New trends show that digital reporting will be intelligent, interactive, and real-time.
With many reporting entities spending too much time creating reports, it has become important for finance teams to consider which tools can enhance the speed and efficiency of their reporting processes. Finance teams will also have to consider the future of digital reporting, particularly the three key characteristics transforming how reporting will get done in the future. Reporting will be intelligent, interactive, and real-time.
Some of the current/future trends in digital reporting were highlighted at a Nexxar Digital Reporting Conference webinar in May 2022. Selected trends to be on the lookout for include the following:
End of the print era
A Nexxar 2020 study indicated that print runs declined 94% in the previous 10 years for DAX 30 listed companies. Subsequently, the coronavirus pandemic further accelerated the increased use of digital information. With most meetings now being held virtually or via a hybrid model, the classic way with which hard copies are distributed to stakeholders has changed considerably, mainly as a result of the ongoing digitalization leading to fewer print copies.
Annual reports are being digitally reinvented
With fewer and fewer print reports, more people are reading reports digitally. However, many online reports are seen and designed like printed reports, with limitations on practicability and useability. Reading a pdf on a tablet or phone is not ideal. Some leading companies have already recognised the trend and have had to rethink their entire online report design and content concept.
Annual reports are being individualised for its users
Annual reports have very diverse user groups with different interests. As users are diverse, this question is at the core of customised reporting. As opposed to having static data on paper or pdf, users will use tablets and phones to navigate information at their own pace and in a way that satisfies their interests.
Intelligent search functions, intuitive topic filters, chapter-specific reading suggestions, cross-links, and interactive or animated graphics are some of the many possibilities which can assist users to find the information that they are interested in.
