The current economic climate has put increasing pressure on client organisations to identify opportunities for cost reduction for core finance functions and reporting. Report rationalisation is a proven methodology to increase efficiency, standardisation and productivity of global reporting operations within finance functions.
Report rationalisation is achieved through prioritising key strategic metrics, eliminating non-value adding activities and simplifying, standardising and automating financial, Marketing Intelligence (MI) and Regulatory reports. Report rationalisation allows report producers more time for business partnering and provides management with the right insights at the right time.
We have identified a number of recurring issues within the Finance functions of our client organisations, including:
This, in turn, reduces the quality of data, commentary and insights, and can have an adverse impact on wider business performance. The report rationalisation methodology can be used to identify opportunities in the finance function, with a view to streamline processes to drive more value-adding activities.
Data sourcing and quality
Level of commentary and insights
Expand use of data and analysis
Data & technology enhancements
Our Approach consists of 4 steps to achieve the benefits from report rationalisation:
Report rationalisation has been successfully implemented across several corporate and financial services clients and brings about benefits across the organisation, including:
A global financial services organisation was looking to streamline their organisation-wide reporting. The organisation faced significant issues as follows:
During the engagement, KPMG assessed the current reporting landscape through the use of a custom-built reporting survey, various stakeholder interviews and in-depth analysis of over c.2000 reports in 12 weeks using KPMG’s tools to build an initial plan for report rationalisation.
In 12 weeks, through in-depth analysis and stakeholder validation of our findings, we identified rationalisation opportunities for c.80 percent of reports analysed which would translate toan estimated 30-40 percent effort reduction.
Rationalisation opportunities were identified through assessing each report against KPMG’s ESSA Framework. Below is an extract from a client engagement that showcases reports which were rationalised by each lever of our framework: