been accounted for in their consolidated accounts for several years. Lack of reporting functionality and confidence in ERP systems led organisations down the spreadsheet path Microsoft Excel and other spreadsheet tools have become embedded in most finance organisations and they have delivered (and continue to deliver) significant benefits. Spreadsheets allow the analysis and presentation of data, they are fairly easy to use and build and because they form part of the core skill set of most finance staff. It is easy to see why spreadsheet usage has become prevalent in organisations if you examine the reporting capabilities of older financial systems. Where they have existed at all, they have been drab, difficult to use and of limited functionality. Obtaining useful information from systems has often meant an export into a tool and then data-manipulation outside of your core system. Microsoft Excel has generally filled this reporting void because it was available and usable.
11 Part II: Management and performance reporting 10 Whilst not deriding the benefits provided by spreadsheets, they have clear drawbacks when used as the primary reporting tool: spreadsheets tend to be individually owned rather than embedded into the organisation s knowledge base, they tend to proliferate as a result spreadsheets do not work well as multi-user tools meaning that individuals work on their own versions of corporate data rather than a single set, the cost of creating these data sets is significant spreadsheets are very easy to amend, difficult to protect and virtually impossible to track and audit spreadsheets become quite labour intensive to set up and maintain as the volume of data increases spreadsheets have fairly rudimentary tools for visual analysis such as graphs and charts. Overusing spreadsheets therefore creates a manually intensive reporting system that either has high maintenance costs or is subject to errors due to the difficulty of auditing and protecting data. Since the spreadsheets are controlled at an individual level it is very difficult to ensure that the information being generated is aligned to the company s needs. A good example of the overuse of spreadsheets occurred at one of PA s telecommunication clients. As staff in the HR department did not trust the common ERP system they kept their own databases and spreadsheets to calculate payroll-related information, which was then fed it into the payroll system. This resulted in staff who had moved departments being paid twice, staff who had left the company or who had died still receiving their salaries and others being paid the wrong amount. The technology options available to support business Spreadsheets will always have a place in any reporting system as they remain the ideal way to perform ad hoc analysis and for performing sandbox functions where planners and analysts wish to look at the impact of adding new data without incurring the cost of rebuilding the core reporting tools. There are, however, two classes of reporting tools now available that can alleviate many of the problems of using spreadsheets. Both types are considered Business Intelligence (or BI) tools but each performs radically different functions, we refer to them as: enterprise or corporate performance management tools data analysis tools. The first type of tool is designed to provide a full corporate performance management (or CPM) and reporting framework to deliver metrics and performance analysis across the organisation. Essentially they are designed to drive the corporate performance management processes by systematically providing real time metrics across the organisation in a very individualised way. By providing a robust but quick way of analysing information, data analysis tools are designed for planning and finance departments. These tools enable planners to work through data to determine and analyse trends but are not designed to deliver metrics across the organisation and as such are specialised tools for individuals. Fragmented systems and differing data structures are proving to be a major barrier for companies looking to achieve the greater speed and visibility of financial information. The future of management reporting involves trying to gain more value from financial and reporting systems by feeding operational information into corporate performance management or business intelligence solutions such as SAP, Oracle, Cognos or Hyperion. Figure 7: Corporate performance tools at work
