Reporting and Compliance
Updated: May 23, 2019
By Terry Ryan
Interaction storage and analytics are becoming “the” buzzwords as analytics are being more and more utilized to improve business intelligence and performance management. It seems that increased automation and instant response are in high demand. As noted in last week’s blog, there are some interesting trends that will be taking shape in 2018. At HigherGround, our interest is focused on the trends surrounding reporting. With all the attention on analytics and automation, the areas of reporting and compliance may be less talked about, but they remain highly important as we move into a more digital world. The trends in reporting have been to increase regulatory requirements, enhance accuracy of what is reported, and improve the handling of increased data requirements. Regulatory Regulatory requirements and compliance are still an enormous pressure for most businesses. There are many different regulatory requirements that require compliance reporting:
To accommodate all the work involved to produce the reports, many companies must enlarge their compliance staff, and are looking for ways to automate the reporting. Accuracy Another important trend related to increased regulatory requirements is the need for increased accuracy. Not only are more interaction data needed to be stored and generated into reports, but all of the sources need to be verified. For this, metadata is used. Metadata is often used for finding, correlating, and accurately reporting information from the primary data. This collection and usage of metadata for accuracy is on the rise. Greater Data Volume Handling Finally, the third trend is to address the greater data requirements that many regulatory agencies are demanding. Agencies are requiring more interactions, more perspectives, and a greater number of reports. Designing a system that can pull a specific category of interactions quickly and efficiently can simplify the process and save time and money. For example, a visual representation report can provide a clear picture of how goals are being achieved and how the organization is aligning with compliancy. Current trends are focused on automated and instantaneous reporting, but the need for historical information is also relevant. Ironically, as the digital age appears to eliminate the need for paper reports, the new reporting trend is demanding more complex reporting, more information, and a greater number of perspectives – often printed! The bottom line trend is that reporting is benefiting from increased use of analytics, and users are demanding more data-intense reporting. What are your ideas on reporting requirements? Share your thoughts with us on social media!
About the Author - Terry Ryan is President and CEO of HigherGround. He has also served as the company's Chief Operating Officer and previously was the National Sales Manager for Hydraulics International. Ryan's extensive technology background and experience also includes the United States Air Force as a Lead Mechanical Support Engineer, a Joint Service Test Manager, and a Project Engineer. Click here for more information on Tom and the rest of the HigherGround team!
HigherGround, Inc. provides best-in-class, reliable data capture and interaction storage solutions that enable clients to easily retrieve critical information. Our interaction recording and incident reconstruction solutions transform data into actionable intelligence, allowing optimization of operations, enhanced performance, and cost reduction.