The Importance of Accurate Operational and Financial Reporting for Effective Decision-Making
Many operational and financial decisions, such as whether to open new branches through a dealership or “franchise” or as an owner, measuring costs regularly, price, discount, maturity and campaign strategy, how to reduce which costs, cash flow, and financing, reaching targets and budget, measuring and improving product quality, measuring and increasing customer satisfaction and profitability, measuring and improving employee satisfaction and performance, investing in which country, which services to continue to provide within the company, which services to outsource, which suppliers to continue working with, include operational and financial reporting. with decision support systems.
Reporting may require joint or comparative analysis of data from different departments within the company.
The accuracy of the data and timely production of information, the use of the right ERP and programs in reporting, and the confirmation with observations and measurements affect the quality of reporting. Thus, accurate reporting also serves to reveal the correct corporate scorecard.
In today’s competitive world, the importance of data and information in analysis, evaluation, and decision-making is indisputable.