12 Part II: Management and performance reporting 11 Corporate performance management tools make your regular reporting processes more systematic, as shown in Figure 7. They aggregate data and information from a whole host of feeder systems around the organisation, such as Financial, Human Resources, Supply Chain and CRM, and then provide relevant information back to the business through portals designed for the individual user s needs. They also provide useful metrics to deliver across the organisation. The key benefits of using these systems are: the ability to draw together all your systems information to ability analyse and create a huge range of metrics from financial, operational and even external data sources supports the depiction, display and analysis of data facilitates the distribution of information to users Corporate performance management tools provide flexibility and the ability to create individual reports. Traditionally reports have been delivered on paper or via as spreadsheets or word documents whereas these new tools attempt to make use of a variety of access channels to cope with different presentation methods, levels of urgency and the nature of the users role. For example, a senior executive may need the key profitability, sales and cash figures and an alert for each major sale but is constantly travelling the world; the system may be configured to send him a text message containing the relevant information every morning or an to a Blackberry type device. A plant manager, however, may receive a real-time dashboard of key plant metrics on his computer. The objective of these tools is to provide regular information to users in the most appropriate manner in real time or at least as often as the information changes. Drawbacks of CPM tools Corporate performance management tools provide a complex and rich reporting capability but they require a significantly rich platform of systems and data sources to be effective. In fact, you really need to have implemented ERP type systems and have significant organisational complexity to justify the expense of operating these tools. Since the value of the output of corporate performance management applications is highly dependent on the quality of the data drawn from these other systems, it is essential that this information is accurate and can be aggregated to a common standard. Although corporate performance management applications come with a large number of pre-configured standard reports and metrics, they will never be able to cover every industry specific requirement. One manufacturing client stopped production of a product that had a significant market share across Europe only to find that, although it made only limited contribution at the point of sale, the product was highly profitable for their service function. The client lost a lot of money having to re-introduce this product. Had they had visibility of the contribution of the product to overall revenue at an aggregate level, this very costly mistake would not have happened. Even though the client had a business intelligence tool, they relied too much on the standard reports that came with the system and failed to add the performance metrics important to them and their industry. Smaller and mid-sized companies may find that they do not need the full functionality described above and even in larger organisations the planning departments may wish to have separate tools for bespoke analysis. This is where the data analysis and business intelligence tools can be very useful. Data analysis tools Within the business intelligence space, some vendors have built analytical tools to perform many of functions currently undertaken with spreadsheets but designed to operate without the limitations of spreadsheets, these tools tend to have the following features in common: strong graphical interfaces and displays to facilitate the creation of charts and diagrams drill-down capability to facilitate the exploring of data the use of data cubes or flat-files to reduce the programming requirement and to maintain data integrity ease of loading of data. The focus of these tools (as shown in Figure 8) is to provide speed and ease of use; they are designed to be used by the finance department, planning and information specialists rather than to distribute data across the organisation. Figure 8: Data analysis tools at work
13 Part II: Management and performance reporting 12 A classic example of their use might be if an organisation wanted to analyse its suppliers but could not gain relevant reports from its purchasing system. A simple data extract from the purchasing system would be loaded into the tool, which would then allow the analyst to work with the data. These tools would automate tasks such as ordering suppliers by size, analysing suppliers by product or department and so on, leaving the analyst free to think about what the information is telling him or her rather than on processing the information. Analytical tools provide a useful replacement to spreadsheets in smaller to mid-size organisations. In larger organisations they supplement the corporate tools by giving planners and analysts more time to focus on understanding information by reducing the time taken to turn data into real information. CPM and data analysis tools Figure 9 gives an overview of a selection of different tools available in the market. The CPM and data analysis market is constantly changing as vendors merge or acquire others to increase their market share vertically or horizontally. The larger vendors such as SAP and Oracle tended to focus on solutions for large corporations but they are now moving to offer solutions for medium and smaller sized companies. Figure 9: Indicative market overview of CPM and data analysis vendors *The diagram contains a selection of vendors and is by no means exhaustive. The positioning of the vendors is drawn from PA experience coupled with market analyses from Gartner, Forrester and IDC.
