Now more than ever, the reporting process and corresponding data delivery function plays a key role in every firm’s day-to-day operation. Reporting spans far beyond factsheets or pitchbooks, rather serving as the information pipeline across an organization—and outward to clients—to increase efficiency, engage clients, and reduce operational risk.
With that in mind, here are ways to bring your reporting to the next level.
A reporting process is only as good as the data that fuels it, and it starts with implementations. All implementations should begin with clean, high-quality data only gathered from a trusted source.
Challenges with integration, use, and new technologies abound, but it ultimately comes down to a strong partnership with your technology teams to enable business users to get the data they need.
Start by collaborating with your technology team to find a functional, scalable operating model. Many firms already thrive with security masters and internal views of investment data, but they often struggle with providing clients a clear view of that same information.
Creating a client view classification to bring into your reporting tool keeps them at the forefront of your process. Remember: Derived data must be stored in your data layer, not in the reporting tool itself, for consistency’s sake and to reduce any operational risk. The last thing you want is for your client reports to show different data than your own internal information.
Another way to take advantage of your high-quality data is empowering your colleagues with self-service options in their day-to-day workflows. In recent years, emerging technologies encourage client-ready reporting data at the time of rendering with storage and access from the cloud providers like AWS or Snowflake, via APIs, and more. Equipped with a few guidelines and an understanding of which technology fits which desired output, new associates will quickly pick up the skills to do reporting on their own, decreasing the reliance on data stewards and other internal stakeholders.
That said, even the best standard reports don’t outweigh the need for custom, bespoke reporting at times. A user interface that connects to the same dataset as standard reporting keeps validated information as close to real-time as possible. In addition, a central data repository simplifies the process for everyone involved, helping your firm develop a standardized system.
Automating parts of the reporting process saves valuable time, but that doesn’t mean automated reports should all be exactly the same.
Templates help prevent a sea of sameness. Using a tool that stores many different templates, reporting teams can select the best ones to populate for their clients. Part automation, part manual is a good bet to both save time and provide a deep level of customization.
Training your client services team is another key component of the overall reporting process. For example, there is a significant difference between the validated data of a PDF—which marries your narrative as an asset manager with data at a point in time—and a client discussion using real-time data.
A client meeting might include a PDF, real-time data, or both, so a clear description of the data being discussed creates a common understanding and builds trust. Plus, delivering raw, unvalidated data alone loses the narrative and leaves stakeholder feeling uninformed.
AI can play a role in your reporting, too. It starts with writing commentary, reshaping a formerly time-consuming task into an instant turnaround. You can also experiment with AI to validate appropriate disclosures within a report book.
Overall, a sound reporting function hinges on the individual workflow and finding the best system not only for your internal work, but also to meet your clients’ unique needs.
As you evolve your processes, keep in mind these considerations to elevate your reporting workflow and spend more time doing the work that matters most: conducting deeper analysis and keeping your stakeholders informed.
Transform Your Reporting Workflow with FactSet
Nothing matters more to a reporting professional than workflow efficiency, client engagement, and reducing operational risk. Partner with us, and we’ll find the best way to meet your needs—whether you want to own the entire reporting process, have us take care of it, or somewhere in between. Learn more about our reporting solutions.
This blog post is for informational purposes only. The information contained in this blog post is not legal, tax, or investment advice. FactSet does not endorse or recommend any investments and assumes no liability for any consequence relating directly or indirectly to any action or inaction taken based on the information contained in this article.
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