The advent of big data in the mainstream corporate technology arena has had a profound impact on organizations from all industries and of myriad sizes, improving intelligence and informing decision-making every step of the way. No longer are the most advanced intelligence tools only available to the biggest, most wealthy companies in the world, as commoditized resources have opened the doors to a wealth of businesses regardless of size or industry. 

One of the premier investments in today's private sector is reporting analytics, which can quickly streamline accounting, oversight, management, record-keeping, communication and so much more when used properly. However, while these tools are certainly available and more user-friendly today than in the past, it does not mean that leaders are free from planning and strategy-related responsibilities, as returns on investment will only be strong when the initiative is well-formulated. 

In many ways, reporting has long been a good indicator of an organization's prowess in oversight, compliance and management, and the same rules apply regardless of how advanced the tools used might be today. As such, decision-makers need to ensure that they are putting their best foot forward with reporting analytics investments, tailoring the strategy to ensure that the company benefits from the deployment rather than getting overwhelmed. 

The following list should provide some guidance on how to get the ball rolling in the right direction for reporting analytics investments, specifically for those companies just now beginning to embrace the technology. 

1. Tailored reporting policies
Remember, the success or failure of an IT project will be contingent upon people, processes and technology. For that middle component, business leaders must look at the current frameworks in place that employees are following, trying to identify any areas that are not clear, concise, relevant and customized to the specific demands and requirements of the company. 

Do not take a cookie-cutter approach to these matters, as it will never work toward the best interests of the firm. Understand what regulators and other entities expect – as well as what the business hopes to achieve – before finalizing the reporting policy. 

2. Employee empowerment
Once policies are written, the next intelligent step is to get all employees involved in the reporting analytics project – of which there will likely be many across departments – on the same page regarding their responsibilities. Are IT, human resources, accounting and other staff members communicating fluidly? Are policies well understood by all involved and do employees feel prepared to execute?

Make sure these answers are solidified before deploying the reporting analytics investment to avoid hiccups, or poor returns on investment, for the long haul. 

3. Sound technology provisioning
To close the circle on the people, processes and technology equation that inherently dictates the returns a company can expect from reporting analytics solutions, the next step is to make the right purchases. The reason why this step should come after the employee component is staff member buy-in will be critical to the ultimate success of a program, meaning they should be involved in the provisioning discussion in at least some capacity. 

Remember, there are so many options out there to choose from, and this can be viewed as either a problem or an advantage. On one hand, it might be difficult to sift through the haystack to identify the right needle. On the other, though, and perhaps more importantly, the breadth of options allows companies to find solutions better-suited to their needs. Get key employees involved, and select the best possible reporting analytics solutions for your specific purposes. 

4. Measurement, quality control practices
Not only will organizations want to ensure that their metrics adequately reflect the objectives and requirements of the investments, they will also want to know that the reporting analytics tools are working properly and accurately. As such, get a measurement system in place to clearly view how financially helpful reporting analytics deployments are, and map out methods to efficiently control the quality of processes therein. 

This way, the firm will be better positioned to take the programs to the next level, and far more capable of identifying inefficiencies or deficiencies that are hindering returns on the investment. 

5. Structured plan for refinement
Perhaps one of the more overlooked aspects of any technology deployment strategy, business leaders need to write plans for refinement directly into the initial policies. For example, decision-makers can task sharp-minded managers with the responsibility of conducting monthly, quarterly or bi-annual assessments of the reporting analytics strategy, including some or all of the components therein, to ensure everything is moving along smoothly. 

IT and the private sector at large are in a perpetual state of rapid evolution, meaning that what works today might not tomorrow. As such, businesses with sound evaluation plans in place will generally enjoy optimal reporting analytics performance over longer periods of time.