14 Part II: Management and performance reporting 13 This diagram is not exhaustive there are many more vendors out there who supply data analysis and CPM software and tools as solutions for different aspects of data analysis and CPM requirements. Organisations often buy business intelligence, CPM or data analysis tool as a stopgap solution to a specific business problem. For example, the financial accounting team of a manufacturing organisation required an electronic solution to consolidate their European management reports. Shortly after buying a consolidation system the management accounting team realised that they also needed functionality to drill down to local budgets and accounts, which this system could not provide. So they had to buy an additional system and integrate it with the consolidation system and their finance systems. Had this organisation thought through the full scope of their management reporting requirements, they could have avoided the cost of an additional system and its implementation. Frequently, we have come across organisations whose main selection criterion for a corporate performance management or business intelligence tool was the amount of colourful graphics and diagrams that were available with the tool. Needless to say, these organisations very quickly found that the tool they had selected did not meet their other, more important, requirements. They then had to spend even more money to configure the tools to support these requirements and align it to their business processes. Very few organisations tend to have an enterprise-wide management reporting strategy covering all functions, not just finance. This becomes increasingly important as organisations try to embed corporate performance management concepts within the business. More and more vendors offer solutions that cover the full range of CPM functionality to cater for this trend. However, not all vendor CPM modules can be integrated with those from other vendors. This is an important factor that also needs to be taken into account when choosing a CPM tool. However, all solutions have one critical success criterion in common: good quality data. This must not be underestimated, as without good quality data these systems will not be successful not matter how extensive and sophisticated their functionality is. By good quality data we do not only mean accurate, up to date, complete and consistent data but also that data is available to the right level of granularity, ie to the right level of detail. Selecting the right reporting tool So what are the key elements that Finance and IT departments should consider when selecting a data analysis and/or CPM solution? First of all they should not consider one without the other. It is vital that the business in this case, not finance, leads the selection as the reporting tool is fulfilling a business need. All to often the requirements gathering is left to the IT department who struggle to get the right level of input. Secondly, one of the most important steps of a software selection process is to understand the requirements. Plenty of organisations have thought that the vendor would be able to help them define their requirements. Most vendors will be only too happy to do this, but as they do not know the business this is a gamble and you are likely to end up with something that you did not want. There are some questions (in addition to usual IT infrastructure and performance questions) that an organisation should have answered before going out and speaking to vendors: Is this meant to be a stopgap or interim solution or are there other areas that need to be taken into account? If it is a stopgap solution, it is advisable to look for a product with low license, maintenance and implementation costs and not hit the problem with a module from a major ERP provider, as this would be too expensive for an interim and short-term solution. What functionality do we require? For example, consolidation, data analysis, trend analysis, data extraction, building scenarios, standard reporting or user definable reports or exception analysis. Which reporting processes should this tool cover? Financial reporting only or financial and operational reporting? Although a lot of vendors call their solutions CPM, a large number of them offer very limited CPM functionality. Does the tool need to deal with multiple data sources with different data structures? Most tools can deal with multiple data sources, however some require middleware to extract and store the data. How quickly does the tool have to be deployed? One to two months, six months or a year? Experience shows that for CPM products offered by Hyperion, Oracle and SAP six to twelve months is a minimum implementation time, whereas products such as Cognos, Proclarity, Qlikview, Business Objects can be implemented in less than six months. How much pre-configured functionality is required? SAP offer a list of 146 pre-defined KPIs within SAP SEM (Strategic Enterprise Management) with the flexibility to create additional ones. Qlikview by Qliktech, on the other hand, does not come with predefined reports, but it can be configured to produce any reports and KPIs an organisation might need. How well does the tool have to be integrated with our current systems? Some organisations, for example, specify that for any new functionality additional modules for their current systems should be considered first. To what level of granularity is the data required? Account or transaction level? How will reports be made available to different audiences? Via the intranet, PDF, portal or paper?
15 Part II: Management and performance reporting 14 What languages does the solution have to support? One or several? When pulling together the requirements it is vital that finance and IT work closely together to ensure that no relevant and vital question goes unanswered. During the requirements definition process report users, especially managers, can seldom articulate what information they require in a report. They only know what they already have and can make very few additional improvement suggestions. After the implementation, when they see and have used the breadth of functionality that is available, they realise what additional information they require and what they do not require. Any additional requirements may or may not be supported by the selected system. This problem can solved by either using Excel or purchasing a low cost business intelligence product such as Qlikview that is easily configurable and flexible enough to prototype the requirements over time. Over a period of three to six months it can help users to articulate what types of management information they require in their management reports. Thirdly, once the requirements defined, there are a number of points that are important during a reporting tool software selection. These are: Preparing a business case, which can be carried out in parallel with the requirements definition. Without proper justification such as impact on bottom line or strategic value, it will be difficult to judge whether the favoured system offers value for money and to get approval from the Board for the procurement and subsequent implementation. Include the clean up of bad quality data in the business case as this is a major cost for a CPM or data analysis system. Cleaning thousands of data records across multiple countries often requires additional investment into a data cleaning tool and external resources. This is often more expensive than the licenses or implementation cost of a CPM system. Conduct reference visits for short listed products to see how other organisations have solved their reporting problems with this tool. This also helps you appreciate what the obstacle they had to overcome during the implementation. Ask the vendor to produce a prototype for specific business problems that you have not seen during reference site visits to ensure that the product has the required capability. In conclusion, selecting a reporting tool should not be done in haste. Management reporting is an important tool for finance to show added value to the business. But with the wrong tool this can backfire. Do s and don ts for reporting tool selection Do Understand your data before you select your reporting tool, so that you know what the tool will have to deal with. Start with an inexpensive solution to use this as a sandbox, it will help you to understand your requirements better and avoid costly mistakes. functionality if your data is bad quality, your reports will be too. Get your detailed requirements on the table, without these you Get carried away by pretty and colourful graphics. It is important will not get the right tool as each offers different functionality. to understand the full range of functionality that the system offers. Ensure that finance leads the reporting systems selection. Look at the wider picture check the requirements of other functions for reporting functionality, not just finance, to avoid mushrooming of reporting solutions and conflicting reporting. Understand your data before you select your reporting tool, so that you know what the tool will have to deal with. Don t Pass the reporting system selection to IT. Although they have a great knowledge of systems they are not finance professionals and will not know what you need. Assume that the system is the magic bullet to solve your reporting problems just because of the availability of certain reports or
16 Part II: Management and performance reporting 15 How to reduce management reporting effort In the past finance and other business units tended to provide room service reports to managers, ie whenever a manager wanted a different report even if it just meant changing the order of columns in an existing report, these requests were fulfilled. This led to an explosion in the number of reports that businesses produced every day, month and year. The amount of effort that goes into unwanted report production and dissemination is phenomenal. For example, the finance department in one global manufacturing organisation produced a quarterly page global financial report, which was sent to all business unit, office and department managers. We discovered that most managers only read the first three pages of the report and phoned finance if they wanted further information. Needless to say, as a result of these finding the report was reduced to three pages. Not all organisations will experience such a drastic case but they will find that a good percentage of their reports are redundant. Reducing the number of reports produced may at first seem like a quick win but this is not an easy task. Most managers, when asked, will say that instead of less reports they require more information as they are loathed to give up what they already have or the would like the information presented in a way more suited to their needs. One way to deal with this problem is to move towards self-service using portal technology supported by a flexible CPM and data analysis tool that offers a number of standard reports and the option of creating ad hoc analyses. However, this takes time to implement and is a more long-term goal. Nevertheless, there are steps that can be taken in the short term to reduce the management reporting effort. A number of options and different approaches are shown below: Create an inventory of currently produced reports and ask (using interviews or