Information exchange is not fun, but it is necessary. Just as how we use a common language to communicate with others, companies and regulators need a standardised way to speak the same language when exchanging financial and business information. Adopting a standardised language to exchange information is essential to ensure compatibility and comprehension between all participants.
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To facilitate seamless participation in a digital society, it is crucial to have simple and trusted data exchange mechanisms in place. Equitable access must be prioritised, allowing all people and organisations to equally benefit from and contribute to the digital society. To achieve this, a robust solution is required to enable secure and efficient data exchange among all parties.Specialists in Information Exchange
At Visma Connect, we are specialists in information exchange and qualified reporting, developing applications that cover the full life cycle of data collection, XBRL report creation, validation, and processing. We know all about the pain, frustration, and concerns regarding finding and implementing a stable, reliable, and efficient information exchange solution. We know how overwhelming, costly, and cumbersome it can be to implement an information exchange solution. We know how crucial it is to focus on creating value for everyone involved in the reporting process because we have helped all our customers get there.
Based on our years of experience, we have devised 10 lenses that have been instrumental in enhancing how we analyse information exchange. By sharing these lenses with you, we would like to help you gain the insights you need to navigate the ever-evolving information exchange landscape with ease:
- Expertise: Successfully implementing automation in reporting chains demands collaboration, effective communication, and shared understanding among numerous stakeholders. The ‘Expertise’ lens focuses on harnessing all parties' collective knowledge, skills, and experiences to ensure a smooth and efficient information exchange process.
- People: Part of what makes information exchange so complex is that it involves various stakeholders with diverse needs and challenges. The ‘People’ lens emphasises understanding the people involved, their roles, the potential barriers they face, and the support they may need to facilitate a seamless exchange of information.
- Systems: There are many tools and platforms used in the reporting chain. The ‘Systems’ lens’ analyses the interfaces and standards these systems employ. It highlights compatibility or integration issues that may arise during the information exchange process.
- Data standards: Smooth adoption of data standards across the reporting chain is essential for information exchange. The 'Data standards' lens delves into the complexities and challenges that non-financial reporting brings. As it gains popularity, data storage, collection, processing, and analysis are all affected. Additionally, a successful standard is not only technically sound but also facilitates adoption.
- Authorization and delegation: As we previously mentioned, there can be many people involved in the information exchange process. The ‘Authorization and delegation’ lens tackles the critical questions surrounding information accessibility, such as what information should be accessible, how to authorise access, who is responsible for authorisations, and whether authorisation should be centralised or decentralised.
- Data analytics: Many insights can be derived from the reported data. The ‘data analytics’ lens examines the types of analysis that can be conducted, and the tools and techniques required for effective data-driven decision-making.
- Storage and disclosure: Managing data throughout its lifecycle, from storage to retrieval and eventual disposal is not easy. The ‘Storage and disclosure’ lens addresses questions around data retention, disclosure, storing data once (ideally at the source), accessibility and scalability, ensuring that information is managed responsibly, securely and efficiently.
- Identification: There are various identification methods available and feasible for reporting chains. The ‘Identification’ lens evaluates their suitability and effectiveness in ensuring secure and accurate information exchange between stakeholders.
- Grip: Maintaining control over information exchange is vital. The ‘Grip’ lens looks at the insights, evidence, and audit information needed to stay in command of the reporting process, ensuring that everything runs smoothly and transparently.
- Operation: Stakeholders need support to facilitate an efficient information exchange process. The ‘Operation’ lens identifies ways to achieve a high-quality, cost-effective solution that balances the needs of all parties involved in the reporting chain.
Do you recognise any or all these lenses in your information exchange processes? Over the coming weeks, we will follow up on each topic with more in-depth insights and provide more detail on what trends and challenges we see when looking through each of these lenses.
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Complex and hard to implement
In practice, information exchange is complex and hard to implement if you don’t have the right partner to help you along the way. Let's elevate your reporting process together. Do you have any questions related to information exchange in reporting chains? Get in touch with one of our experts. Let's get the conversation started!
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