Companies have not always invested in robust systems for managing and analyzing their non-financial data. Yet, as a result of growing non-financial reporting requirements, companies need greater confidence in their data accuracy. On top of this, there is a rising expectation that companies will use their data to improve their performance over time. All of this can be a challenge, without the right structures in place. It may, therefore, be time to reconsider the role non-financial reporting software could have in your organization. Here are four signs that it’s time to introduce software to your non-financial reporting.
1. Collecting Your Non-financial Data Is Taking Too Much Time
Are you spending so much time collecting data that you don’t have time to complete real analysis on what is happening?
One of the problems with data collection can be the method used. When you rely on inputs from multiple users across multiple sites, having an easy way to collect data is essential. Specialist non-financial reporting software helps to make the data collection process straightforward, meaning you can spend more time analyzing the data.
2. Your Data Isn’t Properly Organized
Companies are collecting more data than ever before. As a result, if it is not properly organized, finding the information that you need only gets harder.
Manual systems for storing data work up to a point. But there comes a time when you are trying to manage too much data in a system that wasn’t designed to meet contemporary non-financial reporting requirements.
Having the confidence that data is properly organized means you can spend more time drawing insights from this data, rather than having to check and double check that your data is all in the right place.
3. You Can’t Efficiently Analyze the Data You’re Collecting
Effective data management makes it easier for you to communicate your insights, set goals to improve your performance and to measure your key non-financial metrics over time.
If you are struggling to focus on analysis, this can affect the impact of your sustainability plans. If this is the case, it could be time to invest in a system that will help you manage your data and more easily generate reports.
4. You’re Not Able to Focus on Improving over Time
It’s not always easy to have a long-term view, especially when you are in the middle of collecting data and preparing reports. But being able to find opportunities for improvement is becoming increasingly important for companies trying to reach their non-financial targets.
Non-financial reporting software can enable you to identify opportunities and make improvements over time.
Are you ready to find out more about non-financial reporting software? Talk to us today.