questionnaires) managers which reports are no longer required, partially obsolete or need different presentation of data. This approach is very thorough and involves all stakeholders. However, it can sometimes lead to a longer list of reports instead of a shorter one. Understand where management reports are produced outside the finance function. In a legal services organisation, it turned out that various practices had created their own financial reporting function, which produced reports that conflicted with the reports produced by finance. Not only did this cause a great deal of confusion, it also duplicated effort. Reducing the number of reports and the amount of effort that goes into producing reports is something that can be achieved without implementing a new reporting tool. This should always be carried out before implementing any reporting tool as it will save implementation costs and effort. Conclusion In this paper we have looked at what to report by exploring the reporting requirements of different levels of the organisation in the context of performance management. The overriding message is that reports must add value to the organisation and therefore their design must be driven from the strategic needs of the business. This process alone is the most effective way to prevent the finance department becoming a spreadsheet factory. There are a range of business intelligence tools available to support the business and replace the use of spreadsheets; we have looked at two types. Corporate performance management tools enable the creation of reporting frameworks across your organisation whilst analytical tools improve the effectiveness of your analysts by reducing programming effort and maintaining robust, protected data. Together, these tools enable the finance function to deliver a faster, richer and more robust service to their organisation. However, we should not forget that good reporting requires good data and information. This can only be achieved by standardising the underlying data structures and data quality across the entire organisation. Understand which reports are the most work intensive and stop producing these reports for a period of three months. Ask finance staff to monitor how often these reports are requested and by whom. You will find that a number of them will never be requested. However, be prepared that stopping some may cause an outcry so choose carefully which ones you are going to stop. Monitor how many requests for non-standard reports finance staff support over a period of three months and identify which requests could be satisfied through standard reports and which ones are genuine new report requests. Advise finance staff to supply standard reports wherever possible.
17 Part II: Management and performance reporting 16 PA Consulting Group Authors Bettina Pickering Bettina has worked across a variety of private sector industries (manufacturing, chemicals, telecommunications, legal, banking and insurance) and public sector clients (health and work & pensions). Her focus is on managing and delivering projects around business transformation (primarily HR and finance transformation including shared services), business and IT-enabled change, corporate performance management and Business Intelligence. Some of her recent projects include: global finance function review for a law firm, finance process and systems redesign for a public sector client, HR function review for a retailer, HR strategy for a re-insurance company, performance management for a health organisation. Bettina regularly speaks at conferences on finance and HR related issues. Joel Roques Joel has extensive experience managing business transformation assignments and in particular shared services and/or outsourcing projects that include and integrate systems development and implementations, process re-design, change management, organisation design and programme management. He specialises in optimising the internal support services of organisations. He has successfully streamlined and enhanced the service delivery of procurement, HR, finance and administrative functions in sectors as diverse as energy, technology, pharmaceuticals, transport or business services Tapas Maiti Tapas Maiti is a senior consultant within PA who has worked in the public sector for the Home Office, defence and the health sectors and for the private sector across a number of industries from telecommunications, transport and biotechnology. Tapas has managed and delivered change projects in Finance, HR and Payroll working across the full life cycle from selection and procurement of systems, strategy and design, process optimisation and improvement to managing implementations. Tapas key skills are as a client side advisor and strategist ensuring that transformation and system projects are aligned to business needs and deliver real value to his clients.
18 Part II: Management and performance reporting 17 References Business Intelligence Tools and Platforms, Meta Group, 2004 Magic Quadrant for CPM Suites: No dramatic Movement in 2004, Gartner, October 2004 Magic Quadrants for Enterprise BI Suites and Platforms, 2H04, Gartner, November 2004 Decision-Centric Business Intelligence, Beyond the Decision Support to Decision Process Automation, IDC presentation from 2004 Business Intelligence IDC conference, London Worldwide Financial and Business Performance Management Analytic Applications Forecast, Update and 2003 Vendor Shares, IDC, July 2004 BI And Performance Management choices complement each other but serve different purposes, Forrester, June 2004 Contact Information accountingweb.co.uk PA Consulting 123 Buckingham Palace Road London SW1W 9SR Tel: +44 (0) Fax: +44 (0) Web: AccountingWEB 100 Victoria Street Bristol BS1 6HZ Tel: +44 (0) Fax: +44 (0) Web:
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