In any organization, if you aren’t reporting on it, you can’t really make effective changes to it. Reporting is critical for organizations of all kinds, especially when it comes to consumer finance. Here’s why.
Reporting Brings Accountability
It’s easy to think that a trend is happening. It’s easy to claim that a trend is happening. It’s an altogether different matter to be able to show that a trend is happening, and, through the data points supporting that assertion, demonstrate why it is happening. That is what in-depth reporting allows you to do.
That’s how reporting brings accountability to organizations of all kinds. Putting the above a different way, we could say, “It’s easy to say that you did something...” But, again, with reporting, you can show what you did and what the result was. That makes reporting absolutely critical for any organization whose leaders want to hold themselves and their team members accountable for their work and decision making.
The resulting accountability will make any team stronger, from entry-level employees to the company owner. Having a solid base of reporting and analytics allows you, as a decision maker, to act with confidence to do away with programs, services, or product offerings that aren’t working, without making an emotional decision.
Reporting Guides the Remedy
When you find a problem with a process, product, or service at your business, you need to find a remedy that is driven by real data. Anything other than that is ultimately just guessing. Almost all action-biased, quick decision making will involve some level of guessing, but with strong reporting, that guesswork becomes educated guesswork.
Business isn’t a science – although scientific methods can be employed to support business decision making – there will always be a certain amount of trusting your gut. But it’s a lot easier to trust your gut when you have the data to reinforce your decision.
So, when you identify a problem at your business, do a thorough analysis of it and bring the reporting around it to the forefront in any discussion of the issue. In that way, the reporting can direct the solution, rather than just being a checklist item for you to clear each month.
Reporting is a Sales Driver
We don’t often think of reporting as a sales driver, but the truth is it is exactly that. Just look at the area of consumer finance – a consumer finance program without detailed reporting is awful hard to steer. And, given that consumer finance, when employed correctly, serves as a direct sales driver by helping you close more deals, it’s in your interest to steer it the right way.
Key to this is finding the right reporting platform. One great option for your consumer finance reporting needs is FormPiper. In addition to streamlining your finance process and removing the burden of duplicate data entry during the application step, FormPiper also delivers outstanding reporting functionality, with a reporting dashboard that is easy to access and use, which puts the insight-rich data you need right at your fingertips.
With FormPiper on your side, you can make the most of your reporting and use it to drive accountability, solutions creation, and increased revenue for your business. See? Turns out there was a great reason for all those spreadsheets after all.
