Management Reporting – The essence of all good businesses
In any type of business it is important that the correct people get the correct information in the most concise format that is why it is vital for companies to introduce a Knowledge Processing System (KPS). This will enable strategic information to travel efficiently through the veins of the company without the onset of communication deflection (CD) occurring. CD could lead to unmanaged data being misinterpreted, clouding decision making, as always prevention is better and easier than cure.
The introduction of a good KPS starts at a centralized team sometimes referred to as the bridge team, whose responsibility is to oversee and manage all information to the business, in and out. This should be fully auditable to maintain a level of accountability and also improved security. Once this has been established a monthly review of all incoming and outgoing reports should be performed to streamline the KPS, making sure it doesn’t just become a dead cow left in the field.
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