Can Digital Transformation Take Your Client Reporting to the Next Level?

Is it possible for the all-encompassing rise of digital transformation to enhance client reporting for all parties? The evolution of process automation may pave the way for purposeful reporting.

Traditional reporting has long suffered from an efficiency problem, with the use of manual processes like spreadsheets, Microsoft Excel, and human data entry bringing with it the threat of inaccuracies, errors, and unnecessary time consumption.

These manual reporting techniques can be established without a defined purpose, actionable goals, or may be prone to containing irrelevant information that could cloud the quality of insight elsewhere.

These inefficiencies can make impactful reporting more difficult to achieve for clients. But digital transformation promises to herald a new era of qualitative data, stronger visualizations, and better performance tracking throughout the reporting process.

By embracing innovative reporting techniques, you can streamline your client reporting processes and transform your client experience model. How is this possible? Let’s delve into the next generation of client reporting:

Automating Data and Reporting

Digital transformation means that agencies no longer have to resort to manual data entry and spreadsheets in order to provide their clients with actionable insights.

The beauty of embracing automation when compiling data and generating client reports is that it’s a fully scalable solution that can grow alongside your client base without the necessity of more time-consuming manual work.

Automation tools when it comes to client reporting can help to leverage strong visualizations for clients based on their most valuable KPIs and a more logical user interface for ease of use.

One leading example of automation in action can be found with PetakSys, which delivered automated client reporting wealth management solutions for clients with more impactful insights.

In this particular use case, PetakSys created an application that would help their wealth management client utilize efficient reporting without the need for archaic tools like Microsoft Excel, which can be time-consuming and prone to human error.

The project prioritized the compiling of client requirements and using them to generate wireframe mockups alongside a user-friendly interface design.

PetakSys subsequently automated its data extraction processes by creating a system based on Intelliflo Office’s API. This could then be monitored and managed in real-time within the user interface while being stored on the cloud.

As an automated system, the project leveraged the creation of reports that were fully compliant with industry standards, enabled the delivery of a fully customized application for data enrichment, and had the ability to showcase key valuation and performance information.

This highlights the transformative power of automation, and the far slicker data verification process helps to remove the necessity of time-consuming human data entry that can lead to errors.

The Path to Streamlined Reports

Streamlining your client reporting is an essential part of optimizing your output. By scheduling your reports accordingly, you can build a stronger relationship with your clients and improve the quality of your communications as a result.

Automation services can help to bring a greater level of familiarity to your reporting processes, and it’s worth utilizing software to create white-labeled dashboards to host reports that are pre-programmed to arrive on a consistent schedule.

There are plenty of automation tools that can help to facilitate this, leaving you to simply set the reporting frequency you want to automatically set your clients up with impactful reports that are fully reliable.

Your different reporting timeframes can be set based on specific client needs, and reports can often arrive on a weekly, monthly, or quarterly basis depending on certain requirements. Delivering monthly reports is common practice for agencies, while quarterly reporting may be more tricky for clients to monitor their goals and weekly reports could be more of an annoyance than helpful.

The beauty of automation tools is that you can set the frequency of your reporting to align directly with your specific client’s needs, and it can be simple to adapt to the varied requirements of each client you have.

Despite this, creating a consistent pace for your reporting is vital. This is because it will manage the consistency of your client interactions. Determining a clear idea of what reports they’ll receive and when can be a great way to manage your relationship with your clients, and can even help to automate your communications with less need for ad hoc meetings or video calls.

Leverage Relevant Summaries

While every client report will differ in terms of content, every report you generate should include a monthly summary to help underline the data that you’ve shared.

While digital transformation is a great way of automating the reporting process for clients, many of those who read your reports won’t be technical or marketing experts and are prone to finding it difficult to extract the relevant points from your reports.

This can be a great way of reinvesting the time you save using automation tools. Instead of extracting and sharing data, you can check it for inconsistencies and then underline its key points in relation to your client’s goals and KPIs.

By adding your own context to these automated reports, you can help to clarify why KPIs may be up or down on the month prior and lay bare how your client goals can be reached over the week, month, or quarter ahead.

However, it’s important to only add relevant insights here, the risk of adding more superfluous data or surrounding context is that it could hinder the overall impact of your reporting.

Automated client reporting makes it easier than ever to generate reports that prioritize efficiency and user experience without the danger of human error or irrelevant data mining.

These automation tools can help to take your client reporting to the next level and optimize the quality of data that you’re capable of providing. With a blend of human input, you can utilize digital transformation to build a sustainable reporting strategy that’s fully scalable.