Report Rationalization: A CIO Checklist Report

Report Summary

Report Rationalization: A CIO Checklist Report

January 2015 - Data has become a key focus of the insurance industry over the last 3-5 years. Data is seen as a key enabler of the insurance industry’s evolution into a fully digitized provider of risk services focused on customer, not product.

As the collection and availability of data has grown, so have the tools for reporting on that data, with insurers utilizing a variety of stand-alone reporting tools as well as core systems with their own built-in BI and reporting. But unlike most systems, which achieve a stable maintenance profile after implementation, these reporting toolsets continually increase their required support footprint as new reports and dashboards are continually requested and added over time.

In order to deal with the ongoing requirements of an increasingly data-driven world, insurers need a plan for data governance and Master Data Management (MDM). But in addition to that strategic approach, CIOs may also find themselves in need of a tactical response to the rapidly expanding reporting environment.

Report Rationalization is a discrete project with a relatively low cost that can help both reign in IT support costs and provide better value to business users. Rationalization is not just migrating reports between systems; in fact, it’s not about reducing the number of systems at all. Rather, it’s about laying the groundwork for a better understanding on how data is used at an organization, simplifying the overall reporting support footprint, and transforming the report ecosystem to deliver more value.

 

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