Leading technology companies have joined forces to look at how technology can enhance the way businesses analyse, use and communicate data.
Atos, Deloitte, EY, Finext, KPMG, PwC, SAP, Satriun Group and Tagetik have worked together through the <IR> Technology Initiative, convened by the International Integrated Reporting Council (IIRC), to develop ‘A Chief Information Officer guide’ identifying steps they can take to build an information architecture that supports better , more integrated, company reporting.
The paper is being launched today by the IIRC and <IR> Technology Initiative participants at Accountancy Europe’s Digital Day 2018 via a Q&A with the IIRC’s Jyoti Banerjee, and Wesley Schulte, Senior Consultant at Finext Performance Management.
The guide will support Chief Information Officers as they harness technology to address the growing volume of data and increasing demands for transparency. A key issue the paper seeks to address is the growing importance of connectivity of information, creating an organizational culture that collaborates and adopts common language across silos of data, enabled by technology.
Jyoti Banerjee, Programme Lead, International Integrated Reporting Council said: “Most companies have information systems that major on financial data and are weak on the broader set of drivers of value creation, including issues relating to natural capital, social capital, human capital and other impacts. This paper from the <IR> Technology Initiative provides CIOs and CFOs with powerful insight that helps them determine what sort of information needs to flow their systems, and how to architect such multi-capital systems.”
Technology giant SAP shared insights into their approach through the guide stating, “SAP has realized that measuring, reporting and managing non-financial information can lead to deeper insights about corporate performance and tangible financial returns. Decisions taken to achieve one objective can have other positive and negative impacts. Integrated reporting helps with understanding this connectivity and developing integrated thinking.”
The guide reinforces the importance of contextualizing data, ensuring that information the systems provide are actionable. It was developed by participants in the <IR> Technology Initiative in response to the growing need for technology to support the adoption of integrated reporting worldwide.
Integrated reporting is an evolution of corporate reporting with a focus on conciseness, strategic relevance and future orientation. As well as improving the quality of information contained in the final report, integrated reporting makes the reporting process itself more productive, resulting in tangible benefits. It is currently being voluntarily adopted by over 1,500 organizations in 65 countries around the world.
Notes to editors: